Wabtec Reports Second Quarter 2024 Results Raised and Tightened Adjusted EPS Guidance
Wabtec (NYSE: WAB) reported strong Q2 2024 results, with GAAP earnings per diluted share up 54.7% to $1.64 and adjusted earnings per diluted share up 39.0% to $1.96. Sales grew 9.8% to $2.64 billion, driven by growth in both Freight and Transit segments. The company's GAAP operating margin improved to 16.3%, while adjusted operating margin increased by 2.9 points to 19.3%. Cash from operations was $235 million. Wabtec raised and tightened its 2024 adjusted EPS guidance to $7.20 to $7.50, representing a 24.2% increase from 2023 at the midpoint. The company's 12-month backlog stands at $7.33 billion, up 1.6% year-over-year, providing strong visibility for future growth.
Wabtec (NYSE: WAB) ha riportato risultati solidi per il Q2 2024, con utili GAAP per azione diluita in aumento del 54,7% a $1,64 e utili rettificati per azione diluita in aumento del 39,0% a $1,96. Le vendite sono cresciute del 9,8% a $2,64 miliardi, grazie alla crescita nei segmenti Freight e Transit. Il margine operativo GAAP dell'azienda è migliorato al 16,3%, mentre il margine operativo rettificato è aumentato di 2,9 punti al 19,3%. Il cash flow operativo è stato di $235 milioni. Wabtec ha alzato e ristretto la sua guida per l'utile per azione rettificato per il 2024 a $7,20 a $7,50, rappresentando un aumento del 24,2% rispetto al 2023 al punto medio. L'ordine di backlog a 12 mesi dell'azienda è di $7,33 miliardi, in aumento dell'1,6% su base annua, fornendo una forte visibilità per la crescita futura.
Wabtec (NYSE: WAB) reportó sólidos resultados en el Q2 de 2024, con ganancias GAAP por acción diluida que aumentaron un 54,7% a $1,64 y ganancias ajustadas por acción diluida que aumentaron un 39,0% a $1,96. Las ventas crecieron un 9,8% a $2,64 mil millones, impulsadas por el crecimiento en los segmentos de Carga y Tránsito. El margen de operación GAAP de la empresa mejoró al 16,3%, mientras que el margen de operación ajustado aumentó en 2,9 puntos al 19,3%. El flujo de efectivo de las operaciones fue de $235 millones. Wabtec elevó y ajustó su guía de EPS ajustado para 2024 a $7,20 a $7,50, lo que representa un aumento del 24,2% con respecto a 2023 en el punto medio. La cartera de pedidos de 12 meses de la empresa se sitúa en $7,33 mil millones, un aumento del 1,6% interanual, proporcionando una fuerte visibilidad para el crecimiento futuro.
Wabtec (NYSE: WAB)는 2024년 2분기 실적을 발표했으며, 희석주당 GAAP 순익이 54.7% 증가하여 1.64달러에 달했습니다 그리고 희석주당 조정 순익이 39.0% 증가하여 1.96달러에 달했습니다. 매출은 9.8% 증가한 26억 4천만 달러에 달했으며, 화물 및 대중교통 세그먼트의 성장이 주도했습니다. 회사의 GAAP 운영 마진은 16.3%로 개선되었습니다, 한편 조정 운영 마진은 2.9 포인트 증가하여 19.3%에 달했습니다. 운영에서 발생한 현금은 2억 3천5백만 달러였습니다. Wabtec은 2024년 조정 EPS 가이던스를 7.20달러에서 7.50달러로 상향하고 세분화했습니다, 이는 2023년 대비 중간값에서 24.2% 증가한 수치입니다. 회사의 12개월 백로그는 73억 3천만 달러로, 전년 대비 1.6% 증가하여 미래 성장에 대한 강력한 가시성을 제공합니다.
Wabtec (NYSE: WAB) a annoncé de bons résultats pour le 2e trimestre 2024, avec un bénéfice par action diluée GAAP en hausse de 54,7 % à 1,64 $ et un bénéfice ajusté par action diluée en hausse de 39,0 % à 1,96 $. Les ventes ont augmenté de 9,8 % pour atteindre 2,64 milliards $, soutenues par la croissance dans les segments Fret et Transit. Le marge opérationnelle GAAP de l'entreprise a amélioré à 16,3 %, tandis que la marge opérationnelle ajustée a augmenté de 2,9 points pour atteindre 19,3 %. Le flux de trésorerie provenant des opérations s'élevait à 235 millions $. Wabtec a relevé et précisé ses prévisions de BPA ajusté pour 2024 à 7,20 $ à 7,50 $, ce qui représente une augmentation de 24,2 % par rapport à 2023 au point médian. Le carnet de commandes de l'entreprise sur 12 mois est de 7,33 milliards $, en hausse de 1,6 % par rapport à l'année précédente, offrant une forte visibilité pour la croissance future.
