- GAAP Diluted Earnings Per Share of $1.63, Up 22.6%; Adjusted
Diluted Earnings Per Share of $2.00, Up 17.6%
- GAAP Operating Margin at 16.3%; Adjusted Operating Margin Up
1.8 pts to 19.7%
- Sales Growth of 4.4% to $2.66 billion
- Returned $634 million to Shareholders via Share Repurchases
and Dividends
- Raised and tightened 2024 Adjusted Diluted EPS guidance to
be in the range of $7.45 to $7.65; up 27.5% from 2023 at the
midpoint
Wabtec Corporation (NYSE: WAB) today reported third quarter 2024
GAAP earnings per diluted share of $1.63, up 22.6% versus the third
quarter of 2023. Adjusted earnings per diluted share were $2.00, up
17.6% versus the same quarter a year ago. Third quarter sales were
$2.66 billion and cash from operations was $542 million.
“The Wabtec team delivered another strong quarter, evidenced by
continued growth in sales, margin, earnings and operating cash
flow,” said Rafael Santana, Wabtec’s President and CEO.
“Demand for products and services has remained strong, and our
pipeline of opportunities is robust, especially in our
international markets. Our team’s continued focus on product
innovation, cost management, and relentless execution for our
customers, along with our continued strong results, gives us
confidence to raise our full year guidance again this quarter.
“Our continued progress on expanding our backlog reinforces our
ability to drive profitable growth ahead, consistent with our long
term guidance.”
2024 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
2024
2023
Change
Net Sales
$2,663
$2,550
4.4 %
GAAP Gross Margin
33.0 %
31.0 %
2.0 pts
Adjusted Gross Margin
33.3 %
31.5 %
1.8 pts
GAAP Operating Margin
16.3 %
14.5 %
1.8 pts
Adjusted Operating Margin
19.7 %
17.9 %
1.8 pts
GAAP Diluted EPS
$1.63
$1.33
22.6 %
Adjusted Diluted EPS
$2.00
$1.70
17.6 %
Cash Flow from Operations
$542
$425
$117
Operating Cash Flow Conversion
129 %
116 %
- Sales increased 4.4% 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
19.7%. 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 and operating margin expansion.
2024 Third Quarter Freight Segment Results
Wabtec Corporation Freight Segment
Financial Results
Net sales $ in millions; margin change
in
percentage points (pts)
Third Quarter
2024
2023
Change
Net Sales
$1,930
$1,881
2.6 %
GAAP Gross Margin
35.0 %
32.4 %
2.6 pts
Adjusted Gross Margin
35.1 %
32.5 %
2.6 pts
GAAP Operating Margin
20.2 %
17.3 %
2.9 pts
Adjusted Operating Margin
24.1 %
21.2 %
2.9 pts
- Freight segment sales for the third quarter were up driven
primarily by Services and Digital which were up 16.5% and 12.7%,
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 Third Quarter Transit Segment Results
Wabtec Corporation Transit Segment
Financial Results
Net sales $ in millions; margin change
in
percentage points (pts)
Third Quarter
2024
2023
Change
Net Sales
$733
$669
9.6 %
GAAP Gross Margin
28.2 %
27.2 %
1.0 pts
Adjusted Gross Margin
28.8 %
28.9 %
(0.1) pts
GAAP Operating Margin
10.8 %
10.3 %
0.5 pts
Adjusted Operating Margin
12.8 %
12.5 %
0.3 pts
- Transit segment sales for the third quarter were up 9.6% driven
by higher OE sales.
- GAAP operating margins were up 0.5 percentage points behind
lower restructuring and transaction costs.
- Adjusted operating margins were up behind improved operating
expenses as a percent of revenue; partially offset by lower gross
margins.
Backlog
Wabtec Corporation Consolidated Backlog
Comparison
Backlog $ in millions
September 30,
2024
2023
Change
12-Month Backlog
$7,624
$7,091
7.5 %
Total Backlog
$22,234
$21,483
3.5 %
The Company’s multi-year backlog continues to provide strong
visibility. At September 30, 2024, the 12-month backlog was $533
million higher than the prior year period. At September 30, 2024,
the multi-year backlog was $751 million higher than the prior year
period, and excluding foreign currency exchange, the multi-year
backlog was $692 million higher, up 3.2%.
Cash Flow and Liquidity Summary
- During the third quarter, cash provided by operations was $542
million versus $425 million in the year ago period due primarily to
higher net income and increased accounts receivable securitization
funding.
- At the end of the quarter, the Company had cash, cash
equivalents and restricted cash of $410 million and total debt of
$4.02 billion. At September 30, 2024, the Company’s total available
liquidity was $1.90 billion, which includes cash and cash
equivalents plus $1.50 billion available under current credit
facilities.
- During the quarter, the Company repurchased $599 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 $7.45 to $7.65. 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: 7519289).
