Wabash National Q2 Preview: The Downturn Will Take Longer To Turn Around

Wabash National Corporation faces ongoing industry downturns, with Q2 guidance indicating continued losses and only modest revenue stabilization. Backlog remains a key indicator; while up 20% y/y to $837 million, it is far below 2023 highs, signaling only a tentative recovery. Parts & services are outperforming, showing sequential and y/y growth with higher margins, but core transportation solutions volumes remain under pressure. Recent preliminary results show higher-than-expected Q2 revenue but deeper losses, prompting a sharp share price decline and reinforcing a cautious stance.

Wabash National Corporation (WNC) is due to report its Q2 earnings in about two weeks, so I thought it would be a good time to revisit the company, as I haven’t covered it in close to two years