Wabash National Corporation (WNC) 2026 Q3 法說會逐字稿

Hello everyone. Thank you for joining us and welcome to Wabash third quarter 2026 earnings call.

各位好。感謝各位加入我們，歡迎參加 Wabash 2026 年第三季財報電話會議。

(Operator Instructions)

(接線員指示)

I will now hand the call over to John Cummings, Senior Director of Financial Planning and Analysis and Investor Relations. John, please go ahead.

現在我將把電話交給財務規劃與分析及投資人關係資深總監 John Cummings。John，請開始。

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.

在開始之前，請注意本次電話會議將被錄音。我也想指出，我們的財報新聞稿、補充今日電話會議的簡報投影片，以及任何非 GAAP 調節表，皆可於 ir.onewabash.com 取得。請參閱我們財報簡報的第 2 頁，其中包含公司針對前瞻性陳述的安全港揭露。現在我把時間交給 Brent。

Thanks, John. Good afternoon, everyone, and thank you for joining us today. I'd like to start, as always, with safety because it's fundamental to how we operate Wabash.

謝謝你，John。各位下午好，感謝今天加入我們。我想一如既往先從安全談起，因為安全是 Wabash 營運方式的根本。

We saw continued improvement in total recordable injury rates with metrics tracking 26% favorable to the prior quarter and 42% favorable to the prior year. Q3 marks our fifth consecutive quarter of improvement.

我們的可記錄傷害率持續改善，相關指標較上一季改善 26%，較去年同期改善 42%。第三季是我們連續第五個季度呈現改善。

Meaningful progress is continuing even as working hours and the number of new hires increase. This is evidence that the proactive work we undertook over the past several years to reduce workplace hazards as well as recently strengthening our onboarding processes ahead of increased dry van production is working.

即使工時與新進人員數量增加，我們仍持續取得顯著進展。這證明我們過去幾年為降低職場危害所做的前瞻性工作，以及近期在乾貨車（dry van）產量提升前強化新人到職訓練流程，確實正在發揮效果。

We have maintained a steadfast focus on safety while preparing the organization for higher production, and we are seeing the benefit not only in safety performance, but in overall ramp execution.

在為更高產量做準備的同時，我們始終堅定聚焦安全；我們看到的效益不僅反映在安全表現上，也反映在整體產能爬坡執行上。

Moving on to third quarter results. Financials represent another step forward in what continues to be a transition year for Wabash. Revenue for the quarter was over $476 million with non-GAAP adjusted EPS of negative $0.63. More importantly, beneath these results, we have explicit and material evidence of demonstrated customer demand. That gives us confidence that the conditions required for a broader recovery are solidly in place.

接著談第三季業績。財務表現代表 Wabash 在這個仍屬轉型年度中又向前邁進一步。本季營收超過 4.76 億美元，非 GAAP 調整後每股盈餘（EPS）為負 0.63 美元。更重要的是，在這些結果之下，我們有明確且具實質性的證據顯示客戶需求已被驗證。這讓我們有信心，推動更廣泛復甦所需的條件已穩固到位。

As a direct result of customer order activity at scale, we aggressively pulled forward capacity addition actions into Q3, actions previously slated for Q1 and Q2 of 2027 to increase dry van output and direct response to that customer demand. 2026 has been a transition year.

由於客戶訂單活動以規模化方式出現，我們在第三季積極提前推動產能擴增行動；這些行動原本規劃在 2027 年第一季與第二季執行，目的是提高乾貨車產出並直接回應客戶需求。2026 年一直是轉型的一年。

Since late June, we have quickly moved from managing through a very difficult demand environment, having a liquidity preservation posture and a cost minimization mindset to fully mobilizing Wabash for a dry van cycle recovery. Our teams have been doing exactly that.

自 6 月下旬以來，我們迅速從因應極為艱困的需求環境、採取維持流動性的立場與成本最小化思維，轉為全面動員 Wabash 迎接乾貨車景氣循環復甦。我們的團隊正是如此在執行。

This ranges from the convertible debt acquired last quarter to ensure we have the net working capital availability to operational actions, including securing strong long-term agreements with critical suppliers and then adding people and shifts to support the dry van volume we see ahead in 2027. I want to reiterate and make one important point about Q3 and the remainder of 2026. Our confidence in 2027 has increased.

這涵蓋從上季取得的可轉換公司債（convertible debt），以確保我們具備可用的淨營運資金，到各項營運行動，包括與關鍵供應商簽訂強而有力的長期協議，並增聘人力與增加班次，以支援我們在 2027 年前方所見的乾貨車需求量。我想再次強調第三季以及 2026 年剩餘期間的一個重要重點。我們對 2027 年的信心已提高。

We have elected to incur certain costs in 2026 that otherwise would have occurred in early 2027. These include primarily labor and other production readiness costs associated with preparing our operations for improved demand.

我們選擇在 2026 年承擔某些成本，而這些成本原本會在 2027 年初發生。這些成本主要包括勞動力以及其他與生產就緒相關的費用，用以讓我們的營運為需求改善做好準備。

Simply put, the required investments that advance the overall ability of Wabash to generate more profitable conversion of higher levels of demand sooner than later, investments we are happy to have been able to make. That distinction is important. These expenditures affect the timing of earnings, and they also reflect increased confidence in their underlying view of the dry van market.

簡而言之，這些必要投資能讓 Wabash 更早而非更晚提升整體能力，以更具獲利性的方式把更高水準的需求轉化為產出；我們也很高興能夠進行這些投資。這個區別很重要。這些支出會影響獲利認列的時點，同時也反映出我們對乾貨車市場基本觀點的信心提升。

We are making deliberate decisions today because our confidence in the opportunity ahead has strengthened through direct evidence called orders. As a result of absorbing these costs now, our positive EBITDA projections for late 2026 no longer are correct.

我們今天做出審慎的決策，是因為透過名為「訂單」的直接證據，我們對前方機會的信心已更為強化。由於現在先行吸收這些成本，我們先前對 2026 年下半年 EBITDA 轉正的預測已不再正確。

We will now have a rapid sequential improvement through 2027, reaching a level of quarterly profitability by Q2, consistent with our annualized EBITDA run rate between $150 million and $170 million instead of being in the second half of the year as previously assumed. That is despite assuming the truck body market remains depressed for longer as we do not yet see meaningful green shoots in that segment.

