Wabash reported net sales of $380.9 million for the first quarter of 2025, a 26.1% decrease compared to the same quarter of the previous year. The company recorded a GAAP operating profit of $314.6 million, primarily due to a $342 million gain recognized from the reduction of a legal verdict. However, non-GAAP adjusted operating loss was $(27.4) million, representing (7.2)% of sales.
GAAP diluted earnings per share was $5.36, while non-GAAP adjusted diluted earnings per share was $(0.58). Total company backlog stood at approximately $1.2 billion as of March 31, 2025, a sequential increase of 5% from year-end 2024 but a 32% decrease compared to the first quarter of 2024. New order activity remained modest.
For the full year ending December 31, 2025, Wabash reduced its revenue outlook to approximately $1.8 billion and lowered its non-GAAP adjusted EPS guidance to a range of $(0.85) to $(0.35). Management attributed the weaker performance and outlook to a general weakening in market conditions and tariff-related uncertainty causing customers to delay equipment investment decisions.
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