Wabash Lifts Backlog Past $950 Million After Sales Rebound

The Tip Desk · July 15, 2026 · 3 min read

Second-quarter net sales were estimated at $413 million to $421 million, above the $380 million to $400 million range issued in May.

Wabash National (WNC), a supplier of trailers, truck bodies and parts for transportation and logistics, said second-quarter net sales were estimated at $413 million to $421 million, above the $380 million to $400 million range it issued on May 1, 2026.

That sequential rebound from first-quarter net sales of $303.2 million also narrowed the year-over-year decline. The company estimated an 8% to 10% decrease versus the $458.8 million reported for the three months ended June 30, 2025, after a 20.4% drop in the first quarter.

Profitability remained in the red. GAAP net loss was estimated at $23.3 million to $26.2 million, versus a $9.6 million net loss a year earlier. Diluted loss per share was estimated at $(0.57) to $(0.63), compared with $(1.11) in the first quarter and $(0.23) a year earlier. Adjusted EBITDA swung to an estimated loss of $9.7 million to $12.6 million from $16.3 million of adjusted EBITDA in the year-ago quarter.

Adjusted net loss attributable to common stockholders was estimated at $22.2 million to $25.2 million, versus a $6.1 million adjusted net loss a year earlier. Adjusted diluted loss per share was $(0.54) to $(0.60), versus $(1.17) in the first quarter. The May outlook had called for non-GAAP adjusted EPS of $(0.40) to $(0.60) and GAAP EPS of $(0.50).

Facility idling and related costs of $1.76 million appeared in the second-quarter adjusted-EBITDA and adjusted-net-loss reconciliations. The $4.6 million Missouri legal matter recorded in the 2025 quarter was not present in the 2026 estimate.

Backlog was the other turn. Total company backlog was expected to be in excess of $950 million as of June 30, 2026, up from approximately $837 million at March 31, 2026.

In the first quarter, Transportation Solutions generated net sales of $250.2 million, down 27.9% from a year earlier, with a gross loss of $15.5 million and an operating loss of $37.3 million. Parts & Services net sales were $54.1 million. Softer demand, particularly in Truck Body, had led first-quarter revenue below its guidance range, while Parts & Services generated positive year-over-year revenue growth.

On July 14, 2026, Wabash commenced a private offering of $100 million of convertible senior unsecured notes due 2032, with an option for up to an additional $15 million. It intends to use net proceeds for general corporate purposes, including repaying amounts outstanding under its existing credit agreement.

The company also received commitments to amend and extend $275 million of its $350 million revolving credit facility, with discussions that may upsize that amount. Subsequent to the offering close, it expects to extend the revolving facility’s maturity, add a $90 million minimum liquidity requirement, add a $40 million availability block, and, subject to conditions, suspend the springing fixed charge coverage ratio covenant.

Wabash intends to refinance, extend, renew, exchange or replace some or all of the $400.0 million of 4.50% senior notes due 2028 in advance of maturity.

The preliminary figures are unaudited ranges that are still being finalized. Ernst & Young LLP has not audited or reviewed the estimates. Actual results will not be finalized until after the completion of the offering.