我們將在 2027 年呈現快速的逐季改善，並在第二季達到單季獲利水準；這與我們年化 EBITDA 介於 1.5 億至 1.7 億美元的運行率一致，而非如先前假設要到下半年才達成。即便我們仍假設卡車車身（truck body）市場將維持低迷更久，因為我們在該業務領域尚未看到有意義的復甦跡象。

At the same time, we remain disciplined. This is not indiscriminate spending ahead of a hoped for recovery. We have spent the last several quarters taking structural costs out of the business and improving the flexibility of our manufacturing footprint.

同時，我們仍保持紀律。這並非在寄望復甦之前的無差別支出。過去幾個季度，我們持續降低業務的結構性成本，並提升製造據點的彈性。

Those actions were designed to preserve our ability to scale efficiently as demand improves, consistent with how we have framed our cost structure and capacity entering into this recovery. On a more constructive view of demand and our outlook entering into 2027 compared with prior quarters, it has been driven by both market-leading indicators and momentum within our backlog.

這些行動旨在於需求改善時保留我們高效率擴產的能力，並與我們在進入本次復甦時對成本結構與產能的定位一致。相較於前幾個季度，我們對 2027 年的需求與展望更為正向，這是由市場領先指標以及我們在手訂單（backlog）動能共同驅動。

We continue to see progress across freight indicators that ultimately support equipment demand, improving spot and rejection rates, carrier profitability and fleet sentiment, alongside an aging equipment base and deferred replacement cycle are contributing to a more robust setup. That does not mean we expect a straight-line recovery. What it does mean is that the balance of evidence is moving earlier at scale and in the right direction.

我們持續看到貨運相關指標的進展，這些指標最終支撐設備需求：現貨運價與拒載率改善、承運商獲利能力與車隊情緒提升；同時，設備老化與延後汰換週期也正在促成更強健的市場布局。這並不代表我們預期會是一條直線式的復甦。但這代表整體證據的天平正更早、以規模化方式，朝正確方向移動。

Just prior to quarter end, we released evidence of our improving backlog, which stood at over 12,000 dry van trailers for 2027. That pace did not let up. It took off. That number was almost 16,000 units by the end of the quarter. And by mid-October, it was almost 20,000 units with more orders in the process of closing.

在季度結束前不久，我們公布了在手訂單改善的證據：2027 年乾貨車拖車的在手訂單超過 12,000 台。而這個速度並未放緩。反而加速。到本季末，該數字接近 16,000 台。而到 10 月中旬，已接近 20,000 台，且仍有更多訂單正在完成簽訂流程。

Across the organization, our total backlog has reached $1.3 billion by mid-October and with more 2027 demand to play out. Early movers remain steadfast in their buying decisions and continue to become more constructive. Improving freight economics combined with significant replacement needs are bringing equipment decisions forward at an increasing pace.

截至 10 月中旬，全公司總在手訂單已達 13 億美元，且 2027 年仍有更多需求有待釋出。率先採購的客戶仍堅定其購買決策，並持續變得更為正向。貨運經濟性改善，加上顯著的汰換需求，正以愈來愈快的速度把設備採購決策提前。

Customers continue to place significant value on our long-standing relationships with Wabash, and those conversations increasingly point toward a more consistent replacement cadence and additional catch-up demand over the coming years, even without a traditional demand-driven recovery.

客戶持續高度重視我們與 Wabash 長期建立的關係，而這些對話也愈來愈指向：未來幾年將出現更一致的汰換節奏，以及額外的補回需求（catch-up demand），即使沒有傳統由需求驅動的復甦亦然。

At the same time, a number of customers remain early in their budget and planning cycles, giving us further confidence in the opportunity for order activity to build over the coming months. While still relatively early in the 2027 sales cycle, historical order patterns would suggest that we are on track for a dry van volume in the 35,000 to 38,000 range at Wabash. That would align with our expected market size in the initial replacement cycle phase and our targeted market share percentage in the plus or minus 25% range.

同時，仍有不少客戶尚處於預算與規劃週期的早期階段，這讓我們對未來幾個月訂單活動進一步增溫的機會更具信心。雖然 2027 年銷售週期仍相對早期，但歷史訂單型態顯示，我們有望使 Wabash 的乾貨車銷量落在 35,000 至 38,000 台的區間。這將與我們在初始汰換週期階段所預期的市場規模，以及我們目標市占率約正負 25% 的水準相一致。

The current pace of backlog intake would suggest a higher volume case in the low 40,000 unit range. While we are not modeling this level of demand, we feel the effective capacity we are adding in Q3 and Q4 of 2026 would enable our execution of that possibility.

目前積壓訂單的接單速度顯示，案件量可能會提高至約 4 萬出頭的區間。雖然我們並未以此需求水準進行建模，但我們認為在 2026 年第三季與第四季所新增的有效產能，將使我們有能力執行這種可能性。

Critically, forward-looking pricing remains constructive, giving Wabash the opportunity to convert that demand into progressively higher levels of unit profitability. Our announcement prior to the quarter end referenced weighted average 2027 material margin exceeding Q2 2026 by 500 basis points.

關鍵在於，前瞻性的定價仍具建設性，讓 Wabash 有機會將該需求轉化為逐步提高的單位獲利水準。我們在季末前的公告提到，2027 年加權平均材料毛利率較 2026 年第二季高出 500 個基點。

Our backlog portfolio now averages over 600 basis points in excess of Q2 2026, highlighting how improving freight economics and carrier profitability are supporting pricing that is better aligned with our actual cost base.

我們的積壓訂單組合目前平均較 2026 年第二季高出超過 600 個基點，凸顯運輸景氣改善與承運商獲利能力提升，正支撐更能與我們實際成本基礎對齊的定價。

Our proactive and thoughtful approach of this market inflection, coupled with strong supplier partnerships and an ability to expand our hourly workforce provide high confidence in Wabash's ability to win the early and mid-innings of the new cycle we are in, further enabled by executing aggressively to meet our customer needs with highly effective trailer capacity, thus giving Wabash the ability to fully capitalize on demand momentum.

