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Wabtec Delivers Strong Second Quarter 2023 Results; Raises Full-Year Guidance

  • Sales Growth of 17.5% to $2.41 Billion; Freight Segment Sales Growth of 14.6% and Transit Segment Sales Growth of 25.3%
  • Second Quarter Reported GAAP Earnings Per Share of $1.06, Up 16.5%; Adjusted Earnings Per Share of $1.41, Up 14.6%
  • Raised Mid-Point of Full-Year Adjusted EPS to Up 16% Year-Over-Year from Up 10%
  • Expanded Mining Portfolio With Strategic Acquisition of L&M Radiator

Wabtec Corporation (NYSE: WAB) today reported second quarter 2023 GAAP earnings per diluted share of $1.06, up 16.5% versus the second quarter of 2022. Adjusted earnings per diluted share were $1.41, up 14.6% versus the same quarter a year ago. Second quarter sales were $2.41 billion, up 17.5% versus the second quarter a year ago, driven by strong sales across the Freight and Transit segments. The Company generated $115 million in operating cash flow during the second quarter 2023.

“The Wabtec team delivered another strong quarter and continues to drive increased momentum across the portfolio while delivering double-digit earnings per share growth,” said Rafael Santana, Wabtec’s President and CEO. “Our underlying business fundamentals are robust, and coupled with our relentless focus on execution, we were able to deliver for our customers and shareholders. We also leveraged our strong balance sheet by completing the strategic bolt-on acquisition of L&M Radiator, while returning over $100 million to shareholders via share buybacks and dividends.

“Looking ahead, we’re building momentum, and the pace of our commercial activity across segments and regions is growing. Meanwhile, our orders pipeline is expected to strengthen as we look out to the second half of 2023 and beyond. These factors, among others, gives us confidence to raise our full-year 2023 guidance. Our differentiated portfolio of offerings, expansive global installed base, and multi-year backlog bolsters our resiliency while driving long-term profitable growth for our shareholders.”

2023 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

2023

2022

Change

Net Sales

$2,407

$2,048

17.5 %

 

 

 

 

GAAP Gross Margin

30.1 %

31.5 %

(1.4 pts)

Adjusted Gross Margin

30.4 %

31.6 %

(1.2 pts)

GAAP Operating Margin

12.9 %

12.9 %

Adjusted Operating Margin

16.4 %

16.7 %

(0.3 pts)

 

 

 

 

GAAP Diluted EPS

$1.06

$0.91

16.5 %

Adjusted Diluted EPS

$1.41

$1.23

14.6 %

 

 

 

 

Cash Flow from Operations

$115

$263

$(148)

Operating Cash Flow Conversion

36 %

92 %

 

  • Sales increased 17.5% compared to the year-ago quarter driven by increased sales across the Freight and Transit segments.
  • GAAP operating margin was flat with prior year at 12.9% and adjusted operating margin was slightly lower than prior year at 16.4%. Both GAAP and adjusted operating margins benefited from lower SG&A expense as a percentage of sales and improved fixed cost absorption driven by higher sales, offset by unfavorable mix between and within segments.
  • GAAP EPS and adjusted EPS increased from the year-ago quarter primarily due to higher sales, partially offset by higher interest expense.

2023 Second Quarter Freight Segment Results

Wabtec Corporation Freight Segment Financial Results

Net sales $ in millions; margin change in percentage points (pts)

Second Quarter

2023

2022

Change

Net Sales

$1,708

$1,490

14.6 %

GAAP Gross Margin

31.7 %

33.0 %

(1.3 pts)

Adjusted Gross Margin

32.0 %

33.2 %

(1.2 pts)

GAAP Operating Margin

15.9 %

15.7 %

0.2 pts

Adjusted Operating Margin

20.3 %

20.3 %

  • Freight segment sales for the second quarter were up across all major product lines, with very strong growth in Components, Digital Intelligence and Services.
  • GAAP operating margin and adjusted operating margin benefited from lower SG&A expense as a percentage of sales and improved fixed cost absorption, offset by unfavorable mix.

