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Wabash National is trading lower after issuing significantly downside Q3 guidance late Friday. Despite the weak outlook, the fairly muted stock reaction suggests the news was largely priced in — WNC shares have already fallen more than 20% since mid-September, sliding from ~$11.50 to below $9.00.

• WNC guided to Q3 revenue of $382 mln, down 17.7% yr/yr and below analyst expectations.
• Adjusted EPS guidance of $(0.51) points to a much steeper loss than analysts had been modeling.
• The company gave little new detail, but referenced persistent market softness and cautious capital spending from customers, as flagged on the Q2 call.
• Broader economic conditions continue to weigh on demand across the industry. WNC said these trends reflect industry-wide weakness, not company- or product-specific issues.
• Transportation Solutions, its core segment, remains under pressure, though WNC is managing costs aggressively.
• Bright spot: the Parts & Services segment delivered growth in Q2 despite a tough backdrop.

Briefing.com Analyst Insight:

WNC's guidance miss raises concerns not just for trucking but for the broader industrial group as Q3 earnings season begins. While WNC has proactively reshaped its business in recent years, this recent quarter highlights the depth of the current downturn in freight and trailer demand. Management said in late July that it remains "cautiously optimistic" about a recovery in 2026, but that outlook may change after this guidance. The stock remains under pressure, but we'd like to see clearer signs of a bottom before getting constructive here.