我們對此市場拐點採取主動且審慎的做法，結合強健的供應商夥伴關係，以及擴增計時人力的能力，使我們對 Wabash 有能力在此新一輪循環的前段與中段勝出充滿信心；同時，我們也將透過積極執行、以高效的拖車產能滿足客戶需求，進一步強化這一點，讓 Wabash 能夠充分掌握需求動能。

Trade is another important part of the bridge between the environment we operated through and the one we see developing. We have previously discussed the impact of Section 232 and antidumping and countervailing duty actions. We believe these measures can favorably change industry dynamics into 2027. This is consistent with our prior framing of trade actions as helping level the competitive playing field and support pricing discipline following years of oversupply.

貿易也是連結我們所經歷的營運環境與我們所見正在形成的新環境之間的重要橋樑。我們先前已討論過《232 條款》以及反傾銷與反補貼稅（AD/CVD）行動的影響。我們認為這些措施可在 2027 年之前有利地改變產業動態。這與我們先前將貿易行動定位為：在多年供給過剩之後，有助於拉平競爭環境並支持定價紀律的說法一致。

Recently, on September 25, the United States International Trade Commission made their final affirmative determinations that imports of van-type trailers and subassemblies from China materially injured the US industry. The antidumping rate is almost 130%, while the countervailing duty rate is almost 135%. Stacking with the 25% associated with Section 232 tariffs results in an effective rate of approximately 290%.

近期在 9 月 25 日，美國國際貿易委員會（USITC）作出最終肯定裁定，認定自中國進口的廂式拖車及其子組件對美國產業造成實質損害。反傾銷稅率接近 130%，反補貼稅率接近 135%。再加上《232 條款》關稅所對應的 25%，有效稅率約為 290%。

Meanwhile, Canada and Mexico have preliminary affirmative determinations and are posting cash deposits today at the preliminary rates with a combined antidumping countervailing duty rate of approximately 10.2% being applied to the competitor, Hyundai.

同時，加拿大與墨西哥已作出初步肯定裁定，並已按初步稅率要求繳納現金保證金；對競爭對手 Hyundai 適用的反傾銷與反補貼稅合計稅率約為 10.2%。

Final commerce decisions are expected by mid-December and final International Trade Committee votes by early 2027. Again, stacking the 25% associated with Section 232 tariffs result in an effective rate of approximately 35%. Our view is simple. Wabash should compete at a level playing field.

預期商務部的最終裁定將於 12 月中旬前後出爐，而國際貿易委員會的最終表決則預計在 2027 年初。同樣地，再加上《232 條款》關稅所對應的 25%，有效稅率約為 35%。我們的觀點很簡單。Wabash 應該在公平的競爭環境下競爭。

We have an extensive US manufacturing footprint, a highly capable workforce and substantial installed capacity. We believe an environment which all participants compete under fair trade conditions is good for our customers, good for American manufacturing and good for Wabash. Importantly, we already have the physical capacity to participate in an improving dry van market.

我們在美國擁有廣泛的製造據點、能力卓越的勞動力，以及可觀的既有產能。我們相信，所有參與者都在公平貿易條件下競爭的環境，對客戶有利、對美國製造業有利，也對 Wabash 有利。重要的是，我們已具備實體產能，可參與乾貨廂式拖車市場的改善。

Our South plant expanded our scalable dry van capability by approximately 10,000 units compared with prior up cycles, giving us the ability to respond without requiring another major capital investment.

我們的 South 工廠相較於先前上行週期，將可擴展的乾貨廂式拖車產能提升約 1 萬台，使我們能夠在不需要再進行重大資本投資的情況下做出回應。

Now turning to the fourth quarter. We expect Q4 revenue to be between $420 million and $450 million, adjusted operating margin of negative 8% to negative 5% and adjusted EPS of negative $0.75 to negative $0.55. Embedded in that outlook is labor and production readiness expense deliberately pulled from 2027.

接著談第四季。我們預期第四季營收介於 4.20 億至 4.50 億美元之間，調整後營業利益率為負 8% 至負 5%，調整後每股盈餘（EPS）為負 0.75 美元至負 0.55 美元。該展望中已包含我們刻意自 2027 年提前拉回的勞動與生產就緒費用。

During Q3, we increased our dry van hourly workforce by 15%, and we'll continue to add shifts during the fourth quarter that were originally planned for the first quarter of 2027. Effectively, by the end of the year, all second shift production will be turned on. Of course, some of the inefficiencies are expected to lag into Q1 of 2027.

在第三季期間，我們將乾貨廂式拖車的計時人力增加了 15%，並將在第四季持續新增原本規劃於 2027 年第一季才啟用的班次。實際上，到年底時，所有第二班生產都將全面啟動。當然，部分效率不彰預期會延續到 2027 年第一季。

While we continue to monitor demand, we maintain a high degree of confidence that we can meet high side demand beyond our current projections within 2027 without adding a third shift. That leaves us exceptionally well positioned to respond to incremental demand opportunities. If demand were to warrant either a full or partial third shift layer of dry van capacity, that will add additional cost pressures and margin headwinds in the short term.

在我們持續監測需求的同時，我們仍高度有信心：在不增加第三班的情況下，於 2027 年即可滿足超出目前預測的高端需求。這讓我們在回應額外需求機會方面具備極佳的有利位置。若需求需要乾貨廂式拖車產能增加完整或部分第三班，短期內將帶來額外成本壓力與利潤率逆風。

I want to spend a moment framing what this means for 2027 because we recognize investors are beginning to build next year's models. We are not providing formal 2027 guidance today. We are, however, increasing confidence that 2027 should represent a meaningful improvement in Wabash's financial performance.

我想花點時間說明這對 2027 年的意涵，因為我們知道投資人正開始建立明年的模型。我們今天不提供正式的 2027 年指引。不過，我們對 2027 年應能顯著改善 Wabash 財務表現的信心正在提升。

The recovery will not be uniform across the portfolio. In dry vans, we see improving demand conditions, significant deferred replacement needs and a more constructive regulatory and trade backdrop and ample Wabash capacity to participate as the market strengthens.

復甦在各產品組合之間不會是均勻的。在乾貨廂式拖車方面，我們看到需求條件改善、顯著的延後汰換需求、更具建設性的法規與貿易背景，以及 Wabash 充足的產能可在市場走強時參與其中。

Truck body is different. That business entered the downturn later, and we expect its recovery to remain meaningfully behind dry vans. The beginning stages of cycle recovery, we believe, are roughly six to nine months behind dry vans with a slower recovery dependent upon broader macro conditions.

