Wabtec Delivers Strong Fourth Quarter 2024 Results; Announces 2025 Full-Year Guidance
Wabtec (NYSE: WAB) reported strong Q4 2024 results with sales of $2.58 billion and record full-year performance. Fourth quarter adjusted EPS reached $1.68, up 9.1% year-over-year, while GAAP EPS was $1.23, up 2.5%. Full-year 2024 sales totaled $10.39 billion with record operating cash flow of $1.83 billion.
The company saw 20% order growth compared to the prior year, including Q4 orders exceeding $1 billion for new locomotives and modifications. Cash from operations increased 52.7% with 117% cash conversion. The Board approved a 25% increase in quarterly dividend and authorized an additional $1.0 billion for share buybacks.
Looking ahead, Wabtec provided 2025 guidance with expected sales between $10.725-11.025 billion and adjusted EPS of $8.35-8.75, representing a 13.1% increase at the mid-point. The company also updated its 5-year guidance, projecting mid-single digit revenue growth CAGR and 350+ bps of adjusted operating margin expansion through 2029.
Wabtec (NYSE: WAB) ha riportato risultati solidi per il quarto trimestre del 2024, con vendite di 2,58 miliardi di dollari e una performance record per l'intero anno. L'EPS rettificato del quarto trimestre ha raggiunto 1,68 dollari, in aumento del 9,1% rispetto all'anno precedente, mentre l'EPS GAAP è stato di 1,23 dollari, in crescita del 2,5%. Le vendite totali per l'anno 2024 hanno raggiunto 10,39 miliardi di dollari con un flusso di cassa operativo record di 1,83 miliardi di dollari.
L'azienda ha registrato una crescita degli ordini del 20% rispetto all'anno precedente, con ordini del quarto trimestre che hanno superato 1 miliardo di dollari per nuove locomotive e modifiche. Il flusso di cassa dalle operazioni è aumentato del 52,7% con una conversione di cassa del 117%. Il Consiglio ha approvato un aumento del 25% del dividendo trimestrale e ha autorizzato un ulteriore miliardo di dollari per il riacquisto di azioni.
Guardando al futuro, Wabtec ha fornito indicazioni per il 2025, con vendite previste tra 10,725 e 11,025 miliardi di dollari e un EPS rettificato di 8,35-8,75 dollari, rappresentando un aumento del 13,1% al punto medio. L'azienda ha anche aggiornato le sue previsioni quinquennali, prevedendo una crescita del fatturato a medio singolo e un'espansione del margine operativo rettificato di oltre 350 punti base entro il 2029.
Wabtec (NYSE: WAB) reportó resultados sólidos para el cuarto trimestre de 2024, con ventas de 2.58 mil millones de dólares y un rendimiento récord para todo el año. El EPS ajustado del cuarto trimestre alcanzó 1.68 dólares, un aumento del 9.1% interanual, mientras que el EPS GAAP fue de 1.23 dólares, un incremento del 2.5%. Las ventas totales del año 2024 sumaron 10.39 mil millones de dólares con un flujo de efectivo operativo récord de 1.83 mil millones de dólares.
La compañía vio un crecimiento del 20% en los pedidos en comparación con el año anterior, incluyendo pedidos del cuarto trimestre que superaron los 1 mil millones de dólares para nuevas locomotoras y modificaciones. El flujo de efectivo de las operaciones aumentó un 52.7% con una conversión de efectivo del 117%. La Junta aprobó un aumento del 25% en el dividendo trimestral y autorizó un adicional de 1.0 mil millones de dólares para recompra de acciones.
De cara al futuro, Wabtec proporcionó orientación para 2025, con ventas esperadas entre 10.725 y 11.025 mil millones de dólares y un EPS ajustado de 8.35-8.75 dólares, lo que representa un aumento del 13.1% en el punto medio. La compañía también actualizó su orientación a 5 años, proyectando un crecimiento del ingreso de un dígito medio y una expansión del margen operativo ajustado de más de 350 puntos básicos hasta 2029.
Wabtec (NYSE: WAB)는 2024년 4분기 실적을 발표하며 25억8000만 달러의 매출과 역대 최대 연간 실적을 기록했습니다. 4분기 조정 주당 순이익(EPS)은 1.68달러로 전년 대비 9.1% 증가했으며, 일반 회계 원칙(GAAP) 주당 순이익은 1.23달러로 2.5% 상승했습니다. 2024년 전체 매출은 103억9000만 달러로, 운영 현금 흐름은 18억3000만 달러로 역대 최대치를 기록했습니다.
회사는 전년 대비 20%의 주문 증가를 기록했으며, 4분기에는 새로운 기관차 및 수정 주문이 10억 달러를 초과했습니다. 운영에서 발생한 현금은 52.7% 증가했으며, 현금 전환율은 117%에 달했습니다. 이사회는 분기 배당금을 25% 인상하는 것을 승인하고, 추가로 10억 달러의 자사주 매입을 승인했습니다.
앞으로 Wabtec은 2025년 예상 매출을 107억2500만 달러에서 110억2500만 달러 사이로 전망하며, 조정 주당 순이익은 8.35달러에서 8.75달러로 예상하고 있으며, 이는 중간값에서 13.1%의 증가를 나타냅니다. 또한 회사는 5년 전망을 업데이트하여, 2029년까지 중간 단위 성장률과 350bp 이상의 조정 운영 마진 확장을 예상하고 있습니다.
