Wabash sees Q3 adjusted EPS 27c-30c, consensus 52c
Sees Q3 revenue $550M-$555M, consensus $596.42M. "The third quarter was a challenging and difficult quarter for the Company as a whole," explained Brent Yeagy, president and chief executive officer. "All three of our reporting segments faced increasing operating pressures which negatively impacted our financial results. Total new trailer shipments and revenues were below our prior guidance due to our customers' inability to pick up units as a result of the robust freight market and chassis availability within our Final Mile Products business. On the cost side of the business, higher commodity and component costs impacted the quarterly results as raw material costs continued to escalate. Supplier disruptions increased across the Company during the quarter, most notably within the Final Mile Products segment related to chassis delivery, resulting in production and labor inefficiencies as well as shipment delays. Lastly, labor instability continued to create operating cost pressures at many of our locations. Those labor cost pressures resulted in higher levels of overtime and lower productivity." Yeagy continued, "Despite the tough operating environment and preliminary results reflecting a very challenging third quarter, we continue to see strong overall market demand for our products and we are taking proactive steps to reduce the margin impact of U.S. tariff policy, raw material inflation, supply base disruptions and a very tight labor market for the remainder of 2018 and 2019. As a result, we are maintaining our full-year guidance for 2018 new trailer shipments of 60,000 to 62,000 units, while we are updating our GAAP and non-GAAP earnings to $1.41 to $1.46 per diluted share and $1.50 to $1.55 per diluted share, respectively."