卡車車體（Truck body）則不同。該業務較晚進入下行週期，我們預期其復甦將明顯落後於乾貨廂式拖車。我們認為，在循環復甦的初期階段，其進度大約落後乾貨廂式拖車 6 到 9 個月，且復甦速度較慢，取決於更廣泛的總體經濟條件。

Therefore, as we think about 2027, we are encouraged by stronger year-on-year improvement in dry vans while recognizing a considerable more measured assumption for truck bike. Parts and services are expected to maintain a 5% to 10% top line growth trajectory and see strong incremental as 2026 start-up costs dissipate, resulting in mid-teen EBITDA percent performance returning, that is intentionally a directional framework rather than formal guidance, but we want to give investors sufficient information to build their models without drawing the wrong conclusions from either Q4 revenue or margins.

因此，在思考 2027 年時，我們對乾貨廂式拖車更強的年對年改善感到鼓舞，同時也認知到對卡車車體需要採取更為審慎的假設。零件與服務預期將維持 5% 至 10% 的營收成長軌跡，並在 2026 年啟動成本消退後帶來強勁的增量貢獻，使 EBITDA 利潤率表現回到約中十位數百分比；這刻意是方向性的框架而非正式指引，但我們希望提供投資人足夠資訊來建立模型，避免從第四季營收或利潤率得出錯誤結論。

Before I turn the call over, I want to close where I always believe we should with our people. The last several years have demanded a great deal from the Wabash team. Managing through an extended freight downturn requires discipline, flexibility and at times, difficult decisions.

在我把電話會議交給下一位之前，我想以我一直認為我們應該回到的重點作結：我們的員工。過去幾年對 Wabash 團隊提出了很高的要求。在長期運輸景氣下行中管理營運，需要紀律、彈性，以及有時必須做出艱難的決定。

At the same time, preparing for a recovery requires a different mindset. It requires us to look beyond today's production schedule and prepare the business for tomorrow's opportunity.

同時，為復甦做準備則需要不同的思維。這要求我們超越今天的生產排程，為明天的機會做好準備。

Our people have done both. They have worked to reduce waste, improve safety, protect quality, serve customers and make Wabash stronger while volumes have been under pressure. Our continued emphasis on safety, quality and customer support has deliberately remained protected even while the costs have been reduced.

我們的員工兩者都做到了。在產量承壓期間，他們致力於減少浪費、提升安全、守護品質、服務客戶，並讓 Wabash 更加強健。即使在降低成本的同時，我們對安全、品質與客戶支援的持續重視也刻意維持不受影響。

As we enter the final quarter of 2026, I am increasingly optimistic about where the industry is headed and about Wabash's position within it. 2026 has been about taking the actions necessary to create that readiness. Increasingly, our focus is turning to how we will convert that preparation into performance in 2027 and beyond. I want to thank every Wabash employee for their continued commitment to each other, to our customers and to our purpose.

當我們進入 2026 年最後一季時，我對產業走向以及 Wabash 在其中的位置愈發樂觀。2026 年的重點在於採取必要行動以建立這種就緒狀態。我們的焦點也愈來愈轉向：我們將如何在 2027 年及更長遠的未來，把這些準備轉化為績效表現。我要感謝每一位 Wabash 員工持續對彼此、對客戶以及對我們使命的投入。

With that, I'll turn it over to Pat.

那麼，我把時間交給 Pat。

Thanks, Brent. I'll begin with a review of our third quarter results. For the third quarter of 2026, consolidated revenue was over $476 million, exceeding expectations communicated in the second quarter earnings call. During the quarter, we shipped 9,563 new trailers and 1,685 truck bodies. We are encouraged by the higher volumes, particularly in our core dry van product line.

謝謝，Brent。我先回顧我們第三季的業績。2026 年第三季，合併營收超過 4.76 億美元，高於我們在第二季財報電話會議中所傳達的預期。本季我們出貨 9,563 台新拖車以及 1,685 具卡車車體。我們對出貨量提升感到鼓舞，尤其是在我們核心的乾貨廂式（dry van）產品線。

The financial outlook is improving, though near-term results reflect the operational readiness costs Brent discussed.

財務展望正在改善，不過短期業績仍反映了 Brent 所提到的營運就緒成本。

Truck body volumes improved from the prior quarter but remain at historically low levels. Customer mix and manufacturing inefficiencies compounded by those low volumes continued to challenge financial performance during the quarter.

卡車車體出貨量較上一季改善，但仍處於歷史低檔水準。在低出貨量之下，客戶組合與製造效率不彰的影響相互疊加，持續對本季財務表現造成挑戰。

Adjusted non-GAAP gross margin was 3.2% of sales and adjusted non-GAAP operating margin was negative 5.7% of sales. Adjusted non-GAAP EBITDA for the quarter was negative $10.4 million or negative 2.2% of sales. Adjusted non-GAAP net income attributable to common shareholders was negative $26 million or negative $0.63 per diluted share.

調整後非 GAAP 毛利率為銷售額的 3.2%，調整後非 GAAP 營業利益率為銷售額的負 5.7%。本季調整後非 GAAP EBITDA 為負 1,040 萬美元，或銷售額的負 2.2%。歸屬於普通股股東的調整後非 GAAP 淨利為負 2,600 萬美元，或稀釋後每股負 0.63 美元。

GAAP EPS of negative $0.51 per diluted share includes the sale of the Gochin, Indiana manufacturing facility for gross proceeds approximating $17.8 million and recognition of an approximately $7.5 million gain.

依 GAAP 計算的稀釋後每股盈餘（EPS）為負 0.51 美元，其中包含出售印第安納州 Gochin 製造廠，取得約 1,780 萬美元的總收益，並認列約 750 萬美元的處分利益。

EPS came in below our guided range, primarily reflecting the factors referenced above, which we expect to be short term in nature, and in the case of dry van, expedite our projected sequential profitability projections going forward.

EPS 低於我們的指引區間，主要反映上述因素；我們預期這些因素屬於短期性質，並且就乾貨廂式（dry van）而言，將加速我們未來逐季獲利能力的預測改善。

Turning to segment performance. Transportation Solutions generated $408 million in revenue and reported an operating loss of $14.4 million on a non-GAAP basis. Transportation Solutions maintained positive gross margin during the quarter, building on the progress we saw last quarter as improved volumes continue to support better leverage of our cost base.

