Wabash Rebrands, Swings to Full-Year Profit
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Lafayette-based Wabash (NYSE: WNC), which has rebranded from its former name, Wabash National Corp., is reporting full-year net income of $1.2 million, compared to a loss of $97.4 million the previous year. Chief Executive Officer Brent Yeagy says the company is focused on bringing new products and technologies to market, building out adjacent revenue streams and growing beyond the equipment cycle.
“We remain optimistic about 2022 as our One Wabash organization has executed meaningful cost recovery within our order backlog, which grew to another record level during the fourth quarter,” said Yeagy. “While our financial outlook assumes no improvement in supply chain conditions, other known changes including hiring activity and the initiation of pass-through pricing on commodities ensure a new level of margin stability and EPS certainty for Wabash in 2022.”
Wabash says its new branding and website follow nearly four years of organizational change and are part of efforts to prepare for its next phase of growth.
“There is a momentous transition happening in transportation, logistics, and distribution as the industry adapts to a compilation of forces,” said Yeagy. “At Wabash, we see a different future reality than our competition, and we’ve chosen to go down a substantially different path to re-shape the industry and pull that future forward for our customers. This rebrand reflects our own transformation and unites our legacy brands as ‛One Wabash’—the visionary leader in transportation, logistics and distribution that is making sweeping changes to prepare our customers for a very different world.”
The company is also reporting fourth quarter net loss of $25.3 million, compared to net income of $5.5 million during the same period in 2020.
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