- Announces 350+ bps of Adj. Operating Margin Expansion, Mid
Single Digit Revenue Growth, and Double Digit Adj. EPS Growth CAGR
with 5-Year Long-Term Guidance Update
- Announces 2025 Financial Guidance of Adjusted EPS Between
$8.35 to $8.75; Up 13.1% at the Mid-Point
- 20% Orders Growth Compared to Prior Year, Including Q4
Orders for Over $1 Billion of New Locos & Mods
- Strong Full Year Cash from Operations up 52.7% or 117% Cash
Conversion
- Board of Directors Increases Quarterly Dividend by 25%,
Increased Share Buyback Authorization by $1.0 Billion in
December
Wabtec Corporation (NYSE: WAB) today reported fourth quarter
2024 GAAP earnings per diluted share of $1.23, up 2.5% versus the
fourth quarter of 2023. Fourth quarter adjusted earnings per
diluted share were $1.68, up 9.1% versus the same quarter a year
ago. Fourth quarter sales were $2.58 billion and cash from
operations was $723 million. Full year 2024 GAAP earnings per
diluted share were $6.04, up 33.3% versus full year 2023. Full year
adjusted earnings per diluted share were $7.56, up 27.7% versus
full year 2023. Total 2024 sales were $10.39 billion and cash from
operations was a record $1.83 billion.
“The Wabtec team delivered a strong 2024 as evidenced by higher
orders, sales, margin expansion, increased earnings and robust cash
flow,” said Rafael Santana, Wabtec’s President and CEO.
“We remain committed to our capital deployment strategy to
maximize shareholder returns. We returned $1.2 billion to
shareholders through share repurchases and dividends. And, based on
our strong performance in 2024 and confidence in the future, our
Board of Directors approved a 25% increase in our quarterly
dividend, and in December, increased our share buyback
authorization by $1.0 billion.
“I am encouraged by the underlying momentum of our business, and
the team’s unrelenting focus on execution and delivering for our
customers. And just as importantly, we continue to lay a solid
foundation for us to build upon. Looking ahead, I believe Wabtec is
well positioned to drive top quartile returns over time.”
2024 Fourth Quarter Consolidated Results
Wabtec Corporation Consolidated Financial
Results
$ in millions except earnings per share
and percentages; margin change in percentage points (pts)
Fourth Quarter
2024
2023
Change
Net Sales
$2,583
$2,526
2.3 %
GAAP Gross Margin
30.9 %
30.3 %
0.6 pts
Adjusted Gross Margin
31.6 %
30.8 %
0.8 pts
GAAP Operating Margin
12.9 %
12.2 %
0.7 pts
Adjusted Operating Margin
16.9 %
17.0 %
(0.1) pts
GAAP Diluted EPS
$1.23
$1.20
2.5 %
Adjusted Diluted EPS
$1.68
$1.54
9.1 %
Cash Flow from Operations
$723
$686
$37
Operating Cash Flow Conversion
212 %
182 %
- Sales increased 2.3% compared to the year-ago quarter driven by
increased sales in the Transit segment.
- GAAP operating margin was higher than the prior year at 12.9%
and adjusted operating margin was down slightly versus the prior
year at 16.9%. GAAP operating margins benefited from higher gross
margin and lower operating expenses as a percent of revenue.
Adjusted operating margins benefited from higher gross margin which
was offset by higher SG&A expenses as a percent of
revenue.
- GAAP EPS increased from the year-ago quarter primarily due to
higher sales and margin expansion, partially offset by the absence
of last year’s gain resulting from an increase in ownership
interest of an assembly joint venture. Adjusted EPS increased from
the year ago quarter primarily due to higher sales. Both benefited
from share repurchases during the year.