接著談各事業部表現。運輸解決方案（Transportation Solutions）營收為 4.08 億美元，並在非 GAAP 基礎下報告營業虧損 1,440 萬美元。運輸解決方案本季維持正毛利率，延續我們上季看到的進展；隨著出貨量改善，持續有助於更有效槓桿化我們的成本基礎。

We continue to expect sequential improvement as pricing adjusts to offset cost pressures. Parts and services delivered $69 million in revenue and $5.6 million of operating income on a non-GAAP basis.

我們仍預期隨著定價調整以抵消成本壓力，業績將逐季改善。零件與服務（Parts and services）營收為 6,900 萬美元，並在非 GAAP 基礎下貢獻 560 萬美元的營業利益。

Parts and services continued to build momentum with revenue increasing 9% sequentially and 14% year-over-year. While profitability remains below our expectations, upfit margins continue to reflect the start-up costs associated with integrating our new 2026 upfit sites into their respective markets.

零件與服務持續累積動能，營收較前一季成長 9%，較去年同期成長 14%。雖然獲利仍低於我們的預期，但改裝（upfit）毛利率仍反映了 2026 年新改裝據點整合進各自市場時所產生的啟動成本。

As these start-up pressures normalize, we expect the growing revenue base to translate into meaningful incremental profitability.

隨著這些啟動壓力趨於正常化，我們預期不斷擴大的營收基礎將轉化為可觀的增量獲利。

Segment performance has stabilized, and we have a strong base from which to grow, that includes continued establishment of the upfit facilities in their local markets and an expanding presence in the aftermarket parts segment, which should also benefit alongside a recovery in dings.

各事業部表現已趨於穩定，我們擁有強健的成長基礎，包括持續在當地市場建立改裝（upfit）設施，以及在售後市場零件領域擴大布局；隨著 dings 的復甦，這些也可望同步受惠。

During the quarter, we delivered on our promise to renew our asset-based loan, the details of which were shared in August.

本季我們兌現承諾，完成資產基礎貸款（asset-based loan）的續約，相關細節已於 8 月對外分享。

Looking ahead, our focus turns to our high-yield bonds, which we intend to address well ahead of becoming current in October of 2027. We are actively engaged with our banking partners and evaluating the options available to us with a focus on achieving the most economically attractive outcome for Wabash. We will provide additional updates as appropriate.

展望未來，我們的重點將轉向高收益債券（high-yield bonds），我們打算在 2027 年 10 月到期前很早就加以處理。我們正積極與銀行合作夥伴溝通，並評估可行方案，重點在為 Wabash 達成最具經濟效益的結果。我們將在適當時機提供進一步更新。

As of September 30, total liquidity, including cash and available borrowings, was $277 million, up 44% versus the prior quarter, benefiting from execution of the convertible debt in July and sale of our Golchin manufacturing facility in August.

截至 9 月 30 日，總流動性（包含現金與可動用借款額度）為 2.77 億美元，較上一季增加 44%；主要受惠於 7 月完成可轉換債務（convertible debt）以及 8 月出售 Golchin 製造廠。

The convertible debt allowed us to pay down our asset-based loan, which currently has a zero balance and is ready to be deployed to support net working capital requirements associated with the production ramp.

可轉換債務使我們得以償還資產基礎貸款；該貸款目前餘額為零，並已準備好在產能爬坡期間，用於支應與生產提升相關的淨營運資金需求。

Our disciplined approach to capital management and the actions taken to increase liquidity position Wabash uniquely well to prepare for the market recovery and support our customers as demand improves.

我們在資本管理上的紀律作法，以及為提升流動性所採取的行動，使 Wabash 具備獨特優勢，能為市場復甦做好準備，並在需求改善時支援客戶。

In regard to cash flow, operating cash flow for the quarter was negative $37 million, resulting in free cash flow of negative $41 million. This reflects the start of our planned working capital ramp ahead of higher dry van production levels. We expect that investment to continue as volumes scale into 2027, supported by the liquidity secured through our July convertible issuance.

就現金流而言，本季營運現金流為負 3,700 萬美元，自由現金流為負 4,100 萬美元。這反映了我們在乾貨廂式（dry van）產量提高之前，按計畫開始拉升營運資金。隨著出貨量在 2027 年擴大，我們預期這項投資將持續進行，並由 7 月可轉換發行所取得的流動性提供支撐。

During the third quarter, we invested approximately $3.5 million in traditional capital expenditures and returned $3.3 million to shareholders through our quarterly dividend. Looking ahead to the fourth quarter, we expect revenue in the range of $420 million to $450 million and an operating margin of between negative 8% and negative 5%.

第三季我們在傳統資本支出方面投資約 350 萬美元，並透過季度股利向股東回饋 330 萬美元。展望第四季，我們預期營收介於 4.20 億至 4.50 億美元之間，營業利益率介於負 8% 至負 5% 之間。

Adjusted earnings per share expected to be in the range of negative $0.75 to negative $0.55. The guidance reflects seasonally lower revenues expected in the fourth quarter with improved price offsetting leverage loss and continued operational readiness expenditures.

調整後每股盈餘預期介於負 0.75 至負 0.55 美元。該指引反映第四季季節性營收較低；改善的定價將抵消槓桿下降的影響，且營運就緒支出仍將持續。

The 200 to 300 basis point improvement in dry van material margin percentage discussed on our last earnings call remains on track for the fourth quarter.

我們在上次財報電話會議中提到的乾貨廂式（dry van）材料毛利率百分比提升 200 至 300 個基點，第四季仍按計畫推進。

Together with significant backlog growth, this reflects continued sequential improvement in underlying profitability as we prepare to leverage higher volumes across our second shift operations.

配合積壓訂單（backlog）顯著成長，這反映出在我們準備於第二班次營運中槓桿化更高出貨量之際，基礎獲利能力正持續逐季改善。

Capital expenditures remain under close control. We commit to appropriately funding the organization and are in a strong position to fund net working capital requirements, having previously invested the necessary capital into capacity. Having made the decision to pull forward ramp costs, we now anticipate negative EBITDA in the fourth quarter, but strong incremental exceeding 20% moving into the first quarter.