Wabtec (NYSE: WAB) a annoncé de solides résultats pour le quatrième trimestre 2024, avec des ventes de 2,58 milliards de dollars et une performance record pour l'année entière. Le bénéfice par action ajusté pour le quatrième trimestre a atteint 1,68 dollar, en hausse de 9,1 % par rapport à l'année précédente, tandis que le bénéfice par action selon les normes comptables GAAP était de 1,23 dollar, en augmentation de 2,5 %. Les ventes totales pour l'année 2024 se sont élevées à 10,39 milliards de dollars, avec un flux de trésorerie d'exploitation record de 1,83 milliard de dollars.
L'entreprise a enregistré une croissance des commandes de 20 % par rapport à l'année précédente, avec des commandes du quatrième trimestre dépassant 1 milliard de dollars pour de nouvelles locomotives et des modifications. Le flux de trésorerie provenant des opérations a augmenté de 52,7 % avec un taux de conversion de trésorerie de 117 %. Le Conseil d'administration a approuvé une augmentation de 25 % du dividende trimestriel et a autorisé un milliard de dollars supplémentaires pour le rachat d'actions.
En regardant vers l'avenir, Wabtec a fourni des prévisions pour 2025, avec des ventes attendues entre 10,725 et 11,025 milliards de dollars et un bénéfice par action ajusté de 8,35 à 8,75 dollars, représentant une augmentation de 13,1 % au point médian. L'entreprise a également mis à jour ses prévisions sur 5 ans, projetant une croissance des revenus à un chiffre moyen et une expansion de la marge opérationnelle ajustée de plus de 350 points de base d'ici 2029.
Wabtec (NYSE: WAB) hat starke Ergebnisse für das vierte Quartal 2024 gemeldet, mit einem Umsatz von 2,58 Milliarden Dollar und einer Rekordleistung für das gesamte Jahr. Der bereinigte Gewinn pro Aktie (EPS) im vierten Quartal erreichte 1,68 Dollar, was einem Anstieg von 9,1% im Vergleich zum Vorjahr entspricht, während der GAAP EPS bei 1,23 Dollar lag, was einem Anstieg von 2,5% entspricht. Der Umsatz für das Gesamtjahr 2024 belief sich auf 10,39 Milliarden Dollar mit einem Rekordbetriebscashflow von 1,83 Milliarden Dollar.
Das Unternehmen verzeichnete ein Bestellwachstum von 20% im Vergleich zum Vorjahr, wobei die Bestellungen im vierten Quartal 1 Milliarde Dollar für neue Lokomotiven und Modifikationen überstiegen. Der Cashflow aus dem Betrieb stieg um 52,7% mit einer Cash-Konversionsrate von 117%. Der Vorstand genehmigte eine Erhöhung der vierteljährlichen Dividende um 25% und genehmigte zusätzlich 1,0 Milliarden Dollar für Aktienrückkäufe.
Für die Zukunft gab Wabtec eine Prognose für 2025 heraus, mit erwarteten Umsätzen zwischen 10,725 und 11,025 Milliarden Dollar und einem bereinigten EPS von 8,35 bis 8,75 Dollar, was einem Anstieg von 13,1% im Durchschnitt entspricht. Das Unternehmen aktualisierte auch seine 5-Jahres-Prognose und rechnet mit einem mittleren einstelligen Umsatzwachstum und einer Expansion der bereinigten Betriebsmarge um über 350 Basispunkte bis 2029.
- Q4 adjusted EPS up 9.1% to $1.68
- Record full-year operating cash flow of $1.83 billion
- 20% order growth with Q4 orders exceeding $1B for locomotives
- 25% increase in quarterly dividend
- $1.0 billion increase in share buyback authorization
- 52.7% increase in cash from operations
- Slight decline in Q4 adjusted operating margin to 16.9% from 17.0%
- Modest 0.3% growth in Freight segment sales
Insights
Wabtec's Q4 2024 results reveal a company executing exceptionally well across multiple financial dimensions. The 52.7% increase in full-year operating cash flow to
The order momentum is particularly noteworthy, with
The Transit segment's performance stands out with
The new 5-year guidance framework targeting 350+ basis points of adjusted operating margin expansion and double-digit EPS growth CAGR reflects management's confidence in sustainable profitable growth. The
The enhanced capital return program, including the
- Announces 350+ bps of Adj. Operating Margin Expansion, Mid Single Digit Revenue Growth, and Double Digit Adj. EPS Growth CAGR with 5-Year Long-Term Guidance Update
-
Announces 2025 Financial Guidance of Adjusted EPS Between
$8.35 $8.75 13.1% at the Mid-Point -
20% Orders Growth Compared to Prior Year, Including Q4 Orders for Over$1 Billion -
Strong Full Year Cash from Operations up
52.7% or117% Cash Conversion -
Board of Directors Increases Quarterly Dividend by
25% , Increased Share Buyback Authorization by$1.0 Billion
“The Wabtec team delivered a strong 2024 as evidenced by higher orders, sales, margin expansion, increased earnings and robust cash flow,” said Rafael Santana, Wabtec’s President and CEO.
“We remain committed to our capital deployment strategy to maximize shareholder returns. We returned
“I am encouraged by the underlying momentum of our business, and the team’s unrelenting focus on execution and delivering for our customers. And just as importantly, we continue to lay a solid foundation for us to build upon. Looking ahead, I believe Wabtec is well positioned to drive top quartile returns over time.”
