Shares of Wabash National Corporation (NYSE:WNC) plummeted by 5.86% on Tuesday, October 24, 2024, following the company's weaker-than-expected third-quarter financial results and a significant legal charge related to an unfavorable verdict.
The truck trailer manufacturer reported adjusted earnings per share of $0.19 for the third quarter, missing analysts' consensus estimate of $0.23 by a wide margin. Revenue for the quarter came in at $464 million, down 26.7% from the prior year and falling short of the $477.35 million forecast.
The company's GAAP net loss for the quarter amounted to a staggering $330.17 million, or $7.53 per share, primarily driven by a $450 million non-cash charge related to a legal verdict. Wabash maintains that the outcome is unsupported by facts or law, and the company is evaluating all available legal options for appeal.
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