2023 Second Quarter Transit Segment Results

Wabtec Corporation Transit Segment Financial Results

Net sales $ in millions; margin change in percentage points (pts)

Second Quarter

2023

2022

Change

Net Sales

$699

$558

25.3 %

GAAP Gross Margin

26.0 %

27.4 %

(1.4 pts)

Adjusted Gross Margin

26.5 %

27.5 %

(1.0 pts)

GAAP Operating Margin

9.5 %

9.0 %

0.5 pts

Adjusted Operating Margin

11.1 %

10.3 %

0.8 pts

  • Transit segment sales for the second quarter were up 25.3% due to strong OE and aftermarket sales.
  • GAAP and adjusted operating margins were up as a result of lower SG&A expense as a percentage of sales and Integration 2.0 savings.

Backlog

Wabtec Corporation Consolidated Backlog Comparison

Backlog $ in millions

June 30,

 

2023

2022

Change

12-Month Backlog

$7,220

$6,566

10.0 %

Total Backlog

$22,431

$23,227

(3.4) %

The Company’s multi-year backlog continues to provide strong visibility. At June 30, 2023, the 12-month backlog was $654 million higher than June 30, 2022. At June 30, 2023, the multi-year backlog was $796 million lower than June 30, 2022 and excluding foreign currency exchange, the multi-year backlog decreased $965 million, down 4.2%.

Cash Flow and Liquidity Summary

  • During the second quarter, cash provided by operations was $115 million versus $263 million in the year ago period due primarily to higher working capital.
  • At the end of the quarter, the Company had cash, cash equivalents and restricted cash of $371 million and total debt of $4.39 billion. At June 30, 2023, the Company’s total available liquidity was $1.75 billion, which includes cash and cash equivalents plus $1.38 billion available under current credit facilities.
  • During the second quarter, the Company completed the acquisition of L&M Radiator for $223 million, repurchased $75 million of shares and paid $31 million in dividends.

2023 Financial Guidance

  • Wabtec updated its 2023 financial guidance with sales expected to be in a range of $9.25 billion to $9.50 billion and adjusted earnings per diluted share to be in a range of $5.50 to $5.80.
  • For full year 2023, Wabtec expects cash flow generation with operating cash flow conversion of greater than 90 percent.

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 new 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: 7103421).

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 2023 financial guidance mentions certain non-GAAP financial performance measures, including adjusted gross profit, adjusted operating expenses, adjusted operating margin, EBITDA, adjusted EBITDA, adjusted effective tax rate, adjusted income tax expense, adjusted income from operations, adjusted interest and other expense, adjusted earnings per diluted share and operating cash flow conversion. Wabtec is not presenting a quantitative reconciliation of our forecasted GAAP earnings per diluted share to forecasted adjusted earnings per diluted share as we are 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. 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, including statements regarding the impact of acquisitions by Wabtec, statements regarding Wabtec’s expectations about future sales and earnings, statements regarding order pipeline expectations, statements regarding anticipated cash flow generation with operating cash flow conversion, and statements about the impact of evolving global conditions on Wabtec’s business. All statements, other than historical facts, including statements regarding synergies and other expected benefits from acquisitions; statements regarding Wabtec’s plans, objectives, expectations and intentions; 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 severity and duration of the evolving COVID-19 pandemic and the resulting impact on the global economy and, in particular, our customers, suppliers and end-markets, (11) potential disruptions, instability, and volatility in global markets 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, 2023 AND 2022
(AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA)
(UNAUDITED)
 

Three Months Ended

 

Six Months Ended

June 30,

 

June 30,

2023

 

2022

 

2023

 

2022

 
Net sales

$

2,407

 

$

2,048

 

$

4,601

 

$

3,975

 

Cost of sales

 

(1,684

)

 

(1,403

)

 

(3,213

)

 

(2,735

)

Gross profit

 

723

 

 

645

 

 

1,388

 

 

1,240

 

Gross profit as a % of Net Sales

 

30.1

%

 

31.5

%

 

