Wabash National Q2 Income Drops; Cuts Annual Guidance; Stock Down In Pre-market - Update

(RTTNews) - (Adds Outlook, stock movement)

For the full year, Wabash National Corporation (WNC) decreased its guidance.

Brent Yeagy, CEO, said: "With greater information on customers' capital expenditure plans, we feel it's appropriate to reduce our full year guidance. As we have continued to refine our financial outlook for the year, it's important to remember that the overarching theme remains unchanged."

Accordingly, the company now expects earnings per share of $1.50 to $1.60 versus its previous outlook of $2 to $2.50. Annual revenue is now seen in the range of around $2 billion to $2.2 billion, lower that the earlier expectation of $2.2 billion to $2.4 billion.

WNC was trading down by 9.76 percent at $20.35 in the pre-market trade on the New York Stock Exchange.

Q2 Results:

Wabash National revealed a profit for second quarter that decreased from the same period last year

The company's earnings totaled $28.958 million, or $0.64 per share. This compares with $74.328 million, or $1.54 per share, in last year's second quarter.

Excluding items, Wabash National Corp reported adjusted earnings of $28.958 million or $0.64 per share for the period.

The company's revenue for the quarter fell 19.8% to $550.610 million from $686.620 million last year.

Wabash National Corp earnings at a glance (GAAP) :

-Earnings (Q2): $28.958 Mln. vs. $74.328 Mln. last year. -EPS (Q2): $0.64 vs. $1.54 last year. -Revenue (Q2): $550.610 Mln vs. $686.620 Mln last year.