2024 Fourth Quarter Consolidated Results
Wabtec Corporation Consolidated Financial Results |
|||
$ in millions except earnings per share and percentages; margin change in percentage points (pts) |
Fourth Quarter |
||
2024 |
2023 |
Change |
|
Net Sales |
|
|
2.3 % |
|
|
|
|
GAAP Gross Margin |
30.9 % |
30.3 % |
0.6 pts |
Adjusted Gross Margin |
31.6 % |
30.8 % |
0.8 pts |
GAAP Operating Margin |
12.9 % |
12.2 % |
0.7 pts |
Adjusted Operating Margin |
16.9 % |
17.0 % |
(0.1) pts |
|
|
|
|
GAAP Diluted EPS |
|
|
2.5 % |
Adjusted Diluted EPS |
|
|
9.1 % |
|
|
|
|
Cash Flow from Operations |
|
|
|
Operating Cash Flow Conversion |
212 % |
182 % |
|
-
Sales increased
2.3% compared to the year-ago quarter driven by increased sales in the Transit segment. -
GAAP operating margin was higher than the prior year at
12.9% and adjusted operating margin was down slightly versus the prior year at16.9% . GAAP operating margins benefited from higher gross margin and lower operating expenses as a percent of revenue. Adjusted operating margins benefited from higher gross margin which was offset by higher SG&A expenses as a percent of revenue. - GAAP EPS increased from the year-ago quarter primarily due to higher sales and margin expansion, partially offset by the absence of last year’s gain resulting from an increase in ownership interest of an assembly joint venture. Adjusted EPS increased from the year ago quarter primarily due to higher sales. Both benefited from share repurchases during the year.
2024 Fourth Quarter Freight Segment Results
Wabtec Corporation Freight Segment Financial Results |
|||
Net sales $ in millions; margin change in percentage points (pts) |
Fourth Quarter |
||
2024 |
2023 |
Change |
|
Net Sales |
|
|
0.3 % |
GAAP Gross Margin |
31.0 % |
31.0 % |
0.0 pts |
Adjusted Gross Margin |
31.4 % |
31.3 % |
0.1 pts |
GAAP Operating Margin |
15.2 % |
13.6 % |
1.6 pts |
Adjusted Operating Margin |
19.4 % |
19.3 % |
0.1 pts |
-
Freight segment sales were up modestly in the quarter due to the rebalance of Freight segment production to the first half of the year. Full year sales were up
7.9% . - GAAP operating margin benefited from lower operating expenses as a percent of revenue behind lower intangible amortization expenses. Adjusted operating margin benefited from modest gross margin improvement.
2024 Fourth Quarter Transit Segment Results
Wabtec Corporation Transit Segment Financial Results |
|||
Net sales $ in millions; margin change in percentage points (pts) |
Fourth Quarter |
||
2024 |
2023 |
Change |
|
Net Sales |
|
|
7.1 % |
GAAP Gross Margin |
30.6 % |
28.4 % |
2.2 pts |
Adjusted Gross Margin |
31.8 % |
29.4 % |
2.4 pts |
GAAP Operating Margin |
13.0 % |
11.9 % |
1.1 pts |
Adjusted Operating Margin |
16.4 % |
14.9 % |
1.5 pts |
-
Transit segment sales for the fourth quarter were up
7.1% due to strong OE and aftermarket sales. - GAAP and adjusted operating margins were up as a result of higher sales, savings related to Integration 2.0, and favorable product mix.
Backlog
Wabtec Corporation Consolidated Backlog Comparison |
|||
Backlog $ in millions |
December 31, |
||
|
2024 |
2023 |
Change |
12-Month Backlog |
|
|
3.0 % |
Total Backlog |
|
|
1.2 % |
The Company’s 12-month and multi-year backlogs continue to provide strong visibility. At the end of the fourth quarter, the 12-month backlog was
Cash Flow and Liquidity Summary
-
During the fourth quarter, the Company generated cash from operations of
$723 million $686 million -
At the end of the quarter, the Company had cash, cash equivalents and restricted cash of
$715 million $3.98 billion $2.21 billion $1.50 billion -
The Company repurchased
$123 million $1.10 billion -
The Board of Directors increased the quarterly dividend by
25% and declared a regular quarterly common dividend of25 cents per share, payable on March 7, 2025 to holders of record on February 21, 2025. -
In early December, the Board also increased our existing share repurchase authorization by
$1 billion
2025 Financial Guidance
-
The Company has largely achieved its previous 5-year guidance over the past 3-year period. Consequently, the Company is replacing its previous long-term guidance with new 5-year guidance. The Company expects mid-single digit revenue growth CAGR, 350+ bps of adjusted operating margin expansion, and double digit EPS growth CAGR while delivering greater than
90% average cash conversion over the 5-year period through the end of 2029. -
Wabtec’s 2025 financial guidance expects sales to be in a range of
$10.72 5 billion$11.02 5 billion$8.35 $8.75
Forecasted GAAP Earnings Reconciliation
Wabtec is not presenting a quantitative reconciliation of our forecasted GAAP earnings per diluted share to forecasted adjusted earnings per diluted share in reliance on the unreasonable efforts exemption provided under Item 10(e)(1)(i)(B) of Regulation S-K. Wabtec is unable to predict with reasonable certainty and without unreasonable effort the impact and timing of restructuring-related and other charges, including acquisition-related expenses and the outcome of regulatory, legal and tax matters. The financial impact of these items is uncertain and is dependent on various factors, including timing, and could be material to our Consolidated Statements of Earnings.
Conference Call Information
Wabtec will host a call with analysts and investors at 8:30 a.m., ET, today. To listen via webcast, go to Wabtec’s website at www.WabtecCorp.com and click on “Events & Presentations” in the “Investor Relations” section. Also, an audio replay of the call will be available by calling 1-877-344-7529 or 1-412-317-0088 (access code: 3404117).
