- GAAP Earnings Per Share of $1.33, Up 51.1%; Adjusted
Earnings Per Share of $1.70, Up 39.3%
- Sales Growth of 22.5% to $2.55 Billion; Freight Segment
Sales Growth of 23.4% and Transit Segment Sales Growth of
20.0%
- GAAP Operating Margin at 14.5%; Adjusted Operating Margin Up
1.5 pts to 17.9%
- Strong Operating Cash Flow Generation of $425 Million; Cash
Conversion of 116%
- Raised Mid-Point of Full-Year Adjusted EPS Guidance to Up
21.4% Year-Over-Year
Wabtec Corporation (NYSE: WAB) today reported third quarter 2023
GAAP earnings per diluted share of $1.33, up 51.1% versus the third
quarter of 2022. Adjusted earnings per diluted share were $1.70, up
39.3% versus the same quarter a year ago. Third quarter sales were
$2.55 billion, up 22.5% versus the third quarter a year ago, driven
by strong sales across the Freight and Transit segments. The
Company generated strong operating cash flow of $425 million
resulting in a cash conversion of 116% for the third quarter
2023.
“The Wabtec team delivered a strong quarter as evidenced by
increased growth in sales, margin, earnings, and operating cash
flow,” said Rafael Santana, Wabtec’s President and CEO. “Demand
remained strong, including international markets, where our
pipeline of future opportunities continues to strengthen. With our
team’s relentless focus on execution, we delivered for our
customers and shareholders despite an increasingly volatile
macro-economic environment.
“Looking forward, we are confident that the breadth of our
products and technologies combined with our ability to maintain
resiliency during economic uncertainty will provide us with a solid
foundation for growth and continued momentum as we close out this
year and move into 2024. These factors, among others, give us
confidence to raise our full-year 2023 guidance. Wabtec is
well-positioned to continue driving profitable growth and
maximizing shareholder value.”
2023 Third Quarter Consolidated Results
Wabtec Corporation Consolidated Financial
Results
$ in millions except earnings per share
and percentages; margin change in percentage points (pts)
Third Quarter
2023
2022
Change
Net Sales
$2,550
$2,081
22.5 %
GAAP Gross Margin
31.0 %
31.1 %
(0.1 pts)
Adjusted Gross Margin
31.5 %
31.4 %
0.1 pts
GAAP Operating Margin
14.5 %
12.5 %
2.0 pts
Adjusted Operating Margin
17.9 %
16.4 %
1.5 pts
GAAP Diluted EPS
$1.33
$0.88
51.1 %
Adjusted Diluted EPS
$1.70
$1.22
39.3 %
Cash Flow from Operations
$425
$204
$221
Operating Cash Flow Conversion
116 %
72 %
- Sales increased 22.5% compared to the year-ago quarter driven
by increased sales across the Freight and Transit segments.
- GAAP operating margin was higher than the prior year at 14.5%
and adjusted operating margin was higher than the prior year at
17.9%. 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, partially offset by
manufacturing inefficiencies related to a strike at our Erie site
during the quarter.
- GAAP EPS and adjusted EPS increased from the year-ago quarter
primarily due to higher sales and margin expansion, partially
offset by increased interest expense.
2023 Third Quarter Freight Segment Results
Wabtec Corporation Freight Segment
Financial Results
Net sales $ in millions; margin change in
percentage points (pts)
Third Quarter
2023
2022
Change
Net Sales
$1,890
$1,531
23.4 %
GAAP Gross Margin
32.3 %
32.5 %
(0.2 pts)
Adjusted Gross Margin
32.4 %
32.7 %
(0.3 pts)
GAAP Operating Margin
17.3 %
15.2 %
2.1 pts
Adjusted Operating Margin
21.2 %
19.9 %
1.3 pts
- Freight segment sales for the third quarter were up across most
major product lines, with double-digit growth in Equipment,
Components 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, partially offset by manufacturing
inefficiencies related to a strike at our Erie site during the
quarter.
2023 Third Quarter Transit Segment Results
Wabtec Corporation Transit Segment
Financial Results
Net sales $ in millions; margin change in
percentage points (pts)
Third Quarter
2023
2022
Change
Net Sales
$660
$550
20.0 %
GAAP Gross Margin
27.3 %
27.4 %
(0.1 pts)
Adjusted Gross Margin
29.0 %
27.5 %
1.5 pts
GAAP Operating Margin
10.3 %
9.6 %
0.7 pts
Adjusted Operating Margin
12.5 %
11.0 %
1.5 pts
- Transit segment sales for the third quarter were up 20.0% due
to strong OE and aftermarket sales.
- GAAP and adjusted operating margins were up as a result of
favorable fixed cost absorption, improved product mix and savings
related to Integration 2.0, our three-year strategic
initiative.