資本支出仍受到嚴格控管。我們承諾適當地為組織提供資金支持；由於先前已投入必要資本以建置產能，我們在支應淨營運資金需求方面具備強勁能力。在決定提前認列爬坡成本後，我們目前預期第四季 EBITDA 為負，但進入第一季時，強勁的增量利潤率將超過 20%。

This performance is expected to mark a meaningful step closer to breakeven operating income ahead of further favorable incremental moving into the second quarter and beyond as the volume and pricing that Brent described really takes shape and quarter two becomes the new performance floor.

我們預期這樣的表現將使營業利益朝損益兩平邁出重要一步；隨著 Brent 所描述的出貨量與定價真正成形，第二季將成為新的績效底部，並在第二季及其後帶來更有利的增量改善。

In summary, the third quarter reflected a critical step forward. The rapid progression of the dry van unit backlog supported by accretive material margin through price provided strong validation of the signals we are seeing in the market.

總結而言，第三季代表關鍵性的向前一步。乾貨廂式（dry van）單位的積壓訂單快速增加，加上透過定價帶來具增益性的材料毛利率，強力驗證了我們在市場上看到的訊號。

We read those signs and accelerated the activities required to position Wabash to meet the needs of our customers. The organization is fully supporting those onboarding activities and our operations teams are excited to ramp multiple production lines across incremental shifts. Wabash is ready ahead of the competition and is set to capture share and recover profitability in 2027.

我們解讀這些跡象，並加速推動使 Wabash 能滿足客戶需求所需的各項工作。整個組織全力支援這些到職／導入（onboarding）活動，我們的營運團隊也對於在新增班次下提升多條產線產能感到振奮。Wabash 已領先競爭對手做好準備，並將在 2027 年擴大市占、恢復獲利能力。

I'll now turn the call back to the operator, and we'll open it up for questions.

我現在把電話交回給接線員，接著我們將開放提問。

(Operator Instructions) Michael Shlisky, DA Davidson & Co.

(接線員指示) Michael Shlisky，DA Davidson & Co.

I guess I want to start out with more of a broader market view. Based on the orders we've seen so far and from customers, do you still think that, or do you think that 2027 kind of the industry volumes are going to be roughly in line with an average replacement year? And I guess I'm curious, given what we've seen in the last two or three years here, is that probably too low, there will still be more, if that's what ends up happening, there will still be more to go in 2028.

我想我想先從較宏觀的市場觀點開始。根據我們目前看到的訂單以及客戶端的情況，你仍然認為，或你認為到2027年整體產業的量會大致符合一個平均的汰換年度水準嗎？另外我也好奇，考量過去兩三年的情況，這樣的估計是否可能偏低；如果最後真是如此，那麼到2028年可能還會有更多增量。

Yes, Mike, this is Brent. I'll take that one. I think the activity that we're seeing right now are extremely supportive of what I would call a baseline replacement in 2027. That's about as far as I'm willing to go right at this moment. I'm peg that at approximately 135,000 to 140,000 dry van units.

是的，Mike，我是Brent。我來回答這題。我認為我們目前看到的活動量，對我所稱的2027年基準汰換需求是非常有支撐的。就目前這個時間點，我願意說的大概就到這裡。我會把它估在約13.5萬到14萬台乾貨廂式（dry van）單位。

I think when you look at the potential upside in 2027, maybe in the second half of that year, I think you are starting to -- as robust as it's coming in and what we're hearing from customers, you at least have to pay attention that their desire to make up for the 100,000 units that weren't purchased over the last three years may come to bear. And that's factoring into how we think about the capacity that we're bringing online today earlier than later.

我認為當你看2027年的潛在上行空間，可能在那一年的下半年，隨著目前進來的動能以及我們從客戶那裡聽到的訊息如此強勁，你至少得留意：他們想把過去三年未購買的10萬台補回來的意願，可能會開始反映出來。而這也納入我們對於今天要把產能更早、而不是更晚地上線的思考。

I think that speaks very well for what 2028 can be, where if you think about 140,000 baseline replacement going into 2028, anywhere from 30,000 to 40,000 units of incremental demand to just catch up partially with that decrement in replacement that occurred in the previous three years. I think it's starting to frame that 165,000 to 175,000 units is a real possibility when you stare at 2028, and we think about our capacity in that way.

我認為這也很好地說明了2028年可能的樣貌：如果你把14萬台的基準汰換需求帶入2028年，為了至少部分追趕前面三年汰換不足所造成的缺口，可能還會有3萬到4萬台的增量需求。當你看2028年時，16.5萬到17.5萬台是一個很真實的可能性，而我們也以這樣的方式來思考我們的產能。

To follow up there, Brent, your comments earlier were about 35,000 to 38,000 would be the range of dry vans, but I wanted to get a little bit more of a broader view because you do have other products, right? You have tanks and other areas that you have a good presence in. So do you think that you can be above overall above 400 next year? I'm sorry.

延續追問一下，Brent，你先前的評論是乾貨廂式大概會在3.5萬到3.8萬台的區間，但我想要更廣一點的視角，因為你們還有其他產品，對吧？你們有槽車（tank）以及其他領域也有不錯的布局。所以你認為明年整體可以超過4萬台嗎？不好意思。

Yes. So when you think about Wabash, we'll be north of 40,000 units when you think tank and platform in consideration from a total unit volume perspective, somewhere in the range of 41,000 to 42,000 in total trailers is kind of, I'd say, a base number that we're shooting for from a capacity add. The upside to that would be that incremental dry van volume that I'm referencing.

是的。所以當你看Wabash，若把槽車與平台車（platform）也納入總出貨量來看，我們會在4萬台以上；以總拖車量而言，大概落在4.1萬到4.2萬台的區間，我會說這是我們在新增產能後所瞄準的基準數字。至於上行空間，就是我剛才提到的那部分額外乾貨廂式量。

That helps tremendously. And then commenting on some of the orders that you've received in the near term versus the industry. Do you think that you've been able to outperform on market share the last few months either based on, one, just sell of products that you've got or the fact that there's been some tariffs based on competition and they might be able to have great pricing or great visibility at the current time? Just any comments on whether you're outperforming would be tremendous.