Wabtec (NYSE: WAB) hat starke Ergebnisse für das 2. Quartal 2024 bekanntgegeben, mit GAAP-Gewinnen pro verwässerter Aktie, die um 54,7% auf 1,64 $ gestiegen sind und angespassten Gewinnen pro verwässerter Aktie, die um 39,0% auf 1,96 $ gestiegen sind. Die Umsätze stiegen um 9,8% auf 2,64 Milliarden $, angetrieben durch das Wachstum in den Bereichen Fracht und Nahverkehr. Die GAAP-Betriebsrendite des Unternehmens verbesserte sich auf 16,3%, während die angepasste Betriebsrendite um 2,9 Punkte auf 19,3% stieg. Der Cashflow aus der Betriebstätigkeit betrug 235 Millionen $. Wabtec hat die Prognose für das angepasste EPS 2024 auf 7,20 bis 7,50 $ angehoben und präzisiert, was einem Anstieg von 24,2% im Vergleich zu 2023 im Mittelwert entspricht. Der 12-Monats-Auftragsbestand des Unternehmens beträgt 7,33 Milliarden $, ein Anstieg von 1,6% im Jahresvergleich und bietet starke Sichtbarkeit für zukünftiges Wachstum.
- GAAP earnings per diluted share increased 54.7% to $1.64
- Adjusted earnings per diluted share grew 39.0% to $1.96
- Sales increased 9.8% to $2.64 billion
- GAAP operating margin improved to 16.3%
- Adjusted operating margin increased by 2.9 points to 19.3%
- Freight segment sales grew 13.1%
- Raised and tightened 2024 adjusted EPS guidance to $7.20 to $7.50
- 12-month backlog increased 1.6% to $7.33 billion
- Total multi-year backlog decreased 1.6% to $22.08 billion
Wabtec's second quarter results showcase a strong performance, with GAAP diluted EPS up
Strategic Actions & Guidance: The decision to raise and tighten the 2024 adjusted EPS guidance to be between
Wabtec's second quarter results highlight the company's resilience and ability to capitalize on market opportunities. The Freight segment showed strong performance with a
Transit Segment Analysis: Though the Transit segment's sales growth was modest at
Wabtec's strong financial performance is supported by its technological advancements and product quality. The company's ability to deliver reliable and productive solutions has resonated well with customers, driving demand. Technology plays a important role in the growth of both the Freight and Transit segments. Enhanced equipment and components have contributed significantly to the
Innovation Focus: Wabtec's focus on innovation and strategic planning is evident in their annual review. By continuously refining their offerings and anticipating market needs, the company positions itself well to sustain long-term growth. The strategic planning initiatives mentioned by CEO Rafael Santana suggest an ongoing commitment to leveraging technology for competitive advantage.
-
GAAP Diluted Earnings Per Share of
$1.64 54.7% ; Adjusted Diluted Earnings Per Share of$1.96 39.0% -
GAAP Operating Margin at
16.3% ; Adjusted Operating Margin Up 2.9 pts to19.3% -
Sales Growth of
9.8% to$2.64 billion 13.1% -
Returned
$235 million -
Raised and tightened 2024 Adjusted Diluted EPS guidance to be in the range of
$7.20 $7.50 24.2% from 2023 at the midpoint
“The Wabtec team delivered another strong quarter, evidenced by robust sales and earnings per share growth,” said Rafael Santana, Wabtec’s President and CEO.
“With the first half behind us, we are focused on executing against our second half deliverables. Demand on our end markets continues to be strong and we have significant opportunities for further growth given the quality of our products and the productivity and reliability that we provide for our customers.
“We just finished our annual strategic planning, and at this point we stand confident in our ability to drive profitable growth ahead, consistent with our long term guidance.”