Backlog
Wabtec Corporation Consolidated Backlog
Comparison
Backlog $ in millions
September 30,
2023
2022
Change
12-Month Backlog
$7,091
$6,267
13.1 %
Total Backlog
$21,483
$22,610
(5.0) %
The Company’s multi-year backlog continues to provide strong
visibility. At September 30, 2023, the 12-month backlog was $824
million higher than September 30, 2022. At September 30, 2023, the
multi-year backlog was $1,127 million lower than September 30, 2022
and excluding foreign currency exchange, the multi-year backlog
decreased $1,383 million, down 6.1%.
Cash Flow and Liquidity Summary
- During the third quarter, cash provided by operations was $425
million versus $204 million in the year ago period due primarily to
higher earnings and improved inventory management.
- At the end of the quarter, the Company had cash, cash
equivalents and restricted cash of $392 million and total debt of
$4.05 billion. At September 30, 2023, the Company’s total available
liquidity was $1.86 billion, which includes cash and cash
equivalents plus $1.48 billion available under current credit
facilities.
2023 Financial Guidance
- Wabtec updated its 2023 financial guidance with sales expected
to be in a range of $9.50 billion to $9.70 billion and adjusted
earnings per diluted share to be in a range of $5.80 to $6.00.
- For full year 2023, Wabtec expects cash flow generation with
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: 7429760).
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 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 impact of epidemics,
pandemics (including the COVID-19 pandemic), 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 NINE
MONTHS ENDED SEPTEMBER 30, 2023 AND 2022 (AMOUNTS IN
MILLIONS EXCEPT PER SHARE DATA) (UNAUDITED)
Three Months Ended Nine Months Ended
September 30, September 30,
2023
2022
2023
2022
Net sales
$
2,550
$
2,081
$
7,151
$
6,056
Cost of sales
(1,758
)
(1,433
)
(4,971
)
(4,168
)
Gross profit
792
648
2,180
1,888
Gross profit as a % of Net Sales
31.0
%
31.1
%
30.5
%
31.2
%
Selling, general and administrative expenses
(295
)
(260
)
(843
)
(757
)
Engineering expenses
(53
)
(54
)
(157
)
(149
)
Amortization expense
(74
)
(73
)
(222
)
(218
)
Total operating expenses
(422
)
(387
)
(1,222
)
(1,124
)
Operating expenses as a % of Net Sales
16.5
%
18.6
%
17.1
%
18.6
%
Income from operations
370
261
958
764
Income from operations as a % of Net Sales
14.5
%
12.5
%
13.4
%
12.6
%
Interest expense, net
(60
)
(48
)
(163
)
(135
)
Other income, net
10
4
17
15
Income before income taxes
320
217
812
644
Income tax expense
(78
)
(54
)
(204
)
(162
)
Effective tax rate
24.5
%
24.7
%
25.1
%
25.1
%
Net income
242
163
608
482
Less: Net income attributable to noncontrolling interest
(2
)
(3
)
(8
)
(7
)
Net income attributable to Wabtec shareholders
$
240
$
160
$
600
$
475
Earnings Per Common Share Basic Net income
attributable to Wabtec shareholders
$
1.34
$
0.88
$
3.34
$
2.60
Diluted Net income attributable to Wabtec
shareholders
$
1.33
$
0.88
$
3.33
$
2.59
Basic
178.6
181.3
179.1
182.6
Diluted
179.2
181.9
179.7
183.1
Segment Information Freight Net Sales
$
1,890
$
1,531
$
5,164
$
4,343
Freight Income from Operations
$
327
$
233
$
825
$
655
Freight Operating Margin
17.3
%
15.2
%
16.0
%
15.1
%
Transit Net Sales
$
660
$
550
$
1,987
$
1,713
Transit Income from Operations
$
68
$
53
$
203
$
168
Transit Operating Margin
10.3
%
9.6
%
10.2
%
9.8
%
Backlog Information (Note: 12-month is a sub-set of
total) September 30, 2023
June 30, 2023 September 30, 2022 Freight Total
$
17,614
$
18,336
$
19,173
Transit Total
3,869
4,095
3,437
Wabtec Total
$
21,483
$
22,431
$
22,610
Freight 12-Month
$
5,282
$
5,318
$
4,567
Transit 12-Month
1,809
1,902
1,700
Wabtec 12-Month
$
7,091
$
7,220
$
6,267
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
September 30, 2023
December 31, 2022
In millions Cash, cash