這幫助非常大。接著談談你們近期收到的訂單相較於整體產業的情況。你認為過去幾個月你們是否在市占率上有超越表現？原因可能是：第一，你們現有產品的銷售力道；或第二，因為競爭對手受到一些關稅影響，使得你們在目前能提供更好的價格或更好的能見度？任何關於你們是否跑贏市場的評論都會非常有幫助。

I think the -- without taking any, call it, cause or factor into account, we have absolutely outperformed on market share really since the ordering, the opening of our order book in the June, July time frame. And I would say -- and I think it's absolutely factored into our need to pull capacity forward.

我認為——先不把任何所謂原因或因素納入考量——自從我們在6、7月那段時間開放接單、打開訂單簿以來，我們在市占率上確實是明顯跑贏的。而我會說——這也絕對已經反映在我們需要把產能提前拉上來的需求上。

Now I'm not going to go as far and say that, that holds throughout the rest of the sales cycle as we try to look at the effective use of capacity, coupled with pricing. But we've actually came out of the chute pretty well, coupled with this the pricing that we have gotten is a very advantageous place to be, not something I've exactly seen before with this level of demand increase, with this level of pricing increase. Is that because of trade?

我不會進一步說，當我們在整個銷售週期剩餘期間、在評估產能的有效使用並結合定價時，這種表現會一路維持。但我們確實一開始就衝得不錯；再加上我們拿到的定價也非常有利，這是在這種需求增幅、同時又有這種價格增幅的情況下，我以前不太見過的狀態。這是因為貿易因素嗎？

Possibly. I also think it's because Wabash is adding capacity earlier and more effectively than the competition. I think our customers after their last three years are wanting to go where they know they can execute their recovery. And I think we're benefiting from that in a world of uncertainty. Wabash is a good place to go to make sure that you can, if you're a customer that your recovery is sound.

有可能。我也認為是因為Wabash比競爭對手更早、也更有效率地在增加產能。我認為客戶在過去三年之後，會想去他們知道能夠確實執行、完成復甦計畫的供應商那裡。在一個充滿不確定性的環境中，我們正從這點受益。Wabash是一個好的選擇，能確保如果你是客戶，你的復甦是穩健可行的。

Maybe one last one for me on the margin side for '27. And I do know that you pointed to hitting a certain run rate starting in the second quarter for your EBITDA. And you mentioned the 6 points of material margin. But -- and I'm just curious, just to sum up what you said earlier, it sounds like you pulled a lot of the costs you were thinking about doing in quarter one into quater three and quarter four, so you can start off on the right foot next year. But what can you tell us about your costs are concerned beyond materials, so things like labor and absorption.

我這邊最後一題，關於2027年的毛利率（margin）。我也知道你提到從第二季開始，你們的EBITDA會達到某個運行水準（run rate），並且你提到了6個百分點的材料毛利。但是——我只是想確認你先前的意思：聽起來你把原本打算在第一季做的很多成本項目，提前拉到第三季和第四季去做，讓明年一開始就能站在比較好的起跑點。那麼，除了材料之外，關於成本你還能告訴我們什麼？例如人工與吸收（absorption）這些。

Do you think you can return to kind of, if you're at a year of more normalized travel demand, I know we're having some pull from truck buys here, but do you feel like you can maybe return to a more normal level of EBITDA in 2027 as well?

你認為在一個較為正常化的拖車需求年度（我知道目前卡車採購有一些拉動效應），你們在2027年也有機會回到較正常的EBITDA水準嗎？

Yes. I think that's -- this is Pat. I think that's going to be a question of the timing in 2027. So while true that we did pull forward incremental costs into the back half of 2026, we are still going to be ramping throughout 2027. So we still would expect some of that inefficiency to flow into most likely the first half of 2027.

是的。我想——我是Pat。我認為這會取決於2027年的時間節奏。所以雖然我們確實把額外成本提前到2026年下半年發生，但我們在2027年仍會持續爬坡（ramping）。因此，我們仍預期部分效率不彰會延續到2027年上半年，最有可能是如此。

But then we could see a scenario in the back half of '27 where we get back to those historical margin run rates.

但接著在27年下半年，我們可能會看到一種情境：我們回到那些歷史上的毛利率運行水準。

Jeff Kauffman, Citizens Bank.

Citizens Bank 的 Jeff Kauffman。

Well, thank you for that explanation of the differential in the fourth quarter and the pull forward on the ramp-up. Just a couple of questions about that. So once you're at two shifts and you're up and running, how many trailers will that accommodate? And should I just think about it as only dry van or dry van plus flatbed and other things that you're doing?

好的，謝謝你對第四季差異以及提前拉動爬坡的說明。我有幾個相關問題。所以當你們進入兩班制並且全面運轉後，這樣能容納多少台拖車產量？另外我是否應該把它理解為只有乾貨廂式，還是乾貨廂式加上平板車（flatbed）以及你們在做的其他產品？

I can unpack that for you, Jeff. So when I think about capacity, we're adding two shifts across the board, except for one line, which we'll hold off on just a little bit longer to see how a couple of subsegments go. But even with that implementation, we should be in that 42,000 to 45,000 unit run rate just on dry vans on an annualized basis. That's what we're looking to install with about 5,000 units of additional second shift volume with that last remaining line, and we'll look to pull that sometime in Q1 or Q2. We've seen a couple of things to work itself out in terms of demand profile.

Jeff，我可以為你拆解說明。談到產能時，我們將在各條產線增加兩個班次，只有一條產線例外；那一條我們會再稍微延後一點，先觀察幾個子細分市場的走勢。但即使在這樣的導入之下，僅就乾式廂式車（dry vans）而言，以年化計算，我們的運轉率應可落在每年42,000到45,000台。我們計畫在最後那條尚未導入的產線上，再增加約5,000台的第二班次增量產出，並會在第一季或第二季的某個時間點把它拉進來。我們也看到需求輪廓方面有幾件事正在自行調整到位。

Then on top of that, you'll have the incremental, and that's without overtime. That's without overtime, which can be anywhere from 5%, 10% to 20% that you can then tack on to it from a modeling perspective. And I'll just jump to it. A third shift is not going to be just a linear extrapolation. It will be a little bit less than that, but it will be kind of ballpark similar, but I would discount that a little bit in terms of what the effective capacity would be.