2024 Second Quarter Consolidated Results
Wabtec Corporation Consolidated Financial Results |
|
|||
$ in millions except earnings per share and percentages; margin change in percentage points (pts) |
Second Quarter |
|
||
2024 |
2023 |
Change |
|
|
Net Sales |
|
|
9.8 % |
|
|
|
|
|
|
GAAP Gross Margin |
33.0 % |
30.1 % |
2.9 pts |
|
Adjusted Gross Margin |
33.3 % |
30.4 % |
2.9 pts |
|
GAAP Operating Margin |
16.3 % |
12.9 % |
3.4 pts |
|
Adjusted Operating Margin |
19.3 % |
16.4 % |
2.9 pts |
|
|
|
|
|
|
GAAP Diluted EPS |
|
|
54.7 % |
|
Adjusted Diluted EPS |
|
|
39.0 % |
|
|
|
|
|
|
Cash Flow from Operations |
|
|
|
|
Operating Cash Flow Conversion |
57 % |
36 % |
|
|
-
Sales increased
9.8% compared to the year-ago quarter driven by higher sales in both the Freight and Transit segments. -
GAAP operating margin was higher than the prior year at
16.3% , and adjusted operating margin was higher than the prior year at19.3% . Both GAAP and adjusted operating margins benefited from higher sales and improved gross margins. - GAAP EPS and adjusted EPS increased from the year-ago quarter primarily due to higher sales, margin expansion and a lower tax rate.
2024 Second Quarter Freight Segment Results
Wabtec Corporation Freight Segment Financial Results |
|||
Net sales $ in millions; margin change in percentage points (pts) |
Second Quarter |
||
2024 |
2023 |
Change |
|
Net Sales |
|
|
13.1 % |
GAAP Gross Margin |
34.8 % |
31.8 % |
3.0 pts |
Adjusted Gross Margin |
35.1 % |
32.0 % |
3.1 pts |
GAAP Operating Margin |
20.4 % |
15.9 % |
4.5 pts |
Adjusted Operating Margin |
24.1 % |
20.3 % |
3.8 pts |
-
Freight segment sales for the second quarter were up across our business groups driven primarily by Equipment and Components which were up
36.4% and17.5% , respectively. - GAAP operating margin and adjusted operating margin benefited from higher sales, improved gross margin and, operating expenses which grew at a slower rate than revenue.
2024 Second Quarter Transit Segment Results
Wabtec Corporation Transit Segment Financial Results |
|||
Net sales $ in millions; margin change in percentage points (pts) |
Second Quarter |
||
2024 |
2023 |
Change |
|
Net Sales |
|
|
2.0 % |
GAAP Gross Margin |
28.3 % |
26.0 % |
2.3 pts |
Adjusted Gross Margin |
28.6 % |
26.5 % |
2.1 pts |
GAAP Operating Margin |
11.3 % |
9.6 % |
1.7 pts |
Adjusted Operating Margin |
12.7 % |
11.1 % |
1.6 pts |
-
Transit segment sales for the second quarter were up
2.0% due to higher aftermarket sales. - GAAP and adjusted operating margins were up driven by higher gross margin, partially offset by operating expenses which grew at a higher rate than revenue.
Backlog
Wabtec Corporation Consolidated Backlog Comparison |
|||
Backlog $ in millions |
June 30, |
||
|
2024 |
2023 |
Change |
12-Month Backlog |
|
|
1.6 % |
Total Backlog |
|
|
(1.6) % |
The Company’s multi-year backlog continues to provide strong visibility. At June 30, 2024, the 12-month backlog was
Cash Flow and Liquidity Summary
-
During the second quarter, cash provided by operations was
$235 million $115 million -
At the end of the quarter, the Company had cash, cash equivalents and restricted cash of
$595 million $4.00 billion $2.09 billion $1.50 billion -
During the quarter, the Company repurchased
$200 million $35 million
2024 Financial Guidance
-
Wabtec raised and tightened its 2024 adjusted EPS guidance to be in the range of
$7.20 $7.50 $10.25 billion $10.55 billion - For full year 2024, Wabtec expects operating cash flow conversion of greater than 90 percent.
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 certain 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: 1950853).
