Wabash Turns To Q3 Loss; Cuts Annual Outlook; Stock Down In Pre-market

(RTTNews) - Wabash National Corporation (WNC), a diversified industrial manufacturing company, Thursday reported a loss of $330.17 million or $7.53 per share for the third quarter, compared with profit of $55.33 million or $1.16 per share in the same quarter a year ago, primarily impacted by decline in sales as well as one-time expenses related to Missouri legal matter. The company also cut its full-year outlook. Wabash shares were down more than 6 percent in pre-market.

Excluding items, the company posted earnings of $8.61 million or $0.19 per share.

Loss from operations was $433.03 million compared with profit of $77.64 million last year.

Sales for the quarter decreased to $464.04 million from $632.83 million in the previous year.

For the full year, the company now expects revenue to be about $1.95 billion, down from the previous outlook of $2 billion - $2.2 billion. EPS outlook has been reduced to nearly $1.25 from $1.50 - $1.60.

Wabash stock had closed at $17.06, down 0.39 percent on Wednesday. It has traded in the range of $17.03 - $30.07 in the last 1 year.