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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.