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 2024 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 by 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 statements regarding macro-economic conditions and evolving production and demand conditions; 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) inability 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 from the imposition of economic sanctions on
| WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION | |||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
| FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023 | |||||||||||||||
| (AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA) | |||||||||||||||
| (UNAUDITED) | |||||||||||||||
Three Months Ended |
|
Six Months Ended |
|||||||||||||
June 30, |
|
June 30, |
|||||||||||||
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||
| Net sales | $ |
2,644 |
|
$ |
2,407 |
|
$ |
5,141 |
|
$ |
4,601 |
|
|||
| Cost of sales |
|
(1,770 |
) |
|
(1,684 |
) |
|
(3,452 |
) |
|
(3,213 |
) |
|||
| Gross profit |
|
874 |
|
|
723 |
|
|
1,689 |
|
|
1,388 |
|
|||
| Gross profit as a % of Net Sales |
|
33.0 |
% |
|
30.1 |
% |
|
32.8 |
% |
|
30.2 |
% |
|||
| Selling, general and administrative expenses |
|
(316 |
) |
|
(285 |
) |
|
(597 |
) |
|
(548 |
) |
|||
| Engineering expenses |
|
(57 |
) |
|
(53 |
) |
|
(105 |
) |
|
(104 |
) |
|||
| Amortization expense |
|
(71 |
) |
|
(73 |
) |
|
(145 |
) |
|
(148 |
) |
|||
| Total operating expenses |
|
(444 |
) |
|
(411 |
) |
|
(847 |
) |
|
(800 |
) |
|||
| Operating expenses as a % of Net Sales |
|
16.8 |
% |
|
17.1 |
% |
|
16.5 |
% |
|
17.4 |
% |
|||
| Income from operations |
|
430 |
|
|
312 |
|
|
842 |
|
|
588 |
|
|||
| Income from operations as a % of Net Sales |
|
16.3 |
% |
|
12.9 |
% |
|
16.4 |
% |
|
12.8 |
% |
|||
| Interest expense, net |
|
(49 |
) |
|
(55 |
) |
|
(96 |
) |
|
(103 |
) |
|||
| Other income, net |
|
4 |
|
|
2 |
|
|
2 |
|
|
7 |
|
|||
| Income before income taxes |
|
385 |
|
|
259 |
|
|
748 |
|
|
492 |
|
|||
| Income tax expense |
|
(94 |
) |
|
(66 |
) |
|
(180 |
) |
|
(126 |
) |
|||
| Effective tax rate |
|
24.5 |
% |
|
25.5 |
% |
|
24.1 |
% |
|
25.5 |
% |
|||
| Net income |
|
291 |
|
|
193 |
|
|
568 |
|
|
366 |
|
|||
| Less: Net income attributable to noncontrolling interest |
|
(2 |
) |
|
(2 |
) |
|
(7 |
) |
|
(6 |
) |
|||
| Net income attributable to Wabtec shareholders | $ |
289 |
|
$ |
191 |
|
$ |
561 |
|
$ |
360 |
|
|||
| Earnings Per Common Share | |||||||||||||||
| Basic | |||||||||||||||
Net income attributable to Wabtec shareholders |
$ |
1.64 |
|
$ |
1.06 |
|
$ |
3.18 |
|
$ |
2.00 |
|
|||
| Diluted | |||||||||||||||
Net income attributable to Wabtec shareholders |
$ |
1.64 |
|
$ |
1.06 |
|
$ |
3.17 |
|
$ |
2.00 |
|
|||
| Basic |
|
175.4 |
|
|
178.9 |
|
|
176.0 |
|
|
179.4 |
|
|||
| Diluted |
|
176.0 |
|
|
179.4 |
|
|
176.6 |
|
|
180.0 |
|
|||
| Segment Information | |||||||||||||||
| Freight Net Sales | $ |
1,920 |
|
$ |
1,697 |
|
$ |
3,744 |
|
$ |
3,253 |
|
|||
| Freight Income from Operations | $ |
391 |
|
$ |
269 |
|
$ |
759 |
|
$ |
495 |
|
|||
| Freight Operating Margin |
|
20.4 |
% |
|
15.9 |
% |
|
20.3 |
% |
|
15.2 |
% |
|||
| Transit Net Sales | $ |
724 |
|
$ |
710 |
|
$ |
1,397 |
|
$ |
1,348 |
|
|||
| Transit Income from Operations | $ |
82 |
|
$ |
68 |
|
$ |
156 |
|