equivalents and restricted cash
$
392
$
541
Receivables, net
1,714
1,519
Inventories
2,246
2,034
Other current assets
282
233
Total current assets
4,634
4,327
Property, plant and equipment, net
1,419
1,429
Goodwill
8,590
8,508
Other intangible assets, net
3,267
3,402
Other noncurrent assets
890
850
Total assets
$
18,800
$
18,516
Current liabilities
$
3,891
$
3,467
Long-term debt
3,288
3,751
Long-term liabilities - other
1,254
1,151
Total liabilities
8,433
8,369
Shareholders' equity
10,326
10,102
Noncontrolling interest
41
45
Total shareholders' equity
10,367
10,147
Total Liabilities and Shareholders' Equity
$
18,800
$
18,516
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Nine Months Ended September 30,
2023
2022
In millions Operating
activities Net income
$
608
$
482
Non-cash expense
372
355
Receivables
(214
)
(39
)
Inventories
(201
)
(401
)
Accounts Payable
(50
)
232
Other assets and liabilities
-
(1
)
Net cash provided by operating activities
515
628
Net cash used for investing activities
(336
)
(149
)
Net cash used for financing activities
(323
)
(395
)
Effect of changes in currency exchange rates
(5
)
(43
)
(Decrease) increase in cash
(149
)
41
Cash, cash equivalents and restricted cash, beginning of
period
541
473
Cash, cash equivalents and restricted cash, end of period
$
392
$
514
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) Third 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
$
2,550
$
792
$
(422
)
$
370
$
(50
)
$
(78
)
$
242
$
(2
)
$
240
$
1.33
Restructuring costs
-
13
-
13
-
(3
)
10
-
10
$
0.06
Non-cash Amortization expense
-
-
74
74
-
(19
)
55
-
55
$
0.31
Adjusted Results
$
2,550
$
805
$
(348
)
$
457
$
(50
)
$
(100
)
$
307
$
(2
)
$
305
$
1.70
Fully Diluted Shares Outstanding
179.2
Wabtec Corporation Reconciliation of
Reported Results to Adjusted Results (in millions)
Third 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
$
7,151
$
2,180
$
(1,222
)
$
958
$
(146
)
$
(204
)
$
608
$
(8
)
$
600
$
3.33
Restructuring costs
-
25
7
32
-
(8
)
24
-
24
$
0.13
Non-cash Amortization expense
-
-
222
222
-
(56
)
166
-
166
$
0.92
Adjusted Results
$
7,151
$
2,205
$
(993
)
$
1,212
$
(146
)
$
(268
)
$
798
$
(8
)
$
790
$
4.38
Fully Diluted Shares Outstanding
179.7
Wabtec Corporation Reconciliation of
Reported Results to Adjusted Results (in millions)
Third 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
$
2,081
$
648
$
(387
)
$
261
$
(44
)
$
(54
)
$
163
$
(3
)
$
160
$
0.88
Restructuring costs
-
5
4
9
-
(2
)
7
-
7
$
0.04
Non-cash Amortization expense
-
-
73
73
-
(18
)
55
-
55
$
0.30
Adjusted Results
$
2,081
$
653
$
(310
)
$
343
$
(44
)
$
(74
)
$
225
$
(3
)
$
222
$
1.22
Fully Diluted Shares Outstanding
181.9
Wabtec Corporation Reconciliation of
Reported Results to Adjusted Results (in millions)
Third 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
$
6,056
$
1,888
$
(1,124
)
$
764
$
(120
)
$
(162
)
$
482
$
(7
)
$
475
$
2.59
Restructuring costs
-
12
8
20
-
(5
)
15
-
15
$
0.08
Non-cash Amortization expense
-
-
218
218
-
(54
)
164
-
164
$
0.89
Adjusted Results
$
6,056
$
1,900
$
(898
)
$
1,002
$
(120
)
$
(221
)
$
661
$
(7
)
$
654
$
3.56
Fully Diluted Shares Outstanding
183.1
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 Q3 EBITDA
Reconciliation (in millions)
Reported Income + Other Income +
Depreciation & = EBITDA + Restructuring =
Adjusted from
Operations (Expense)
Amortization Costs EBITDA Consolidated
Results
$370
$10
$124
$504
$10
$514
Wabtec Corporation
2023 Q3 YTD EBITDA Reconciliation
(in millions) Reported
Income + Other Income + Depreciation
& = EBITDA
+ Restructuring = Adjusted
from Operations (Expense) Amortization Costs EBITDA Consolidated
Results
$958
$17
$367
$1,342
$24
$1,366
Wabtec
Corporation
2022 Q3 EBITDA
Reconciliation (in millions)
Reported Income + Other Income +
Depreciation & = EBITDA + Restructuring =
Adjusted from
Operations (Expense)
