Wabash National Corporation reported third‑quarter 2025 results with net sales of $381.6 million, a 17.8% decline from the same period last year. Consolidated gross profit was $16 million, giving a 4.1% margin. GAAP operating income reached $58 million, largely supported by an $81 million gain from a legal settlement. Net income was $40 million, translating to a GAAP earnings per share of 97 cents. Adjusted earnings reflected a loss of 51 cents per share after removing non‑recurring items.
The Transportation Solutions segment generated $334 million in revenue, a 19.5% year‑over‑year decline, and posted an operating loss of $13 million. In contrast, the Parts & Services segment grew 16.5% year‑over‑year, delivering a healthy operating margin. The company’s backlog remained robust at approximately $829 million, indicating sustained demand amid a prolonged freight recession.
Management cut its full‑year revenue outlook to $1.5 billion and revised earnings‑per‑share guidance to a range of $‑1.95 to $‑2.05. The company expects a gradual recovery in 2026, driven by pent‑up replacement demand and improving freight conditions. The guidance reflects caution amid ongoing market uncertainty.
Cash and available borrowing capacity totaled $91.7 million as of September 30 2025. The company maintains a disciplined capital allocation approach, focusing on technology‑enabled solutions and strategic investments while preserving liquidity to navigate near‑term headwinds.
Wabash’s strategic transformation includes the acquisition of Trailerhawk.ai on February 3 2025 and the exercise of a call right to acquire a partner’s interest in Linq Venture Holdings LLC, anticipated to close in January 2026. The company is expanding its “Trailers as a Service” offering and investing in technology to enhance service delivery and create recurring revenue streams. Management emphasized cost discipline and the continued focus on parts and services as a path to higher margins in future quarters.
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