$ |
138 |
|
|||
| Transit Operating Margin |
|
11.3 |
% |
|
9.6 |
% |
|
11.2 |
% |
|
10.3 |
% |
|||
| Backlog Information (Note: 12-month is a sub-set of total) | June 30, 2024 | March 31, 2024 | June 30, 2024 | ||||||||||||
| Freight Total | $ |
17,929 |
|
$ |
17,898 |
|
$ |
18,290 |
|
||||||
| Transit Total |
|
4,146 |
|
|
4,185 |
|
|
4,141 |
|
||||||
| Wabtec Total | $ |
22,075 |
|
$ |
22,083 |
|
$ |
22,431 |
|
||||||
| Freight 12-Month | $ |
5,504 |
|
$ |
5,667 |
|
$ |
5,293 |
|
||||||
| Transit 12-Month |
|
1,830 |
|
|
2,043 |
|
|
1,927 |
|
||||||
| Wabtec 12-Month | $ |
7,334 |
|
$ |
7,710 |
|
$ |
7,220 |
|
||||||
| WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION | |||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
| (UNAUDITED) | |||||
| June 30, 2024 | December 31, 2023 | ||||
| In millions | |||||
| Cash, cash equivalents and restricted cash | $ |
595 |
$ |
620 |
|
| Receivables, net |
|
1,801 |
|
1,684 |
|
| Inventories, net |
|
2,364 |
|
2,284 |
|
| Other current assets |
|
267 |
|
267 |
|
| Total current assets |
|
5,027 |
|
4,855 |
|
| Property, plant and equipment, net |
|
1,439 |
|
1,485 |
|
| Goodwill |
|
8,706 |
|
8,780 |
|
| Other intangible assets, net |
|
3,031 |
|
3,205 |
|
| Other noncurrent assets |
|
673 |
|
663 |
|
| Total assets | $ |
18,876 |
$ |
18,988 |
|
| Current liabilities | $ |
3,647 |
$ |
4,056 |
|
| Long-term debt |
|
3,494 |
|
3,288 |
|
| Long-term liabilities - other |
|
1,215 |
|
1,120 |
|
| Total liabilities |
|
8,356 |
|
8,464 |
|
| Shareholders' equity |
|
10,477 |
|
10,487 |
|
| Noncontrolling interest |
|
43 |
|
37 |
|
| Total shareholders' equity |
|
10,520 |
|
10,524 |
|
| Total Liabilities and Shareholders' Equity | $ |
18,876 |
$ |
18,988 |
|
| WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION | |||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (UNAUDITED) | |||||||
Six Months Ended June 30, |
|||||||
2024 |
2023 |
||||||
| In millions | |||||||
| Operating activities | |||||||
| Net income | $ |
568 |
|
$ |
366 |
|
|
| Non-cash expense |
|
246 |
|
|
245 |
|
|
| Receivables |
|
(146 |
) |
|
(150 |
) |
|
| Inventories |
|
(120 |
) |
|
(248 |
) |
|
| Accounts Payable |
|
93 |
|
|
(5 |
) |
|
| Other assets and liabilities |
|
(72 |
) |
|
(118 |
) |
|
| Net cash provided by operating activities |
|
569 |
|
|
90 |
|
|
| Net cash used for investing activities |
|
(57 |
) |
|
(293 |
) |
|
| Net cash (used for) provided by financing activities |
|
(523 |
) |
|
30 |
|
|
| Effect of changes in currency exchange rates |
|
(14 |
) |
|
3 |
|
|
| Decrease in cash |
|
(25 |
) |
|
(170 |
) |
|
| Cash, cash equivalents and restricted cash, beginning of period |
|
620 |
|
|
541 |
|
|
| Cash, cash equivalents and restricted cash, end of period | $ |
595 |
|
$ |
371 |
|
|
| 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) | Second 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 | $ |
2,644 |
$ |
874 |
$ |
(444 |
) |
$ |
430 |
$ |
(45 |
) |
$ |
(94 |
) |
$ |
291 |
$ |
(2 |
) |
$ |
289 |
$ |
1.64 |
|||||||||
| Restructuring and Portfolio Optimization costs | $ |
- |
$ |
6 |
$ |
4 |
|
$ |
10 |
$ |
(4 |
) |
$ |
(2 |
) |
$ |
4 |
$ |
- |
|
$ |
4 |
$ |
0.02 |
|||||||||
| Non-cash Amortization expense | $ |
- |
$ |
- |
$ |
70 |
|
$ |
70 |
$ |
- |
|
$ |
(17 |
) |
$ |
53 |
$ |
- |
|
$ |
53 |
$ |
0.30 |
|||||||||
