Wabash National Corporation (NYSE:WNC) Q1 2024 Earnings Conference Call April 24, 2024 12:00 PM ET

Company Participants

Ryan Reed - Senior Director of Investor Relations
Brent Yeagy - President & Chief Executive Officer
Mike Pettit - Chief Financial Officer

Conference Call Participants

Mike Shlisky - D.A. Davidson
Justin Long - Stephens
Jeff Kauffman - Vertical Research Partners

Operator

Good day, and welcome to the Wabash National Corporation First Quarter 2024 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be question-and-answer session. [Operator Instructions] And finally, I would like to advise all participants that this call is being recorded. Thank you.

I'd now like to welcome Ryan Reed, VP Corporate Development and Investor Relations to begin the conference. Ryan, over to you.

Ryan Reed

Thank you, and good afternoon, everyone. We appreciate you joining us on this call. With me today are Brent Yeagy, President and Chief Executive Officer; and Mike Pettit, Chief Financial Officer.

Before we get started, please note that, this call is being recorded. I'd also like to point out that, our earnings release, the slide presentation supplementing today's call, and any non-GAAP reconciliations are available at ir.onewabash.com. Please refer to slide 2 in our earnings deck for the company's safe harbor disclosure addressing forward-looking statements.

I'll hand it off now to Brent.

Brent Yeagy

Thanks, Ryan. Good afternoon, everyone, and thanks for joining us today. Beginning with the first quarter of 2024, our revenue and income fell slightly short of our expectations, due to slower customer pickups of equipment.

I'd like to emphasize that, particularly for a year of weaker demand Q1 tends to be seasonally weaker. Additionally, the size of our products, necessitates that we rely on customers to pick up their equipment before we were able to recognize revenue. That said, our production outstripped shipments during the first quarter to the delta versus our anticipated quarterly revenue and the associated income will flow into subsequent quarters during 2024 particularly Q2.

As we'll discuss later, our financial outlook for the year remains unchanged. From a strategy perspective, we continue to enhance our network at 78 dealer locations. Through our marketplace joint venture we launched the initial version of our Wabash Marketplace in the first quarter.

Collaborating with leading technology and logistics providers, the platform seeks to deliver customer-centric solutions through an integrated partner ecosystem that sets new industry standards for parts services and trailer capacity. The ultimate objective of the Wabash Marketplace is to develop a comprehensive end-to-end digital platform that transforms the experience for dealer's customers and suppliers.