About Wabtec
Wabtec Corporation (NYSE: WAB) is revolutionizing the way the world moves for future generations. The Company is a leading global provider of equipment, systems, digital solutions and value-added services for the freight and transit rail industries, as well as the mining, marine and industrial markets. Wabtec has been a leader in the rail industry for over 150 years and has a vision to achieve a zero-emission rail system in the
Information about non-GAAP Financial Information and Forward-Looking Statements
Wabtec’s earnings release and financial guidance mentions certain non-GAAP financial performance measures, including adjusted gross profit, adjusted operating expenses, adjusted operating margin, adjusted gross margin, EBITDA, adjusted EBITDA, adjusted income tax expense, adjusted income from operations, adjusted interest and other expense, adjusted net income, adjusted earnings per diluted share and operating cash flow conversion. Wabtec defines EBITDA as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is further adjusted for restructuring costs. Wabtec defines operating cash flow conversion as net cash provided by operating activities divided by net income plus depreciation and amortization including deferred debt cost amortization. While Wabtec believes these are useful supplemental measures for investors, they are not presented in accordance with GAAP. Investors should not consider non-GAAP measures in isolation or as a substitute for net income, cash flows from operations or any other items calculated in accordance with GAAP. In addition, the non-GAAP financial measures included in this release have inherent material limitations as performance measures because they add back certain expenses incurred by the Company to GAAP financial measures, resulting in those expenses not being taken into account in the applicable non-GAAP financial measure. Because not all companies use identical calculations, Wabtec’s presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. Included in this release are reconciliation tables that provide details about how adjusted results relate to GAAP results.
This communication contains “forward-looking” statements as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. All statements, other than historical facts, including statements regarding Wabtec’s plans, objectives, expectations and intentions; Wabtec’s expectations about future sales, earnings and cash conversion; and any assumptions underlying any of the foregoing, are forward-looking statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target” or other similar words or expressions. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) changes in general economic and/or industry specific conditions, including the impacts of tax and tariff programs, inflation, supply chain disruptions, foreign currency exchange and industry consolidation; (2) changes in the financial condition or operating strategies of Wabtec’s customers; (3) unexpected costs, charges or expenses resulting from acquisitions and potential failure to realize synergies and other anticipated benefits of acquisitions, including as a result of integrating acquired targets into Wabtec; (4) ability to retain and hire key personnel; (5) evolving legal, regulatory and tax regimes; (6) changes in the expected timing of projects; (7) a decrease in freight or passenger rail traffic; (8) an increase in manufacturing costs; (9) actions by third parties, including government agencies; (10) the impacts of epidemics, pandemics, or similar public health crises on the global economy and, in particular, our customers, suppliers and end-markets, (11) potential disruptions, instability, and volatility in global markets as a result of global military action, acts of terrorism or armed conflict, including Russia’s invasion of
| WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION | |||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2024 AND 2023 | |||||||||||||||
| (AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA) | |||||||||||||||
| (UNAUDITED) | |||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
| Net sales | $ |
2,583 |
|
$ |
2,526 |
|
$ |
10,387 |
|
$ |
9,677 |
|
|||
| Cost of sales |
|
(1,786 |
) |
|
(1,762 |
) |
|
(7,021 |
) |
|
(6,733 |
) |
|||
| Gross profit |
|
797 |
|
|
764 |
|
|
3,366 |
|
|
2,944 |
|
|||
| Gross profit as a % of Net Sales |
|
30.9 |
% |
|
30.3 |
% |
|
32.4 |
% |
|
30.4 |
% |
|||
| Selling, general and administrative expenses |
|
(333 |
) |
|
(296 |
) |
|
(1,248 |
) |
|
(1,139 |
) |
|||
| Engineering expenses |
|
(51 |
) |
|
(61 |
) |
|
(206 |
) |
|
(218 |
) |
|||
| Amortization expense |
|
(79 |
) |
|
(99 |
) |
|
(303 |
) |
|
(321 |
) |
|||
| Total operating expenses |
|
(463 |
) |
|
(456 |
) |
|
(1,757 |
) |
|
(1,678 |
) |
|||
| Operating expenses as a % of Net Sales |
|
17.9 |
% |
|