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 NINE
MONTHS ENDED SEPTEMBER 30, 2024 AND 2023 (AMOUNTS IN
MILLIONS EXCEPT PER SHARE DATA) (UNAUDITED)
Three Months Ended Nine Months Ended
September 30, September 30,
2024
2023
2024
2023
Net sales
$
2,663
$
2,550
$
7,804
$
7,151
Cost of sales
(1,783
)
(1,758
)
(5,235
)
(4,971
)
Gross profit
880
792
2,569
2,180
Gross profit as a % of Net Sales
33.0
%
31.0
%
32.9
%
30.5
%
Selling, general and administrative expenses
(318
)
(295
)
(915
)
(843
)
Engineering expenses
(50
)
(53
)
(155
)
(157
)
Amortization expense
(79
)
(74
)
(224
)
(222
)
Total operating expenses
(447
)
(422
)
(1,294
)
(1,222
)
Operating expenses as a % of Net Sales
16.8
%
16.5
%
16.6
%
17.1
%
Income from operations
433
370
1,275
958
Income from operations as a % of Net Sales
16.3
%
14.5
%
16.3
%
13.4
%
Interest expense, net
(52
)
(60
)
(148
)
(163
)
Other (expense) income, net
(3
)
10
(1
)
17
Income before income taxes
378
320
1,126
812
Income tax expense
(92
)
(78
)
(272
)
(204
)
Effective tax rate
24.2
%
24.5
%
24.1
%
25.1
%
Net income
286
242
854
608
Less: Net income attributable to noncontrolling interest
(3
)
(2
)
(10
)
(8
)
Net income attributable to Wabtec shareholders
$
283
$
240
$
844
$
600
Earnings Per Common Share Basic Net income
attributable to Wabtec shareholders
$
1.63
$
1.34
$
4.81
$
3.34
Diluted Net income attributable to Wabtec
shareholders
$
1.63
$
1.33
$
4.80
$
3.33
Basic
173.4
178.6
175.1
179.1
Diluted
174.1
179.2
175.7
179.7
Segment Information Freight Net Sales
$
1,930
$
1,881
$
5,674
$
5,134
Freight Income from Operations
$
390
$
325
$
1,149
$
820
Freight Operating Margin
20.2
%
17.3
%
20.2
%
16.0
%
Transit Net Sales
$
733
$
669
$
2,130
$
2,017
Transit Income from Operations
$
79
$
70
$
235
$
208
Transit Operating Margin
10.8
%
10.3
%
11.0
%
10.3
%
Backlog Information (Note: 12-month is a sub-set of
total) September 30, 2024
June 30, 2024 September 30, 2023 Freight Total
$
17,756
$
17,929
$
17,570
Transit Total
4,478
4,146
3,913
Wabtec Total
$
22,234
$
22,075
$
21,483
Freight 12-Month
$
5,589
$
5,504
$
5,254
Transit 12-Month
2,035
1,830
1,837
Wabtec 12-Month
$
7,624
$
7,334
$
7,091
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
September 30, 2024
December 31, 2023
In millions Cash, cash
equivalents and restricted cash
$
410
$
620
Receivables, net
1,782
1,684
Inventories, net
2,380
2,284
Other current assets
202
267
Total current assets
4,774
4,855
Property, plant and equipment, net
1,439
1,485
Goodwill
8,786
8,780
Other intangible assets, net
2,996
3,205
Other noncurrent assets
649
663
Total assets
$
18,644
$
18,988
Current liabilities
$
3,681
$
4,056
Long-term debt
3,517
3,288
Long-term liabilities - other
1,155
1,120
Total liabilities
8,353
8,464
Shareholders' equity
10,250
10,487
Noncontrolling interest
41
37
Total shareholders' equity
10,291
10,524
Total Liabilities and Shareholders' Equity
$
18,644
$
18,988
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED) Nine Months Ended September 30,
2024
2023
In millions Operating
activities Net income
$
854
$
608
Non-cash expense
387
372
Receivables
(92
)
(214
)
Inventories
(115
)
(201
)
Accounts Payable
87
(50
)
Other assets and liabilities
(10
)
-
Net cash provided by operating activities
1,111
515
Net cash used for investing activities
(106
)
(336
)
Net cash used for financing activities
(1,209
)
(323
)
Effect of changes in currency exchange rates
(6
)
(5
)
Decrease in cash
(210
)
(149
)
Cash, cash equivalents and restricted cash, beginning of
period
620
541
Cash, cash equivalents and restricted cash, end of period
$
410
$
392
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 Reporte Results to Adjusted Results (in
millions) Third 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
$
2,663
$
880
$
(447
)
$
433
$
(55
)
$
(92
)
$
286
$
(3
)
$
283
$
1.63
Restructuring and Portfolio Optimization costs
-
7
11
18
-
(4
)
14
-
14
$
0.07
Non-cash Amortization expense
-
-
73
73
-
(19
)
54
-
54
$
0.30
Adjusted Results
$
2,663
$
887
$
(363
)
$
524
$
(55
)
$
(115
)
$
354
$
(3
)
$
351
$
2.00
Fully Diluted Shares Outstanding
174.1
Wabtec Corporation Reconciliation of
Reported Results to Adjusted Results (in millions)
Third 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