30.2

%

 

31.2

%

 
Selling, general and administrative expenses

 

(285

)

 

(259

)

 

(548

)

 

(497

)

Engineering expenses

 

(53

)

 

(50

)

 

(104

)

 

(95

)

Amortization expense

 

(73

)

 

(72

)

 

(148

)

 

(145

)

Total operating expenses

 

(411

)

 

(381

)

 

(800

)

 

(737

)

Operating expenses as a % of Net Sales

 

17.1

%

 

18.6

%

 

17.4

%

 

18.5

%

 
Income from operations

 

312

 

 

264

 

 

588

 

 

503

 

Income from operations as a % of Net Sales

 

12.9

%

 

12.9

%

 

12.8

%

 

12.7

%

 
Interest expense, net

 

(55

)

 

(44

)

 

(103

)

 

(87

)

Other income, net

 

2

 

 

7

 

 

7

 

 

11

 

Income before income taxes

 

259

 

 

227

 

 

492

 

 

427

 

 
Income tax expense

 

(66

)

 

(58

)

 

(126

)

 

(108

)

Effective tax rate

 

25.5

%

 

25.5

%

 

25.5

%

 

25.3

%

 
Net income

 

193

 

 

169

 

 

366

 

 

319

 

 
Less: Net income attributable to noncontrolling interest

 

(2

)

 

(3

)

 

(6

)

 

(4

)

 
Net income attributable to Wabtec shareholders

$

191

 

$

166

 

$

360

 

$

315

 

 
Earnings Per Common Share
Basic
Net income attributable to Wabtec shareholders

$

1.06

 

$

0.91

 

$

2.00

 

$

1.71

 

 
Diluted
Net income attributable to Wabtec shareholders

$

1.06

 

$

0.91

 

$

2.00

 

$

1.71

 

 
 
Basic

 

178.9

 

 

181.9

 

 

179.4

 

 

183.2

 

Diluted

 

179.4

 

 

182.4

 

 

180.0

 

 

183.7

 

 
Segment Information
Freight Net Sales

$

1,708

 

$

1,490

 

$

3,274

 

$

2,812

 

Freight Income from Operations

$

271

 

$

233

 

$

498

 

$

422

 

Freight Operating Margin

 

15.9

%

 

15.7

%

 

15.2

%

 

15.0

%

 
Transit Net Sales

$

699

 

$

558

 

$

1,327

 

$

1,163

 

Transit Income from Operations

$

66

 

$

50

 

$

135

 

$

115

 

Transit Operating Margin

 

9.5

%

 

9.0

%

 

10.2

%

 

9.9

%

 
Backlog Information (Note: 12-month is a sub-set of total) June 30, 2023 March 31, 2023 June 30, 2022
Freight Total

$

18,336

 

$

18,362

 

$

19,679

 

Transit Total

 

4,095

 

 

3,972

 

 

3,548

 

Wabtec Total

$

22,431

 

$

22,334

 

$

23,227

 

 
Freight 12-Month

$

5,318

 

$

4,978

 

$

4,821

 

Transit 12-Month

 

1,902

 

 

1,947

 

 

1,745

 

Wabtec 12-Month

$

7,220

 

$

6,925

 

$

6,566

 

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
 
 
June 30, 2023 December 31, 2022
In millions
Cash, cash equivalents and restricted cash

$

371

$

541

Receivables, net

 

1,698

 

1,519

Inventories

 

2,317

 

2,034

Other current assets

 

277

 

233

Total current assets

 

4,663

 

4,327

Property, plant and equipment, net

 

1,443

 

1,429

Goodwill

 

8,657

 

8,508

Other intangible assets, net

 

3,359

 

3,402

Other noncurrent assets

 

863

 

850

Total assets

$

18,985

$

18,516

Current liabilities

$

4,173

$

3,467

Long-term debt

 

3,401

 

3,751

Long-term liabilities - other

 

1,184

 

1,151

Total liabilities

 

8,758

 

8,369

Shareholders' equity

 

10,188

 

