© Reuters.
LAFAYETTE, Ind. – Wabash National Corporation (NYSE:), a prominent player in the transportation, logistics, and distribution industry, has announced an expansion of its stock repurchase program. The company’s Board of Directors has authorized an additional $150 million for the repurchase of its common stock. This authorization is an increment to the existing repurchase program, bringing the total available for buybacks to approximately $180 million.
The repurchase strategy, as detailed by Mike Pettit, Wabash’s Senior Vice President and CFO, is reflective of the company’s robust financial position, marked by a strong balance sheet and significant free cash flow generation. Pettit highlighted that Wabash has generated over $700 million in operating cash flow and roughly $450 million in free cash flow in the past five years. This financial performance comes despite substantial capital investments aimed at fostering organic growth within the company.
In the same period, Wabash has repurchased nearly 12 million shares, which equates to over 20% of the outstanding shares. The company’s capital allocation strategy remains focused on balancing the dual objectives of investing for growth and providing returns to shareholders.
Wabash, headquartered in Lafayette, Indiana, is known for its innovative solutions in the transportation sector. The company’s product portfolio includes a wide array of equipment such as dry freight and refrigerated trailers, platform trailers, tank trailers, truck bodies, structural composite panels, aerodynamic solutions, and specialty food grade processing equipment.
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