此外，你還會有額外的增量，而且這還不包含加班。這是不含加班的情況；從建模角度來看，加班可能再增加5%、10%到20%，你可以把它加上去。我直接講重點。第三班不會只是線性外推。它會比線性外推略低一些，但大致上會在相近的球場範圍；不過就有效產能而言，我會稍微打點折扣。

And again, I'll catch up. That is on an annualized basis. That's assuming we have demand to utilize every day fully. That is just dry vans. We still have incremental shifts, both on tank and on platform that we can add as well as full contingent of labor on a one shift operation, specifically in tank. We're not even talking trucks yet.

再補充一下。這些都是以年化基礎來看。這是假設我們每天都有需求可以把產能完全用滿。而且這只針對乾式廂式車。我們在槽罐車（tank）與平台（platform）也都還有可再增加的增量班次；另外在槽罐車方面，特別是在單班制運作下，我們也還能把人力編制補齊。我們甚至還沒開始談卡車（trucks）。

No, I got it. So the drop that I'm seeing second quarter to the third quarter in average trailer ASP, and I understand there's a lot of things that go into that number. Is that largely mix related? And then I also saw a decline on the truck body average ASP. Can you help me understand kind of what's happening quarter two to quarter three?

不，我明白。所以我看到第二季到第三季，拖車平均ASP（平均售價）有下滑；我也理解這個數字受很多因素影響。這主要是產品組合（mix）造成的嗎？另外我也看到卡車車體（truck body）的平均ASP下降。你能幫我理解一下，從第二季到第三季大概發生了什麼嗎？

And when do I start to see those ASPs go up on the new business that you're signing? Am I not going to see that until '27? Or are we going to start to see a little bit of that in quarter four?

那我什麼時候會開始看到你們正在簽的新業務帶動ASP上升？我是不是要等到2027年才看得到？還是我們會在第四季就開始看到一些？

Yes, I'll take that one, Jeff. So if you look at the consolidated trailer pricing, that is greatly impacted by mix. Specifically, we've been ramping dry vans, whereas our higher ASP product line, specifically tanks on the trailer side has not seen that sort of increase. So I would describe our dry van pricing quarter two to quarter three similar. So there wasn't a significant reduction there.

好的，Jeff，這題我來回答。若你看合併後的拖車定價，會受到產品組合很大的影響。具體來說，我們一直在拉升乾式廂式車的產量；但在拖車端ASP較高的產品線，特別是槽罐車，並沒有出現同樣幅度的增加。因此我會形容我們乾式廂式車在第二季到第三季的定價是相近的。所以那裡並沒有明顯的降價。

And we are going to start to see, if you take mix out of the equation, we are going to see an uptick in the fourth quarter. So we referenced it in the prepared remarks, talking about a 200 to 300 basis points material margin improvement. So that is specific to dry vans and is currently in our backlog pricing for the fourth quarter, but then you're really going to see a significant uptick once we get into '27. And that was the reference that our '27 backlog right now in dry vans is a 600 basis point improvement on what we saw in quarter two.

而且如果把產品組合因素排除，我們會在第四季看到ASP回升。我們在事先準備的講稿裡也提到，材料毛利率將改善200到300個基點。這是針對乾式廂式車，且目前已反映在第四季的在手訂單（backlog）定價中；但真正顯著的上升會在進入2027年後才會看到。我們提到的重點是：目前乾式廂式車的2027年在手訂單，相較於第二季所見水準，改善了600個基點。

So most of that improvemdrive vansnt you're going to see flowing through in our ASPs. But you always have to take into account the percentage of the total that is drive vans because that's -- as that goes up, that's going to bring the average ASP down.

所以你會看到那項改善大多會反映在我們的ASP上。但你也必須一直把乾式廂式車占總量的比例納入考量，因為——當這個比例上升時，會把平均ASP往下拉。

All right. So if I just do a little back of the envelope math here, if I look at operating margins, they peaked at about 12%. Now that was in the sugar high induced COVID. But I would hope toward peak of cycle, we're up in that double-digit range or close to it. And they're going to be closer to negative 6% in 2026, and they were negative 6.5% in '25.

好。所以我這裡做個粗略估算：如果看營業利益率，它們曾在約12%見頂。那是在COVID帶來的短期「糖高」效應下。但我希望在景氣循環高點時，我們能回到兩位數或接近兩位數的水準。而你們在2026年會接近負6%，2025年則是負6.5%。

If we're saying up 600 basis points, in '27 based on our backlog, that kind of gets us back to breakeven, right, before we consider operating efficiencies and things like that to scale up. Let's say, you get to that 35,000 to 40,000 unit production range, what kind of operating margins should we be seeing at that range?

如果我們說依據在手訂單，2027年上升600個基點，那在不考慮營運效率與規模化等因素前，這大概能讓我們回到損益兩平，對吧？假設你們達到每年35,000到40,000台的產量區間，在那個區間我們應該看到什麼樣的營業利益率？

Should we be seeing -- and you could talk about gross margins, if you want. Should we be seeing something in that mid-single-digit range? And if so, is that mainly driven by operating efficiencies? Or do we require additional raw material recapture to get up to those kind of middle of cycle profit levels?

我們應該看到——如果你願意，也可以談毛利率。我們應該看到中個位數百分比的水準嗎？如果是，那主要是由營運效率驅動嗎？還是我們需要額外的原物料回收（raw material recapture）才能回到那種景氣中段的獲利水準？

Yes. You've nailed the projection out there. I would put at the kind of volumes that we talked about at the current pricing levels, to be in that mid-single-digit percentage of margins. So it would take an incremental step-up in pricing relative to material costs to get back to the numbers that you were referencing in previous cycles.

是的。你的推估完全到位。以我們剛才談到的那種產量、在目前的定價水準下，我會預期毛利率/利益率大概落在中個位數百分比。因此，若要回到你提到的前幾個循環中的那些數字，就需要相對於材料成本再有一個額外的定價上調幅度。

I will now turn the call back to John Cummings for closing remarks. Thank you.

我現在把電話交回給John Cummings做結語。謝謝。

Thanks, everybody, for joining us today. We look forward to speaking with you throughout the quarter. Have a wonderful rest of your day.

謝謝各位今天加入我們。我們期待在本季期間持續與各位交流。祝各位今天剩下的時間愉快。

This concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。