18.1 |
% |
|
16.9 |
% |
|
17.3 |
% |
|||
| Income from operations |
|
334 |
|
|
308 |
|
|
1,609 |
|
|
1,266 |
|
|||
| Income from operations as a % of Net Sales |
|
12.9 |
% |
|
12.2 |
% |
|
15.5 |
% |
|
13.1 |
% |
|||
| Interest expense, net |
|
(53 |
) |
|
(55 |
) |
|
(201 |
) |
|
(218 |
) |
|||
| Other income, net |
|
3 |
|
|
27 |
|
|
2 |
|
|
44 |
|
|||
| Income before income taxes |
|
284 |
|
|
280 |
|
|
1,410 |
|
|
1,092 |
|
|||
| Income tax expense |
|
(71 |
) |
|
(63 |
) |
|
(343 |
) |
|
(267 |
) |
|||
| Effective tax rate |
|
25.1 |
% |
|
22.6 |
% |
|
24.3 |
% |
|
24.5 |
% |
|||
| Net income |
|
213 |
|
|
217 |
|
|
1,067 |
|
|
825 |
|
|||
| Less: Net income attributable to noncontrolling interest |
|
(1 |
) |
|
(2 |
) |
|
(11 |
) |
|
(10 |
) |
|||
| Net income attributable to Wabtec shareholders | $ |
212 |
|
$ |
215 |
|
$ |
1,056 |
|
$ |
815 |
|
|||
| Earnings Per Common Share | |||||||||||||||
| Basic | |||||||||||||||
| Net income attributable to Wabtec shareholders | $ |
1.23 |
|
$ |
1.20 |
|
$ |
6.05 |
|
$ |
4.54 |
|
|||
| Diluted | |||||||||||||||
| Net income attributable to Wabtec shareholders | $ |
1.23 |
|
$ |
1.20 |
|
$ |
6.04 |
|
$ |
4.53 |
|
|||
| Basic |
|
171.2 |
|
|
178.0 |
|
|
174.1 |
|
|
178.8 |
|
|||
| Diluted |
|
172.0 |
|
|
178.8 |
|
|
174.8 |
|
|
179.5 |
|
|||
| Segment Information | |||||||||||||||
| Freight Net Sales | $ |
1,794 |
|
$ |
1,789 |
|
$ |
7,468 |
|
$ |
6,923 |
|
|||
| Freight Income from Operations | $ |
273 |
|
$ |
245 |
|
$ |
1,422 |
|
$ |
1,065 |
|
|||
| Freight Operating Margin |
|
15.2 |
% |
|
13.6 |
% |
|
19.0 |
% |
|
15.4 |
% |
|||
| Transit Net Sales | $ |
789 |
|
$ |
737 |
|
$ |
2,919 |
|
$ |
2,754 |
|
|||
| Transit Income from Operations | $ |
103 |
|
$ |
87 |
|
$ |
338 |
|
$ |
295 |
|
|||
| Transit Operating Margin |
|
13.0 |
% |
|
11.9 |
% |
|
11.6 |
% |
|
10.7 |
% |
|||
| Backlog Information (Note: 12-month is a sub-set of total) | December 31, 2024 | September 30, 2024 | December 31, 2023 | ||||||||||||
| Freight Total | $ |
17,986 |
|
$ |
17,756 |
|
$ |
17,785 |
|
||||||
| Transit Total |
|
4,286 |
|
|
4,478 |
|
|
4,214 |
|
||||||
| Wabtec Total | $ |
22,272 |
|
$ |
22,234 |
|
$ |
21,999 |
|
||||||
| Freight 12-Month | $ |
5,577 |
|
$ |
5,589 |
|
$ |
5,420 |
|
||||||
| Transit 12-Month |
|
2,104 |
|
|
2,035 |
|
|
2,037 |
|
||||||
| Wabtec 12-Month | $ |
7,681 |
|
$ |
7,624 |
|
$ |
7,457 |
|
||||||
| WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION | |||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
| (UNAUDITED) | |||||||
| December 31, 2024 | December 31, 2023 | ||||||
| In millions | |||||||
| Cash, cash equivalents and restricted cash | $ |
715 |
$ |
620 |
|||
| Receivables, net |
|
1,702 |
|
1,684 |
|||
| Inventories, net |
|
2,314 |
|
2,284 |
|||
| Other current assets |
|
212 |
|
267 |
|||
| Total current assets |
|
4,943 |
|
4,855 |
|||
| Property, plant and equipment, net |
|
1,447 |
|
1,485 |
|||
| Goodwill |
|
8,710 |
|
8,780 |
|||
| Other intangible assets, net |
|
2,934 |
|
3,205 |
|||
| Other noncurrent assets |
|
668 |
|
663 |
|||
| Total assets | $ |
18,702 |
$ |
18,988 |
|||
| Current liabilities | $ |
3,792 |
$ |
4,056 |
|||
| Long-term debt |
|
3,480 |
|
3,288 |
|||
| Long-term liabilities - other |
|
1,297 |
|
1,120 |
|||
| Total liabilities |
|
8,569 |
|
8,464 |
|||
| Shareholders' equity |
|
10,091 |
|
10,487 |
|||
| Noncontrolling interest |
|
42 |
|
37 |
|||
| Total shareholders' equity |
|
10,133 |
|
10,524 |
|||
| Total Liabilities and Shareholders' Equity | $ |
18,702 |
$ |
18,988 |
|||
| WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION | |||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (UNAUDITED) | |||||||
| Twelve Months Ended December 31, | |||||||
|
2024 |
|
|
2023 |
|
||
| In millions | |||||||
| Operating activities | |||||||
| Net income | $ |
1,067 |
|
$ |
825 |
|
|
| Non-cash expense |
|
580 |
|
|
473 |
|
|
| Receivables |
|
(34 |
) |
|
(195 |
) |
|
| Inventories |
|
(117 |
) |
|
(58 |
) |
|
| Accounts Payable |
|
70 |
|
|
(58 |
) |
|
| Other assets and liabilities |
|
268 |
|
|
214 |
|
|
| Net cash provided by operating activities |
|
1,834 |
|
|
1,201 |
|
|
| Net cash used for investing activities |
|
(343 |
) |
|
(492 |
) |
|
| Net cash used for financing activities |
|
(1,371 |
) |
|
(633 |
) |
|
| Effect of changes in currency exchange rates |
|
(25 |
) |
|
3 |
|
|
| Increase in cash |
|
95 |
|
|
79 |
|
|
| Cash, cash equivalents and restricted cash, beginning of period |
|
620 |
|
|
541 |
|
|
| Cash, cash equivalents and restricted cash, end of period | $ |
715 |
|
$ |
620 |
|
|
Set forth below is the calculation of the non-GAAP performance measures included in this press release. We believe that these measures provide useful supplemental information to assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec's reported results prepared in accordance with GAAP.