| Adjusted Results | $ |
2,644 |
$ |
880 |
$ |
(370 |
) |
$ |
510 |
$ |
(49 |
) |
$ |
(113 |
) |
$ |
348 |
$ |
(2 |
) |
$ |
346 |
$ |
1.96 |
|||||||||
| Fully Diluted Shares Outstanding |
|
176.0 |
|||||||||||||||||||||||||||||||
| Wabtec Corporation | |||||||||||||||||||||||||||||||||
| Reconciliation of Reported Results to Adjusted Results | |||||||||||||||||||||||||||||||||
| (in millions) | Second 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 | $ |
5,141 |
$ |
1,689 |
$ |
(847 |
) |
$ |
842 |
$ |
(94 |
) |
$ |
(180 |
) |
$ |
568 |
$ |
(7 |
) |
$ |
561 |
$ |
3.17 |
|||||||||
| Restructuring and Portfolio Optimization costs |
|
- |
|
12 |
|
8 |
|
|
20 |
|
(4 |
) |
|
(4 |
) |
|
12 |
|
- |
|
|
12 |
$ |
0.07 |
|||||||||
| Non-cash Amortization expense |
|
- |
|
- |
|
143 |
|
|
143 |
|
- |
|
|
(34 |
) |
|
109 |
|
- |
|
|
109 |
$ |
0.61 |
|||||||||
| Adjusted Results | $ |
5,141 |
$ |
1,701 |
$ |
(696 |
) |
$ |
1,005 |
$ |
(98 |
) |
$ |
(218 |
) |
$ |
689 |
$ |
(7 |
) |
$ |
682 |
$ |
3.85 |
|||||||||
| Fully Diluted Shares Outstanding |
|
176.6 |
|||||||||||||||||||||||||||||||
| 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) |
|||||||||||||||||||||||||||||||||
Second 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 | $ |
2,407 |
$ |
723 |
$ |
(411 |
) |
$ |
312 |
$ |
(53 |
) |
$ |
(66 |
) |
$ |
193 |
$ |
(2 |
) |
$ |
191 |
$ |
1.06 |
|||||||||
| Restructuring costs |
|
- |
|
8 |
|
2 |
|
|
10 |
|
- |
|
|
(3 |
) |
|
7 |
|
- |
|
|
7 |
$ |
0.04 |
|||||||||
| Non-cash Amortization expense |
|
- |
|
- |
|
73 |
|
|
73 |
|
- |
|
|
(17 |
) |
|
56 |
|
- |
|
|
56 |
$ |
0.31 |
|||||||||
| Adjusted Results | $ |
2,407 |
$ |
731 |
$ |
(336 |
) |
$ |
395 |
$ |
(53 |
) |
$ |
(86 |
) |
$ |
256 |
$ |
(2 |
) |
$ |
254 |
$ |
1.41 |
|||||||||
| Fully Diluted Shares Outstanding |
|
179.4 |
|||||||||||||||||||||||||||||||
| Wabtec Corporation | |||||||||||||||||||||||||||||||||
| Reconciliation of Reported Results to Adjusted Results | |||||||||||||||||||||||||||||||||
| (in millions) | Second 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 | $ |
4,601 |
$ |
1,388 |
$ |
(800 |
) |
$ |
588 |
$ |
(96 |
) |
$ |
(126 |
) |
$ |
366 |
$ |
(6 |
) |
$ |
360 |
$ |
2.00 |
|||||||||
| Restructuring costs |
|
- |
|
12 |
|
7 |
|
|
19 |
|
- |
|
|
(5 |
) |
|
14 |
|
- |
|
|
14 |
$ |
0.08 |
|||||||||
| Non-cash Amortization expense |
|
- |
|
- |
|
148 |
|
|
148 |
|
- |
|
|
(37 |
) |
|
111 |
|
- |
|
|
111 |
$ |
0.61 |
|||||||||
| Adjusted Results | $ |
4,601 |
$ |
1,400 |
$ |
(645 |
) |
$ |
755 |
$ |
(96 |
) |
$ |
(168 |
) |
$ |
491 |
$ |
(6 |
) |
$ |
485 |
$ |
2.69 |
|||||||||
| Fully Diluted Shares Outstanding |
|
180.0 |
|||||||||||||||||||||||||||||||
| 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 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 |
|
|||||||||||||||||||||||||||||||||
| Wabtec Corporation | ||||||||||||||||||||||||||||||||||||
| Reconciliation of Reported Results to Adjusted Results | ||||||||||||||||||||||||||||||||||||
| (in millions) | Fourth Quarter Year-to-Date 2022 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 | $ |
8,362 |
$ |
2,540 |
$ |
(1,529 |
) |
$ |
1,011 |
$ |
(157 |
) |
$ |
(213 |
) |
$ |
641 |
|
$ |
(8 |
) |
$ |
633 |
|
$ |
3.46 |
|
|||||||||
| Restructuring costs |
|
- |
|
43 |
|
9 |
|
|
52 |
|
- |
|
|
(13 |
) |
|
39 |
|
|
- |
|
|
39 |
|
$ |