Amortization Costs EBITDA Consolidated
Results
$261
$4
$117
$382
$9
$391
Wabtec Corporation
2022 Q3 YTD EBITDA Reconciliation
(in millions) Reported
Income + Other Income + Depreciation
& = EBITDA
+ Restructuring = Adjusted
from Operations (Expense) Amortization Costs EBITDA Consolidated
Results
$764
$15
$354
$1,133
$20
$1,153
WESTINGHOUSE AIR BRAKE TECHNOLOGIES
CORPORATION SALES BY PRODUCT LINE (UNAUDITED)
Three Months Ended September 30, In millions
2023
2022
Freight Segment Equipment
$
615
$
443
Components
307
232
Digital Intelligence
181
187
Services
787
669
Total Freight Segment
$
1,890
$
1,531
Transit Segment Original Equipment Manufacturer
$
302
$
264
Aftermarket
358
286
Total Transit Segment
$
660
$
550
Nine Months Ended September 30,
In millions
2023
2022
Freight Segment Equipment
$
1,423
$
1,098
Components
874
695
Digital Intelligence
563
504
Services
2,304
2,046
Total Freight Segment
$
5,164
$
4,343
Transit Segment Original Equipment Manufacturer
$
909
$
815
Aftermarket
1,078
898
Total Transit Segment
$
1,987
$
1,713
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS - BY
SEGMENT (UNAUDITED) Three Months Ended
September 30, Nine Months Ended September 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
$
611
$
327
$
497
$
233
$
1,632
$
825
$
1,414
$
655
Freight Segment Reported Margin
32.3
%
17.3
%
32.5
%
15.2
%
31.6
%
16.0
%
32.6
%
15.1
%
Restructuring costs
2
3
4
5
8
11
7
8
Non-cash Amortization expense
-
69
-
69
-
206
-
204
Freight Segment Adjusted Results
$
613
$
399
$
501
$
307
$
1,640
$
1,042
$
1,421
$
867
Freight Segment Adjusted Margin
32.4
%
21.2
%
32.7
%
19.9
%
31.8
%
20.2
%
32.7
%
20.0
%
Transit Segment Reported Results
$
181
$
68
$
151
$
53
$
548
$
203
$
474
$
168
Transit Segment Reported Margin
27.3
%
10.3
%
27.4
%
9.6
%
27.6
%
10.2
%
27.6
%
9.8
%
Restructuring costs
11
10
1
3
17
21
5
10
Non-cash Amortization expense
-
5
-
4
-
16
-
14
Transit Segment Adjusted Results
$
192
$
83
$
152
$
60
$
565
$
240
$
479
$
192
Transit Segment Adjusted Margin
29.0
%
12.5
%
27.5
%
11.0
%
28.4
%
12.1
%
27.9
%
11.2
%
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
RECONCILIATION OF CHANGES IN NET SALES - BY SEGMENT
(UNAUDITED) Three Months Ended September 30,
In millions Freight Transit Consolidated 2022 Net Sales
$
1,531
$
550
$
2,081
Acquisitions
45
-
45
Foreign Exchange
2
30
32
Organic
312
80
392
2023 Net Sales
$
1,890
$
660
$
2,550
Change ($)
359
110
469
Change (%)
23.4
%
20.0
%
22.5
%
Nine Months Ended September 30,
Freight Transit Consolidated 2022 Net Sales
$
4,343
$
1,713
$
6,056
Acquisitions
77
-
77
Foreign Exchange
(28
)
(3
)
(31
)
Organic
772
277
1,049
2023 Net Sales
$
5,164
$
1,987
$
7,151
Change ($)
821
274
1,095
Change (%)
18.9
%
16.0
%
18.1
%
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 Q3 Cash Conversion
Calculation (in millions) Reported Cash
÷ (Net Income +
Depreciation &
Amortization) = Cash
Conversion from
Operations Consolidated Results
$425
$242
$125
116%
Wabtec Corporation 2023 Q3 YTD Cash
Conversion Calculation (in millions) Reported
Cash ÷ (Net Income
+ Depreciation &
Amortization) = Cash
Conversion from
Operations Consolidated Results
$515
$608
$371
53%
Wabtec Corporation 2022 Q3
Cash Conversion Calculation (in millions) Reported
Cash ÷ (Net Income
+ Depreciation &
Amortization) = Cash
Conversion from
Operations
Consolidated Results
$204
$163
$119
72%
Wabtec Corporation 2022 Q3 YTD Cash
Conversion Calculation (in millions) Reported
Cash ÷ (Net Income
+ Depreciation &
Amortization) = Cash
Conversion from
Operations Consolidated Results
$628
$482
$359
75%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231025130060/en/
Wabtec Investor Contact Kristine Kubacki, CFA /
Kristine.Kubacki@wabtec.com / 412-450-2033 Wabtec Media
Contact Tim Bader / Tim.Bader@wabtec.com / 682-319-7925
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