Wabash reported net sales of $464.0 million for the third quarter of 2024, a 26.7% decrease compared to the same period last year. The company recorded a GAAP operating loss of $433.0 million, primarily due to a $450 million non-cash charge related to a legal verdict. Adjusted operating income for the quarter was $17.0 million, representing 3.7% of sales.
GAAP diluted earnings per share was $(7.53), while non-GAAP adjusted diluted earnings per share was $0.19. Total company backlog stood at approximately $1.0 billion as of September 30, 2024, marking a 22% decrease compared to the second quarter of 2024. Management noted that new order activity remained modest.
For the full year ending December 31, 2024, Wabash reduced its revenue outlook to approximately $1.95 billion and lowered its non-GAAP adjusted EPS guidance to approximately $1.25. The company stated it is rebalancing demand against capacity needs as customers continue to carefully manage capital expenditure plans.
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