|
|||||||||||||||||||||||||||||||||||||||
| Wabtec Corporation | |||||||||||||||||||||||||||||||||||||||
| Reconciliation of Reported Results to Adjusted Results | |||||||||||||||||||||||||||||||||||||||
| (in millions) | Fourth Quarter 2024 Actual Results | ||||||||||||||||||||||||||||||||||||||
| Gross | Operating | Income from | Interest & | Noncontrolling | Wabtec | ||||||||||||||||||||||||||||||||||
| Net Sales | Profit | Expenses | Operations | Other Exp | Tax | Net Income | Interest | Net Income | EPS | ||||||||||||||||||||||||||||||
| Reported Results | $ |
2,583 |
$ |
797 |
$ |
(463 |
) |
$ |
334 |
$ |
(50 |
) |
$ |
(71 |
) |
$ |
213 |
$ |
(1 |
) |
$ |
212 |
$ |
1.23 |
|||||||||||||||
| Restructuring and Portfolio Optimization costs |
|
- |
|
18 |
|
14 |
|
|
32 |
|
- |
|
|
(8 |
) |
|
24 |
|
- |
|
|
24 |
$ |
0.14 |
|||||||||||||||
| Non-cash Amortization expense |
|
- |
|
- |
|
72 |
|
|
72 |
|
- |
|
|
(17 |
) |
|
55 |
|
- |
|
|
55 |
$ |
0.31 |
|||||||||||||||
| Adjusted Results | $ |
2,583 |
$ |
815 |
$ |
(377 |
) |
$ |
438 |
$ |
(50 |
) |
$ |
(96 |
) |
$ |
292 |
$ |
(1 |
) |
$ |
291 |
$ |
1.68 |
|||||||||||||||
| Fully Diluted Shares Outstanding |
|
172.0 |
|||||||||||||||||||||||||||||||||||||
| Wabtec Corporation | |||||||||||||||||||||||||||||||||||||||
| Reconciliation of Reported Results to Adjusted Results | |||||||||||||||||||||||||||||||||||||||
| (in millions) | Fourth Quarter Year-to-Date 2024 Actual Results | ||||||||||||||||||||||||||||||||||||||
| Gross | Operating | Income from | Interest & | Noncontrolling | Wabtec | ||||||||||||||||||||||||||||||||||
| Net Sales | Profit | Expenses | Operations | Other Exp | Tax | Net Income | Interest | Net Income | EPS | ||||||||||||||||||||||||||||||
| Reported Results | $ |
10,387 |
$ |
3,366 |
$ |
(1,757 |
) |
$ |
1,609 |
$ |
(199 |
) |
$ |
(343 |
) |
$ |
1,067 |
$ |
(11 |
) |
$ |
1,056 |
$ |
6.04 |
|||||||||||||||
| Restructuring and Portfolio Optimization costs |
|
- |
|
37 |
|
33 |
|
|
70 |
|
(4 |
) |
|
(16 |
) |
|
50 |
|
- |
|
|
50 |
$ |
0.28 |
|||||||||||||||
| Non-cash Amortization expense |
|
- |
|
- |
|
288 |
|
|
288 |
|
- |
|
|
(70 |
) |
|
218 |
|
- |
|
|
218 |
$ |
1.24 |
|||||||||||||||
| Adjusted Results | $ |
10,387 |
$ |
3,403 |
$ |
(1,436 |
) |
$ |
1,967 |
$ |
(203 |
) |
$ |
(429 |
) |
$ |
1,335 |
$ |
(11 |
) |
$ |
1,324 |
$ |
7.56 |
|||||||||||||||
| Fully Diluted Shares Outstanding |
|
174.8 |
|||||||||||||||||||||||||||||||||||||
| Set forth below is the calculation of the non-GAAP performance measures included in this press release. We believe that these measures provide useful supplemental information to assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec's reported results prepared in accordance with GAAP. | |||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||
| Wabtec Corporation | |||||||||||||||||||||||||||||||||||||||
| Reconciliation of Reported Results to Adjusted Results | |||||||||||||||||||||||||||||||||||||||
| (in millions) | Fourth Quarter 2023 Actual Results | ||||||||||||||||||||||||||||||||||||||
| Gross | Operating | Income from | Interest & | Noncontrolling | Wabtec | ||||||||||||||||||||||||||||||||||
| Net Sales | Profit | Expenses | Operations | Other Exp | Tax | Net Income | Interest | Net Income | EPS | ||||||||||||||||||||||||||||||
| Reported Results | $ |
2,526 |
$ |
764 |
$ |
(456 |
) |
$ |
308 |
$ |
(28 |
) |
$ |
(63 |
) |
$ |
217 |
|
$ |
(2 |
) |
$ |
215 |
|
$ |
1.20 |
|
||||||||||||
| Restructuring and Portfolio Optimization costs |
|
- |
|
13 |
|
34 |
|
|
47 |
|
- |
|
|
(9 |
) |
|
38 |
|
|
- |
|
|
38 |
|
$ |
0.21 |
|
||||||||||||
| Gain on LKZ Investment |
|
- |
|
- |
|
- |
|
|
- |
|
(35 |
) |
|
- |
|
|
(35 |
) |
|
- |
|
|
(35 |
) |
$ |
(0.19 |
) |
||||||||||||
| Non-cash Amortization expense |
|
- |
|
- |
|
76 |
|
|
76 |
|
- |
|
|
(18 |
) |
|
58 |
|
|
- |
|
|
58 |
|
$ |
0.32 |
|
||||||||||||
| Adjusted Results | $ |
2,526 |
$ |
777 |
$ |
(346 |
) |
$ |
431 |
$ |
(63 |
) |
$ |
(90 |
) |
$ |
278 |
|
$ |
(2 |
) |
$ |
276 |
|
$ |
1.54 |
|
||||||||||||
| Fully Diluted Shares Outstanding |
|
178.8 |
|
||||||||||||||||||||||||||||||||||||
| Wabtec Corporation | |||||||||||||||||||||||||||||||||||||||
| Reconciliation of Reported Results to Adjusted Results | |||||||||||||||||||||||||||||||||||||||