10,102

Noncontrolling interest

 

39

 

45

Total shareholders' equity

 

10,227

 

10,147

Total Liabilities and Shareholders' Equity

$

18,985

$

18,516

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 

Six Months Ended June 30,

2023

 

2022

In millions
Operating activities
Net income

$

366

 

$

319

 

Non-cash expense

 

245

 

 

238

 

Receivables

 

(150

)

 

45

 

Inventories

 

(248

)

 

(256

)

Accounts Payable

 

(5

)

 

185

 

Other assets and liabilities

 

(118

)

 

(107

)

Net cash provided by operating activities

 

90

 

 

424

 

 
Net cash used for investing activities

 

(293

)

 

(117

)

 
Net cash provided by (used for) financing activities

 

30

 

 

(256

)

 
Effect of changes in currency exchange rates

 

3

 

 

(23

)

 
(Decrease) increase in cash

 

(170

)

 

28

 

 
Cash, cash equivalents and restricted cash, beginning of period

 

541

 

 

473

 

Cash, cash equivalents and restricted cash, end of period

$

371

 

$

501

 

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) Second Quarter 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

$

2,048

$

645

$

(381

)

$

264

$

(37

)

$

(58

)

$

169

$

(3

)

$

166

$

0.91

 
Restructuring costs

 

-

 

2

 

2

 

 

4

 

-

 

 

(1

)

 

3

 

-

 

 

3

$

0.02

 
Non-cash Amortization expense

 

-

 

-

 

72

 

 

72

 

-

 

 

(18

)

 

54

 

-

 

 

54

$

0.30

 
Adjusted Results

$

2,048

$

647

$

(307

)

$

340

$

(37

)

$

(77

)

$

226

$

(3

)

$

223

$

1.23

 
Fully Diluted Shares Outstanding

 

182.4

 
 
 
Wabtec Corporation
Reconciliation of Reported Results to Adjusted Results
(in millions) Second 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

$

3,975

$

1,240

$

(737

)

$

503

$

(76

)

$

(108

)

$

319

$

(4

)

$

315

$

1.71

 
Restructuring costs

 

-

 

7

 

4

 

 

11

 

-

 

 

(3

)

 

8

 

-

 

 

8

$

0.05

 
Non-cash Amortization expense

 

-

 

-

 

145

 

 

145

 

-

 

 

(36

)

 

109

 

-

 

 

109

$

0.59

 
Adjusted Results

$

3,975

$

1,247

$

(588

)

$

659

$

(76

)

$

(147

)

$

436

$

(4

)

$

432

$

2.35

 
Fully Diluted Shares Outstanding

 

183.7

 
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
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

 
 
 
Wabtec Corporation
2022 Q2 EBITDA Reconciliation
(in millions)

Reported Income

+

Other Income

+

Depreciation &

=

EBITDA

+

Restructuring

=

Adjusted

from Operations

(Expense)

Amortization

Costs

EBITDA

 

 

 

 

 

 

 

 

 

 

 

Consolidated Results

$264

 

$7

 

$116

 

$387

 

$4

 

$391

 
 
Wabtec Corporation
2022 Q2 YTD EBITDA Reconciliation
(in millions)

Reported Income

+

Other Income

+

Depreciation &

=

EBITDA

+

Restructuring

=

Adjusted

from Operations

(Expense)

Amortization

Costs

EBITDA

 

 

 

 

 

 

 

 

 

 

 

Consolidated Results

$503

 

$11

 

$237

 

$751

 

$11

 

$762

 
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
SALES BY PRODUCT LINE
(UNAUDITED)
 

Three Months Ended June 30,

In millions

2023

 

2022

Freight Segment
Equipment

$

415

$

381

Components

 

288

 

234

Digital Intelligence

 

195

 

164

Services

 

810

 

711

Total Freight Segment

$

1,708

$

1,490

 
Transit Segment
Original Equipment Manufacturer

$

325

$

259

Aftermarket

 

374

 

299

Total Transit Segment

$

699

$

558

 
 