0.21 |
|
|||||||||
| Non-cash Amortization expense |
|
- |
|
- |
|
291 |
|
|
291 |
|
- |
|
|
(73 |
) |
|
218 |
|
|
- |
|
|
218 |
|
$ |
1.19 |
|
|||||||||
| Adjusted Results | $ |
8,362 |
$ |
2,583 |
$ |
(1,229 |
) |
$ |
1,354 |
$ |
(157 |
) |
$ |
(299 |
) |
$ |
898 |
|
$ |
(8 |
) |
$ |
890 |
|
$ |
4.86 |
|
|||||||||
| Fully Diluted Shares Outstanding |
|
182.8 |
|
|||||||||||||||||||||||||||||||||
| 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 | ||||||||||||
| 2024 Q2 EBITDA Reconciliation | ||||||||||||
| (in millions) | ||||||||||||
| Reported Income | + | Other Income | + | Depreciation & | = | EBITDA | + | Restructuring | = | Adjusted | ||
| from Operations | (Expense) | Amortization | Costs | EBITDA | ||||||||
| Consolidated Results |
|
|
|
|
|
|
|
|
|
|
|
|
| Wabtec Corporation | ||||||||||||
| 2024 Q2 YTD EBITDA Reconciliation | ||||||||||||
| (in millions) | ||||||||||||
| Reported Income | + | Other Income | + | Depreciation & | = | EBITDA | + | Restructuring | = | Adjusted | ||
| from Operations | (Expense) | Amortization | Costs | EBITDA | ||||||||
| Consolidated Results |
|
|
|
|
|
|
|
|
|
|
|
|
| Wabtec Corporation | ||||||||||||
| 2023 Q2 EBITDA Reconciliation | ||||||||||||
| (in millions) | ||||||||||||
| Reported Income | + | Other Income | + | Depreciation & | = | EBITDA | + | Restructuring | = | Adjusted | ||
| from Operations | (Expense) | Amortization | Costs | EBITDA | ||||||||
| Consolidated Results |
|
|
|
|
|
|
|
|
|
|
|
|
| Wabtec Corporation | ||||||||||||
| 2023 Q2 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 June 30, | ||||
| In millions | 2024 |
2023 |
||
| Freight Segment | ||||
| Equipment | $ |
570 |
|
|
| Components |
|
322 |
274 |
|
| Digital Intelligence |
|
199 |
195 |
|
| Services |
|
829 |
810 |
|
| Total Freight Segment | $ |
1,920 |
|
|
| Transit Segment | ||||
| Original Equipment Manufacturer | $ |
310 |
|
|
| Aftermarket |
|
414 |
376 |
|
| Total Transit Segment | $ |
724 |
|
|
| Six Months Ended June 30, | ||||
| In millions | 2024 |
2023 |
||
| Freight Segment | ||||
| Equipment | $ |
1,096 |
|
|
| Components |
|
615 |
532 |
|
| Digital Intelligence |
|
375 |
382 |
|
| Services |
|
1,658 |
1,517 |
|
| Total Freight Segment | $ |
3,744 |
|
|
| Transit Segment | ||||
| Original Equipment Manufacturer | $ |
620 |
|
|
| Aftermarket |
|
777 |
725 |
|
| Total Transit Segment | $ |
1,397 |
|
|
| WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION | |||||||||||||||||||||||||||
| RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS - BY SEGMENT | |||||||||||||||||||||||||||
| (UNAUDITED) | |||||||||||||||||||||||||||
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|||||||||||||||||||||||||
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 | $ |
669 |
|
$ |
391 |
|
$ |
538 |
|
$ |
269 |
|
$ |
1,294 |
|
$ |
759 |
|
$ |
1,016 |
|
$ |
495 |
|
|||
| Freight Segment Reported Margin |
|
34.8 |
% |
|
20.4 |
% |
|
31.8 |
% |
|
15.9 |
% |
|
34.6 |
% |
|
20.3 |
% |
|
31.2 |
% |
|
15.2 |
% |
|||
| Restructuring and Portfolio Optimization costs |
|
5 |
|
|
5 |
|
|
5 |
|
|
6 |
|
|
8 |
|
|
8 |
|
|
6 |
|
|
8 |
|
|||
| Non-cash Amortization expense |
|
- |
|
|
66 |
|
|
- |
|
|
69 |
|
|
- |
|
|
134 |
|
|
- |
|
|
137 |
|
|||
| Freight Segment Adjusted Results | $ |
674 |
|
$ |
462 |
|
$ |
543 |
|
$ |
344 |
|
$ |
1,302 |
|