| (in millions) | Fourth Quarter Year-to-Date 2023 Actual Results | ||||||||||||||||||||||||||||||||||||||
| Gross | Operating | Income from | Interest & | Noncontrolling | Wabtec | ||||||||||||||||||||||||||||||||||
| Net Sales | Profit | Expenses | Operations | Other Exp | Tax | Net Income | Interest | Net Income | EPS | ||||||||||||||||||||||||||||||
| Reported Results | $ |
9,677 |
$ |
2,944 |
$ |
(1,678 |
) |
$ |
1,266 |
$ |
(174 |
) |
$ |
(267 |
) |
$ |
825 |
|
$ |
(10 |
) |
$ |
815 |
|
$ |
4.53 |
|
||||||||||||
| Restructuring and Portfolio Optimization costs |
|
- |
|
38 |
|
41 |
|
|
79 |
|
- |
|
|
(17 |
) |
|
62 |
|
|
- |
|
|
62 |
|
$ |
0.34 |
|
||||||||||||
| Gain on LKZ Investment |
|
- |
|
- |
|
- |
|
|
- |
|
(35 |
) |
|
- |
|
|
(35 |
) |
|
- |
|
|
(35 |
) |
$ |
(0.19 |
) |
||||||||||||
| Non-cash Amortization expense |
|
- |
|
- |
|
298 |
|
|
298 |
|
- |
|
|
(74 |
) |
|
224 |
|
|
- |
|
|
224 |
|
$ |
1.24 |
|
||||||||||||
| Adjusted Results | $ |
9,677 |
$ |
2,982 |
$ |
(1,339 |
) |
$ |
1,643 |
$ |
(209 |
) |
$ |
(358 |
) |
$ |
1,076 |
|
$ |
(10 |
) |
$ |
1,066 |
|
$ |
5.92 |
|
||||||||||||
| Fully Diluted Shares Outstanding |
|
179.5 |
|
||||||||||||||||||||||||||||||||||||
| Set forth below is the calculation of the non-GAAP performance measures included in this press release. We believe that these measures provide useful supplemental information to assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec's reported results prepared in accordance with GAAP. | ||||||||||||
| Wabtec Corporation | ||||||||||||
| 2024 Q4 EBITDA Reconciliation | ||||||||||||
| (in millions) | ||||||||||||
| Reported Income | + | Other Income | + | Depreciation & | = | EBITDA | + | Restructuring | = | Adjusted | ||
| from Operations | (Expense) | Amortization | Costs | EBITDA | ||||||||
| Consolidated Results |
|
|
|
|
|
|
||||||
| Wabtec Corporation | ||||||||||||
| 2024 Q4 YTD EBITDA Reconciliation | ||||||||||||
| (in millions) | ||||||||||||
| Reported Income | + | Other Income | + | Depreciation & | = | EBITDA | + | Restructuring | = | Adjusted | ||
| from Operations | (Expense) | Amortization | Costs | EBITDA | ||||||||
| Consolidated Results |
|
|
|
|
|
|
||||||
| Wabtec Corporation | ||||||||||||
| 2023 Q4 EBITDA Reconciliation | ||||||||||||
| (in millions) | ||||||||||||
| Reported Income | + | Other Income | + | Depreciation & | = | EBITDA | + | Restructuring | = | Adjusted | ||
| from Operations | (Expense) | Amortization | Costs | EBITDA | ||||||||
| Consolidated Results |
|
|
|
|
( |
|
||||||
| Wabtec Corporation | ||||||||||||
| 2023 Q4 YTD EBITDA Reconciliation | ||||||||||||
| (in millions) | ||||||||||||
| Reported Income | + | Other Income | + | Depreciation & | = | EBITDA | + | Restructuring | = | Adjusted | ||
| from Operations | (Expense) | Amortization | Costs | EBITDA | ||||||||
| Consolidated Results |
|
|
|
|
|
|
||||||
| WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION | |||||||
| SALES BY PRODUCT LINE | |||||||
| (UNAUDITED) | |||||||
| Three Months Ended December 31, | |||||||
| In millions | 2024 |
2023 |
|||||
| Freight Segment | |||||||
| Equipment | $ |
499 |
$ |
352 |
|||
| Components |
|
282 |
|
269 |
|||
| Digital Intelligence |
|
207 |
|
210 |
|||
| Services |
|
806 |
|
958 |
|||
| Total Freight Segment | $ |
1,794 |
$ |
1,789 |
|||
| Transit Segment | |||||||
| Original Equipment Manufacturer | $ |
339 |
$ |
333 |
|||
| Aftermarket |
|
450 |
|
404 |
|||
| Total Transit Segment | $ |
789 |
$ |
737 |
|||
| Twelve Months Ended December 31, | |||||||
| In millions | 2024 |
2023 |
|||||
| Freight Segment | |||||||
| Equipment | $ |
2,108 |
$ |
1,794 |
|||
| Components |
|
1,193 |
|
1,094 |
|||
| Digital Intelligence |
|
786 |
|
773 |
|||
| Services |
|
3,381 |
|
3,262 |
|||
| Total Freight Segment | $ |
7,468 |
$ |
6,923 |
|||
| Transit Segment | |||||||
| Original Equipment Manufacturer | $ |
1,308 |
$ |
1,264 |
|||
| Aftermarket |
|
1,611 |
|
1,490 |
|||
| Total Transit Segment | $ |
2,919 |
$ |
2,754 |
|||
| WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION | |||||||||||||||||||
| RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS - BY SEGMENT | |||||||||||||||||||
| (UNAUDITED) | |||||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||
2024 |
2023 |
2024 |
2023 |
