What does Wabash National do and what are its main business segments?

What is the market's earnings forecast for Wabash National next quarter?

What were the key takeaways from Wabash National's earnings call?

Did Wabash National beat or miss consensus estimates last quarter?

What factors drove the changes in Wabash National's revenue and profit?

What is Wabash National's latest dividend and current dividend yield?

What is Wabash National's gross profit margin?

What guidance did Wabash National's management provide for the next earnings period?

- **Revenue Miss**: Q3 revenue $382M (-15% YoY) due to truck body demand slump; 2025 guidance cut to $1.5B.
- **Parts & Services Strength**: Segment +16% YoY to $61M, driven by TaaS (2,000+ units 2026) and upfit centers.
- **232 Tariffs Catalyst**: 2026+ benefit as competitors face 20-30% cost increases; Wabash 95% domestic supply chain.
- **Cash Flow Resilience**: $69M free cash flow YTD; near breakeven 2025 despite $40M TaaS investment.
- **Fleet Shakeout**: 2026 fleet right-sizing (100k-200k trailers) sets stage for 2027 replacement recovery.

**【CEO Summary Section】**
- **Market Challenges**: Q3 revenue of $382M fell below expectations due to soft demand in truck body business, with backlog at $800M. Near-term outlook remains weak, with 2025 guidance revised to $1.5B revenue and negative $2 EPS.
- **Parts & Services Resilience**: Segment grew 16% YoY to $61M, driven by upfit centers (540 units shipped in Q3) and TaaS expansion. TaaS now includes pools for shippers, offering nationwide trailer support and predictive analytics.
- **232 Tariffs Impact**: New tariffs on steel/aluminum for Mexican-made trailers may benefit Wabash starting 2026, as 95% of supply chain is domestic. Competitors may face cost pass-through challenges.
- **Legal Settlement**: $30M payment resolved a $450M product liability verdict, with $81M net adjustment in Q3.

**【CFO Financial Commentary】**
- **Q3 Results**: GAAP revenue $382M, adjusted EBITDA negative $5M (1.4% of sales), adjusted EPS negative $0.51. Transportation Solutions lost $13M, while Parts & Services earned $6.6M.
- **Cash Flow Management**: Year-to-date free cash flow $69.1M, with $40M invested in TaaS. 2025 capex reduced to $25-30M (from $50-60M prior guidance).
- **Guidance Update**: Q4 revenue $300-340M, full-year EPS negative $1.95-2.05. Near breakeven cash flow expected for 2025.

**【Q&A Key Highlights】**
- **Tariffs & Competitiveness**: Wabash's domestic sourcing (95%) gives cost stability vs. Mexican competitors. Q3 saw $1M impact from supplier price hikes, with higher 2026 tariffs expected.
- **Platform Trailer Growth**: Stable demand driven by infrastructure spending and data centers. Wabash in quoting phase for 2026 orders.
- **Fleet Right-Sizing**: 2026 may see accelerated fleet capacity reduction (100k-200k trailers), creating 2027 replacement demand. Pricing trends mixed, with some niches allowing ASP growth.
- **TaaS Momentum**: 2,000+ updated truck bodies expected in 2026, with new upfit centers in Phoenix and Atlanta. PPN network expanded to 115 locations.

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