Six Months Ended June 30,

In millions

2023

 

2022

Freight Segment
Equipment

$

808

$

655

Components

 

567

 

463

Digital Intelligence

 

382

 

317

Services

 

1,517

 

1,377

Total Freight Segment

$

3,274

$

2,812

 
Transit Segment
Original Equipment Manufacturer

$

607

$

551

Aftermarket

 

720

 

612

Total Transit Segment

$

1,327

$

1,163

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,

2023

 

2022

 

2023

 

2022

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

$

541

$

271

$

493

$

233

$

1,021

$

498

$

917

$

422

Freight Segment Reported Margin

 

31.7%

 

15.9%

 

33.0%

 

15.7%

 

31.2%

 

15.2%

 

32.6%

 

15.0%

 
Restructuring costs

 

5

 

6

 

1

 

1

 

6

 

8

 

3

 

3

Non-cash Amortization expense

 

-

 

69

 

-

 

67

 

-

 

137

 

-

 

135

 
Freight Segment Adjusted Results

$

546

$

346

$

494

$

301

$

1,027

$

643

$

920

$

560

Freight Segment Adjusted Margin

 

32.0%

 

20.3%

 

33.2%

 

20.3%

 

31.4%

 

19.6%

 

32.7%

 

20.0%

 
 
Transit Segment Reported Results

$

182

$

66

$

152

$

50

$

367

$

135

$

323

$

115

Transit Segment Reported Margin

 

26.0%

 

9.5%

 

27.4%

 

9.0%

 

27.7%

 

10.2%

 

27.7%

 

9.9%

 
Restructuring costs

 

3

 

6

 

1

 

3

 

6

 

11

 

4

 

7

Non-cash Amortization expense

 

-

 

4

 

-

 

5

 

-

 

11

 

-

 

10

 
Transit Segment Adjusted Results

$

185

$

76

$

153

$

58

$

373

$

157

$

327

$

132

Transit Segment Adjusted Margin

 

26.5%

 

11.1%

 

27.5%

 

10.3%

 

28.1%

 

11.9%

 

28.1%

 

11.4%

 
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
RECONCILIATION OF CHANGES IN NET SALES - BY SEGMENT
(UNAUDITED)
 
Three Months Ended June 30,
In millions Freight Transit Consolidated
 
2022 Net Sales

$

1,490

 

$

558

 

$

2,048

 

 
Acquisitions

 

11

 

 

-

 

 

11

 

Foreign Exchange

 

(9

)

 

2

 

 

(7

)

Organic

 

216

 

 

139

 

 

355

 

 
2023 Net Sales

$

1,708

 

$

699

 

$

2,407

 

 
Change ($)

 

218

 

 

141

 

 

359

 

Change (%)

 

14.6

%

 

25.3

%

 

17.5

%

 
 
Six Months Ended June 30,
Freight Transit Consolidated
 
2022 Net Sales

$

2,812

 

$

1,163

 

$

3,975

 

 
Acquisitions

 

32

 

 

-

 

 

32

 

Foreign Exchange

 

(30

)

 

(33

)

 

(63

)

Organic

 

460

 

 

197

 

 

657

 

 
2023 Net Sales

$

3,274

 

$

1,327

 

$

4,601

 

 
Change ($)

 

462

 

 

164

 

 

626

 

Change (%)

 

16.4

%

 

14.1

%

 

15.7

%

 
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
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%

 
 
 
 
Wabtec Corporation
2022 Q2 Cash Conversion Calculation
(in millions)

Reported Cash

÷

(Net Income

+

Depreciation & Amortization)

=

Cash Conversion

from Operations

 

 

 

 

 

 

 

Consolidated Results

$263

 

$169

 

$118

 

92%

 
 
Wabtec Corporation
2022 Q2 YTD Cash Conversion Calculation
(in millions)

Reported Cash

÷

(Net Income

+

Depreciation & Amortization)

=

Cash Conversion

from Operations

 

 

 

 

 

 

 

Consolidated Results

$424

 

$319

 

$240

 

76%

 

 

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