||||||||||||||||
| In millions | Gross Profit | Income from Operations | Gross Profit | Income from Operations | Gross Profit | Income from Operations | Gross Profit | Income from Operations | |||||||||||
| Freight Segment Reported Results | $ |
556 |
$ |
273 |
$ |
556 |
$ |
245 |
$ |
2,523 |
$ |
1,422 |
$ |
2,181 |
$ |
1,065 |
|||
| Freight Segment Reported Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
| Restructuring and Portfolio Optimization costs |
|
8 |
|
9 |
|
5 |
|
30 |
|
18 |
|
27 |
|
13 |
|
41 |
|||
| Non-cash Amortization expense |
|
- |
|
66 |
|
- |
|
70 |
|
- |
|
267 |
|
- |
|
276 |
|||
| Freight Segment Adjusted Results | $ |
564 |
$ |
348 |
$ |
561 |
$ |
345 |
$ |
2,541 |
$ |
1,716 |
$ |
2,194 |
$ |
1,382 |
|||
| Freight Segment Adjusted Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
| Transit Segment Reported Results | $ |
241 |
$ |
103 |
$ |
208 |
$ |
87 |
$ |
843 |
$ |
338 |
$ |
763 |
$ |
295 |
|||
| Transit Segment Reported Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
| Restructuring and Portfolio Optimization costs |
|
10 |
|
21 |
|
8 |
|
17 |
|
19 |
|
41 |
|
25 |
|
38 |
|||
| Non-cash Amortization expense |
|
- |
|
6 |
|
- |
|
6 |
|
- |
|
21 |
|
- |
|
22 |
|||
| Transit Segment Adjusted Results | $ |
251 |
$ |
130 |
$ |
216 |
$ |
110 |
$ |
862 |
$ |
400 |
$ |
788 |
$ |
355 |
|||
| Transit Segment Adjusted Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
| WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION | |||||||||||
| RECONCILIATION OF CHANGES IN NET SALES - BY SEGMENT | |||||||||||
| (UNAUDITED) | |||||||||||
| Three Months Ended December 31, | |||||||||||
| In millions | Freight | Transit | Consolidated | ||||||||
| 2023 Net Sales | $ |
1,789 |
|
$ |
737 |
|
$ |
2,526 |
|
||
| Acquisitions |
|
6 |
|
|
3 |
|
|
9 |
|
||
| Foreign Exchange |
|
(14 |
) |
|
(3 |
) |
|
(17 |
) |
||
| Organic |
|
13 |
|
|
52 |
|
|
65 |
|
||
| 2024 Net Sales | $ |
1,794 |
|
$ |
789 |
|
$ |
2,583 |
|
||
| Change ($) |
|
5 |
|
|
52 |
|
|
57 |
|
||
| Change (%) |
|
0.3 |
% |
|
7.1 |
% |
|
2.3 |
% |
||
| Twelve Months Ended December 31, | |||||||||||
| Freight | Transit | Consolidated | |||||||||
| 2023 Net Sales | $ |
6,923 |
|
$ |
2,754 |
|
$ |
9,677 |
|
||
| Acquisitions |
|
78 |
|
|
3 |
|
|
81 |
|
||
| Foreign Exchange |
|
(32 |
) |
|
(1 |
) |
|
(33 |
) |
||
| Organic |
|
499 |
|
|
163 |
|
|
662 |
|
||
| 2024 Net Sales | $ |
7,468 |
|
$ |
2,919 |
|
$ |
10,387 |
|
||
| Change ($) |
|
545 |
|
|
165 |
|
|
710 |
|
||
| Change (%) |
|
7.9 |
% |
|
6.0 |
% |
|
7.3 |
% |
||
| Set forth below is the calculation of the non-GAAP performance measures included in this press release. We believe that these measures provide useful supplemental information to assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec's reported results prepared in accordance with GAAP. | ||||||||
| Wabtec Corporation | ||||||||
| 2024 Q4 Cash Conversion Calculation | ||||||||
| (in millions) | ||||||||
| Reported Cash | ÷ | (Net Income | + | Depreciation & Amortization) | = | Cash Conversion | ||
| from Operations | ||||||||
| Consolidated Results |
|
|
|
|
||||
| Wabtec Corporation | ||||||||
| 2024 Q4 YTD Cash Conversion Calculation | ||||||||
| (in millions) | ||||||||
| Reported Cash | ÷ | (Net Income | + | Depreciation & Amortization) | = | Cash Conversion | ||
| from Operations | ||||||||
| Consolidated Results |
|
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|
|
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| Wabtec Corporation | ||||||||
| 2023 Q4 Cash Conversion Calculation | ||||||||
| (in millions) | ||||||||
| Reported Cash | ÷ | (Net Income | + | Depreciation & Amortization) | = | Cash Conversion | ||
| from Operations | ||||||||
| Consolidated Results |
|
|
|
|
||||
| Wabtec Corporation | ||||||||
| 2023 Q4 YTD Cash Conversion Calculation | ||||||||
| (in millions) | ||||||||
| Reported Cash | ÷ | (Net Income | + | Depreciation & Amortization) | = | Cash Conversion | ||
| Consolidated Results |
|
|
|
|
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250212787596/en/
Wabtec Investor Contact
Kyra Yates / Kyra.Yates@wabtec.com / 817-349-2735
Wabtec Media Contact
Tim Bader / Tim.Bader@wabtec.com / 682-319-7925
Source: Wabtec Corporation
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