- GAAP Diluted Earnings Per Share of $1.64, Up 54.7%; Adjusted
Diluted Earnings Per Share of $1.96, Up 39.0%
- GAAP Operating Margin at 16.3%; Adjusted Operating Margin Up
2.9 pts to 19.3%
- Sales Growth of 9.8% to $2.64 billion; Freight Segment Sales
Growth of 13.1%
- Returned $235 million to Shareholders via Share Repurchases
and Dividends
- Raised and tightened 2024 Adjusted Diluted EPS guidance to
be in the range of $7.20 to $7.50; up 24.2% from 2023 at the
midpoint
Wabtec Corporation (NYSE: WAB) today reported second quarter
2024 GAAP earnings per diluted share of $1.64, up 54.7% versus the
second quarter of 2023. Adjusted earnings per diluted share were
$1.96, up 39.0% versus the same quarter a year ago. Second quarter
sales were $2.64 billion and cash from operations was $235
million.
“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
$2,644
$2,407
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
$1.64
$1.06
54.7 %
Adjusted Diluted EPS
$1.96
$1.41
39.0 %
Cash Flow from Operations
$235
$115
$120
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 at
19.3%. 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
$1,920
$1,697
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% and 17.5%, 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
$724
$710
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
$7,334
$7,220
1.6 %
Total Backlog
$22,075
$22,431
(1.6) %
The Company’s multi-year backlog continues to provide strong
visibility. At June 30, 2024, the 12-month backlog was $114 million
higher than the prior year period. At June 30, 2024, multi-year
backlog was $356 million lower than the prior year period, and
excluding foreign currency exchange, multi-year backlog decreased
$140 million, down 0.6%.
Cash Flow and Liquidity Summary
- During the second quarter, cash provided by operations was $235
million versus $115 million in the year ago period due primarily to
higher net income and improved working capital, partially offset by
a reduction in accounts receivable securitization funding.
- At the end of the quarter, the Company had cash, cash
equivalents and restricted cash of $595 million and total debt of
$4.00 billion. At June 30, 2024, the Company’s total available
liquidity was $2.09 billion, which includes cash and cash
equivalents plus $1.50 billion available under current credit
facilities.
- During the quarter, the Company repurchased $200 million of
Wabtec shares and paid $35 million in dividends.
2024 Financial Guidance
- Wabtec raised and tightened its 2024 adjusted EPS guidance to
be in the range of $7.20 to $7.50. Wabtec’s revenue guidance range
remains unchanged at $10.25 billion to $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 U.S. and worldwide. Visit
Wabtec’s website at www.wabteccorp.com.
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 Russia resulting from the invasion of Ukraine; (12)
cybersecurity and data protection risks and (13) other risk factors
as detailed from time to time in Wabtec’s reports filed with the
SEC, including Wabtec’s annual report on Form 10-K, periodic
quarterly reports on Form 10-Q, current reports on Form 8-K and
other documents filed with the SEC. The foregoing list of important
factors is not exclusive. Any forward-looking statements speak only
as of the date of this communication. Wabtec does not undertake any
obligation to update any forward-looking statements, whether as a
result of new information or development, future events or
otherwise, except as required by law. Readers are cautioned not to
place undue reliance on any of these forward-looking
statements.
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
$430
$4
$116
$550
$5
$555
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
$842
$2
$238
$1,082
$13
$1,095
Wabtec Corporation 2023 Q2 EBITDA
Reconciliation (in millions) Reported Income
+ Other Income + Depreciation &
= EBITDA +
Restructuring = Adjusted from Operations (Expense) Amortization Costs EBITDA Consolidated Results
$312
$2
$122
$436
$8
$444
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
$588
$7
$243
$838
$14
$852
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
SALES BY PRODUCT LINE (UNAUDITED) Three
Months Ended June 30, In
millions
2024
2023
Freight Segment Equipment
$
570
$ 418
Components
322
274
Digital Intelligence
199
195
Services
829
810
Total Freight Segment
$
1,920
$ 1,697
Transit Segment Original Equipment Manufacturer
$
310
$ 334
Aftermarket
414
376
Total Transit Segment
$
724
$ 710
Six Months Ended June 30, In millions
2024
2023
Freight Segment Equipment
$
1,096
$ 822
Components
615
532
Digital Intelligence
375
382
Services
1,658
1,517
Total Freight Segment
$
3,744
$ 3,253
Transit Segment Original Equipment Manufacturer
$
620
$ 623
Aftermarket
777
725
Total Transit Segment
$
1,397
$ 1,348
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
$235
$291
$118
57%
Wabtec Corporation 2024 Q2 YTD Cash
Conversion Calculation (in millions) Reported
Cash (Net Income +
Depreciation &
Amortization) = Cash
Conversion from
Operations Consolidated Results
$569
$568
$241
70%
Wabtec Corporation 2023 Q2 Cash
Conversion Calculation (in millions) Reported
Cash ÷ (Net Income
+ Depreciation &
Amortization) = Cash
Conversion from
Operations Consolidated Results
$115
$193
$123
36%
Wabtec Corporation 2023 Q2 YTD Cash
Conversion Calculation (in millions) Reported
Cash ÷ (Net Income
+ Depreciation &
Amortization) = Cash
Conversion from
Operations Consolidated Results
$90
$366
$246
15%
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
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