$ |
901 |
|
$ |
1,022 |
|
$ |
640 |
|
|||
| Freight Segment Adjusted Margin |
|
35.1 |
% |
|
24.1 |
% |
|
32.0 |
% |
|
20.3 |
% |
|
34.8 |
% |
|
24.1 |
% |
|
31.4 |
% |
|
19.7 |
% |
|||
| Transit Segment Reported Results | $ |
205 |
|
$ |
82 |
|
$ |
185 |
|
$ |
68 |
|
$ |
395 |
|
$ |
156 |
|
$ |
372 |
|
$ |
138 |
|
|||
| Transit Segment Reported Margin |
|
28.3 |
% |
|
11.3 |
% |
|
26.0 |
% |
|
9.6 |
% |
|
28.3 |
% |
|
11.2 |
% |
|
27.6 |
% |
|
10.3 |
% |
|||
| Restructuring costs |
|
1 |
|
|
5 |
|
|
3 |
|
|
6 |
|
|
4 |
|
|
12 |
|
|
6 |
|
|
11 |
|
|||
| Non-cash Amortization expense |
|
- |
|
|
4 |
|
|
- |
|
|
4 |
|
|
- |
|
|
9 |
|
|
- |
|
|
11 |
|
|||
| Transit Segment Adjusted Results | $ |
206 |
|
$ |
91 |
|
$ |
188 |
|
$ |
78 |
|
$ |
399 |
|
$ |
177 |
|
$ |
378 |
|
$ |
160 |
|
|||
| Transit Segment Adjusted Margin |
|
28.6 |
% |
|
12.7 |
% |
|
26.5 |
% |
|
11.1 |
% |
|
28.6 |
% |
|
12.7 |
% |
|
28.1 |
% |
|
11.9 |
% |
|||
| WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION | |||||||||||
| RECONCILIATION OF CHANGES IN NET SALES - BY SEGMENT | |||||||||||
| (UNAUDITED) | |||||||||||
| Three Months Ended June 30, | |||||||||||
| In millions | Freight | Transit | Consolidated | ||||||||
| 2023 Net Sales | $ |
1,697 |
|
$ |
710 |
|
$ |
2,407 |
|
||
| Acquisitions |
|
34 |
|
|
- |
|
|
34 |
|
||
| Foreign Exchange |
|
(8 |
) |
|
(10 |
) |
|
(18 |
) |
||
| Organic |
|
197 |
|
|
24 |
|
|
221 |
|
||
| 2024 Net Sales | $ |
1,920 |
|
$ |
724 |
|
$ |
2,644 |
|
||
| Change ($) |
|
223 |
|
|
14 |
|
|
237 |
|
||
| Change (%) |
|
13.1 |
% |
|
2.0 |
% |
|
9.8 |
% |
||
| Six Months Ended June 30, | |||||||||||
| Freight | Transit | Consolidated | |||||||||
| 2023 Net Sales | $ |
3,253 |
|
$ |
1,348 |
|
$ |
4,601 |
|
||
| Acquisitions |
|
70 |
|
|
- |
|
|
70 |
|
||
| Foreign Exchange |
|
(7 |
) |
|
(6 |
) |
|
(13 |
) |
||
| Organic |
|
428 |
|
|
55 |
|
|
483 |
|
||
| 2024 Net Sales | $ |
3,744 |
|
$ |
1,397 |
|
$ |
5,141 |
|
||
| Change ($) |
|
491 |
|
|
49 |
|
|
540 |
|
||
| Change (%) |
|
15.1 |
% |
|
3.6 |
% |
|
11.7 |
% |
||
| 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 Q2 Cash Conversion Calculation | ||||||||
| (in millions) | ||||||||
| Reported Cash | ÷ | (Net Income | + | Depreciation & Amortization) | = | Cash Conversion | ||
| from Operations | ||||||||
| Consolidated Results |
|
|
|
|
|
|
|
|
| Wabtec Corporation | ||||||||
| 2024 Q2 YTD Cash Conversion Calculation | ||||||||
| (in millions) | ||||||||
| Reported Cash | (Net Income | + | Depreciation & Amortization) | = | Cash Conversion | |||
| from Operations | ||||||||
| Consolidated Results |
|
|
|
|
|
|
|
|
| Wabtec Corporation | ||||||||
| 2023 Q2 Cash Conversion Calculation | ||||||||
| (in millions) | ||||||||
| Reported Cash | ÷ | (Net Income | + | Depreciation & Amortization) | = | Cash Conversion | ||
| from Operations | ||||||||
| Consolidated Results |
|
|
|
|
|
|
|
|
| Wabtec Corporation | ||||||||
| 2023 Q2 YTD Cash Conversion Calculation | ||||||||
| (in millions) | ||||||||
| Reported Cash | ÷ | (Net Income | + | Depreciation & Amortization) | = | Cash Conversion | ||
| from Operations | ||||||||
| Consolidated Results |
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240724280578/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
FAQ
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