$
7,804
$
2,569
$
(1,294
)
$
1,275
$
(149
)
$
(272
)
$
854
$
(10
)
$
844
$
4.80
Restructuring and Portfolio Optimization costs
-
19
19
38
(4
)
(8
)
26
-
26
$
0.14
Non-cash Amortization expense
-
-
216
216
-
(53
)
163
-
163
$
0.92
Adjusted Results
$
7,804
$
2,588
$
(1,059
)
$
1,529
$
(153
)
$
(333
)
$
1,043
$
(10
)
$
1,033
$
5.86
Fully Diluted Shares Outstanding
175.7
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
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
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 Q3 EBITDA Reconciliation (in
millions) Reported Income + Other Income
+ Depreciation & = EBITDA + Restructuring =
Adjusted from Operations
(Expense) Amortization Costs EBITDA Consolidated Results
$433
($3)
$133
$563
$4
$567
Wabtec Corporation 2024 Q3 YTD EBITDA
Reconciliation (in millions) Reported Income
+ Other Income + Depreciation &
= EBITDA +
Restructuring = Adjusted from Operations (Expense) Amortization Costs EBITDA Consolidated Results
$1,275
($1)
$371
$1,645
$17
$1,662
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
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
SALES BY PRODUCT LINE (UNAUDITED) Three
Months Ended September 30, In
millions
2024
2023
Freight Segment Equipment
$
513
$
620
Components
296
293
Digital Intelligence
204
181
Services
917
787
Total Freight Segment
$
1,930
$
1,881
Transit Segment Original Equipment Manufacturer
$
349
$
308
Aftermarket
384
361
Total Transit Segment
$
733
$
669
Nine Months Ended September 30,
In millions
2024
2023
Freight Segment Equipment
$
1,609
$
1,442
Components
911
825
Digital Intelligence
579
563
Services
2,575
2,304
Total Freight Segment
$
5,674
$
5,134
Transit Segment Original Equipment Manufacturer
$
969
$
931
Aftermarket
1,161
1,086
Total Transit Segment
$
2,130
$
2,017
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,
2024
2023
2024
2023
In millions Gross Profit Income
fromOperations Gross
Profit Income
fromOperations Gross
Profit Income
fromOperations Gross
Profit Income
fromOperations Freight Segment Reported
Results
$
673
$
390
$
609
$
325
$
1,967
$
1,149
$
1,625
$
820
Freight Segment Reported Margin
35.0%
20.2%
32.4%
17.3%
34.7%
20.2%
31.7%
16.0%
Restructuring and Portfolio Optimization costs
2
10
2
3
10
18
8
11
Non-cash Amortization expense
-
67
-
69
-
201
-
206
Freight Segment Adjusted Results
$
675
$
467
$
611
$
397
$
1,977
$
1,368
$
1,633
$
1,037
Freight Segment Adjusted Margin
35.1%
24.1%
32.5%
21.2%
34.8%
24.1%
31.8%
20.2%
Transit Segment Reported Results
$
207
$
79
$
183
$
70
$
602
$
235
$
555
$
208
Transit Segment Reported Margin
28.2%
10.8%
27.2%
10.3%
28.2%
11.0%
27.5%
10.3%
Restructuring costs
5
8
11
10
9
20
17
21
Non-cash Amortization expense
-
6
-
5
-
15
-
16
Transit Segment Adjusted Results
$
212
$
93
$
194
$
85
$
611
$
270
$
572
$
245
Transit Segment Adjusted Margin
28.8%
12.8%
28.9%
12.5%
28.7%
12.7%
28.3%
12.1%
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
RECONCILIATION OF CHANGES IN NET SALES - BY SEGMENT
(UNAUDITED) Three Months Ended September 30,
In millions Freight Transit Consolidated 2023 Net Sales
$
1,881
$
669
$
2,550
Acquisitions
2
-
2
Foreign Exchange
(11
)
8
(3
)
Organic
58
56
114
2024 Net Sales
$
1,930
$
733
$
2,663
Change ($)
49
64
113
Change (%)
2.6%
9.6%
4.4%
Nine Months Ended September 30,
Freight Transit Consolidated 2023 Net Sales
$
5,134
$
2,017
$
7,151
Acquisitions
72
-
72
Foreign Exchange
(18
)
2
(16
)
Organic
486
111
597
2024 Net Sales
$
5,674
$
2,130
$
7,804
Change ($)
540
113
653
Change (%)
10.5%
5.6%
9.1%
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 2024 Q3 Cash Conversion Calculation (in
millions) Reported Cash ÷ (Net Income + Depreciation &Amortization) =
Cash Conversion from Operations Consolidated
Results
$542
$286
$134
129%
Wabtec Corporation 2024 Q3 YTD Cash
Conversion Calculation (in millions) Reported
Cash ÷ (Net Income
+ Depreciation
&Amortization) = Cash Conversion from
Operations Consolidated Results
$1,111
$854
$375
90%
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%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241023088584/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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