LAFAYETTE, Ind., Feb. 15, 2024 (GLOBE NEWSWIRE) — Wabash (NYSE:WNC), the innovation leader of connected solutions for the transportation, logistics and distribution industries, today announced its Board of Directors authorized the company’s repurchase of up to an additional $150 million of the company’s common stock. With this increase to the existing repurchase authorization, the company’s total outstanding repurchase authorization is approximately $180 million. Stock repurchases under this authorization may be made in the open market or in private transactions at times and in amounts determined by the Company at its discretion.
“The Board’s approval to increase our share repurchase authorization reflects the strength of our balance sheet as well as our strong free cash flow generation,” said Mike Pettit, Wabash senior vice president & CFO. “Over the last five years, we generated operating cash flow of over $700 million and free cash flow of approximately $450 million even in the context of record capital investments as we invest in our business and drive organic growth. Over this time, we have repurchased nearly 12 million shares or over 20 percent of shares outstanding. We remain committed to a disciplined capital allocation strategy that balances investment in our business for growth with returning capital to our shareholders."
Wabash: Changing How the World Reaches You
As the innovation leader of connected solutions for the transportation, logistics and distribution industries, Wabash (NYSE: WNC) is Changing How the World Reaches You®. Headquartered in Lafayette, Indiana, the company’s mission is to enable customers to succeed with breakthrough ideas and solutions that help them move everything from first to final mile. Wabash designs and manufactures a diverse range of products, including: dry freight and refrigerated trailers, platform trailers, tank trailers, dry and refrigerated truck bodies, structural composite panels and products, trailer aerodynamic solutions, and specialty food grade processing equipment. Learn more at www.onewabash.com.
Safe Harbor Statement
This press release contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements convey the Company’s current expectations or forecasts of future events. All statements contained in this press release other than statements of historical fact are forward-looking statements. These forward-looking statements include, among other things, all statements regarding the Company’s outlook for trailer and truck body shipments, backlog, expectations regarding demand levels for trailers, truck bodies, non-trailer equipment and our other diversified product offerings, pricing, profitability and earnings, cash flow and liquidity, opportunity to capture higher margin sales, new product innovations, our growth and diversification strategies, our expectations for improved financial performance during the course of the year and our expectations with regards to capital allocation. These and the Company’s other forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Without limitation, these risks and uncertainties include the highly cyclical nature of our business, uncertain economic conditions including the possibility that customer demand may not meet our expectations, our backlog may not reflect future sales of our products, increased competition, reliance on certain customers and corporate partnerships, risks of customer pick-up delays, shortages and costs of raw materials including the impact of tariffs or other international trade developments, risks in implementing and sustaining improvements in the Company’s manufacturing operations and cost containment, dependence on industry trends and timing, supplier constraints, labor costs and availability, customer acceptance of and reactions to pricing changes, costs of indebtedness, and our ability to execute on our long-term strategic plan. Readers should review and consider the various disclosures made by the Company in this press release and in the Company’s reports to its stockholders and periodic reports on Forms 10-K and 10-Q.
Media Contact:
Dana Stelsel
Director, Communications
(765) 771-5766
dana.stelsel@onewabash.com
Investor Relations:
Ryan Reed
VP, Corporate Development, IR and FP&A
(765) 490-5664
ryan.reed@onewabash.com
