Wabash National Corporation Announces $150 Million Increase to Stock Repurchase Program
LAFAYETTE, Ind., Aug. 19, 2021 (GLOBE NEWSWIRE) -- Wabash National Corporation (NYSE: WNC) today announced that its Board of Directors has authorized the company to repurchase up to an additional $150 million of its common stock through August 2024, representing approximately 20 percent of the company’s current market capitalization. This is an increase to the existing repurchase program approved in November 2018, of which approximately $1 million was available as of August 19, 2021.
Brent Yeagy, president and chief executive officer, said, “Since 2015, we have returned approximately $360 million to our stockholders through discretionary repurchase authorizations. This is the largest stock repurchase authorization in the company’s history and reflects the level of confidence we have in our strategic plan, our ability to deliver future results and our strong financial foundation. Going forward, our strategy is to balance targeted organic and strategic growth investments with returning cash to shareholders all while maintaining healthy liquidity levels.”
Stock repurchases under this program may be made in the open market or in private transactions at times and in amounts determined by the company. The company, at its sole discretion, may limit or terminate the stock repurchase program at any time based on market conditions, liquidity needs or other factors. The program is intended to enhance stockholder value by reducing the overall number of outstanding shares, including by offsetting dilution resulting from stock-based compensation programs.
About Wabash National Corporation
As the innovation leader of engineered solutions for the transportation, logistics and distribution industries, Wabash National Corporation (NYSE:WNC) is Changing How the World Reaches You™. Headquartered in Lafayette, Indiana, the Company’s mission is to enable customers to succeed with breakthrough ideas and solutions that help them move everything from first to final mile. Wabash National designs and manufactures a diverse range of products, including: dry freight and refrigerated trailers, platform trailers, liquid tank trailers, dry and refrigerated truck bodies, structural composite panels and products, trailer aerodynamic solutions and specialty food grade equipment. Its innovative products are sold under the following brand names: Wabash National®, Benson®, Brenner® Tank, Bulk Tank International, DuraPlate®, Supreme®, Transcraft®, Walker Engineered Products, and Walker Transport. Learn more at www.wabashnational.com.
Safe Harbor Statement
This press release contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements convey the Company’s current expectations or forecasts of future events. All statements contained in this press release other than statements of historical fact are forward-looking statements, including statements regarding the implementation of and timing for the repurchase program, the Company’s capital allocation strategy and ability to return capital to stockholders, expectations for cash generation and cash flow, the ability to continue both a stock repurchase program and a quarterly dividend, deleveraging the balance sheet, and growing the business. The Company’s forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Without limitation, these risks and uncertainties include changes in economic conditions, changes in the Company’s business and results of operations, access to capital, availability of alternative uses of capital, and other risks, including those set forth in the various disclosures made in the Company’s filings with the Securities and Exchange Commission.
Director, Corporate Communications
Director, Corporate Development & Investor Relations