2024 Fourth Quarter Freight Segment Results
Wabtec Corporation Freight Segment
Financial Results
Net sales $ in millions; margin change in
percentage points (pts)
Fourth Quarter
2024
2023
Change
Net Sales
$1,794
$1,789
0.3 %
GAAP Gross Margin
31.0 %
31.0 %
0.0 pts
Adjusted Gross Margin
31.4 %
31.3 %
0.1 pts
GAAP Operating Margin
15.2 %
13.6 %
1.6 pts
Adjusted Operating Margin
19.4 %
19.3 %
0.1 pts
- Freight segment sales were up modestly in the quarter due to
the rebalance of Freight segment production to the first half of
the year. Full year sales were up 7.9%.
- GAAP operating margin benefited from lower operating expenses
as a percent of revenue behind lower intangible amortization
expenses. Adjusted operating margin benefited from modest gross
margin improvement.
2024 Fourth Quarter Transit Segment Results
Wabtec Corporation Transit Segment
Financial Results
Net sales $ in millions; margin change in
percentage points (pts)
Fourth Quarter
2024
2023
Change
Net Sales
$789
$737
7.1 %
GAAP Gross Margin
30.6 %
28.4 %
2.2 pts
Adjusted Gross Margin
31.8 %
29.4 %
2.4 pts
GAAP Operating Margin
13.0 %
11.9 %
1.1 pts
Adjusted Operating Margin
16.4 %
14.9 %
1.5 pts
- Transit segment sales for the fourth quarter were up 7.1% due
to strong OE and aftermarket sales.
- GAAP and adjusted operating margins were up as a result of
higher sales, savings related to Integration 2.0, and favorable
product mix.
Backlog
Wabtec Corporation Consolidated Backlog
Comparison
Backlog $ in millions
December 31,
2024
2023
Change
12-Month Backlog
$7,681
$7,457
3.0 %
Total Backlog
$22,272
$21,999
1.2 %
The Company’s 12-month and multi-year backlogs continue to
provide strong visibility. At the end of the fourth quarter, the
12-month backlog was $224 million higher than the prior year. And
at December 31, 2024, the multi-year backlog was $273 million
higher than the same time a year ago. Excluding the impacts of
foreign currency exchange, the 12-month backlog was up 5.5% and the
multi-year backlog was up 3.6%.
Cash Flow and Liquidity Summary
- During the fourth quarter, the Company generated cash from
operations of $723 million versus $686 million in the year ago
period. Cash flow from operations benefited from increased customer
deposits and receipt of a tax refund.
- At the end of the quarter, the Company had cash, cash
equivalents and restricted cash of $715 million and total debt of
$3.98 billion. At December 31, 2024 the Company’s total available
liquidity was $2.21 billion, which includes cash and cash
equivalents plus $1.50 billion available under current credit
facilities.
- The Company repurchased $123 million of Wabtec shares in the
fourth quarter, bringing the full year total to $1.10 billion.
- The Board of Directors increased the quarterly dividend by 25%
and declared a regular quarterly common dividend of 25 cents per
share, payable on March 7, 2025 to holders of record on February
21, 2025.
- In early December, the Board also increased our existing share
repurchase authorization by $1 billion.
2025 Financial Guidance
- The Company has largely achieved its previous 5-year guidance
over the past 3-year period. Consequently, the Company is replacing
its previous long-term guidance with new 5-year guidance. The
Company expects mid-single digit revenue growth CAGR, 350+ bps of
adjusted operating margin expansion, and double digit EPS growth
CAGR while delivering greater than 90% average cash conversion over
the 5-year period through the end of 2029.
- Wabtec’s 2025 financial guidance expects sales to be in a range
of $10.725 billion to $11.025 billion and adjusted earnings per
diluted share to be in a range of $8.35 to $8.75. For full year
2025, Wabtec expects strong 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 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: 3404117).
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 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 for 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 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) ability 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 Russia’s
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 TWELVE MONTHS ENDED DECEMBER 31, 2024 AND 2023 (AMOUNTS
IN MILLIONS EXCEPT PER SHARE DATA) (UNAUDITED)
Three Months Ended Twelve Months Ended
December 31, December 31,
2024
2023
2024
2023
Net sales
$
2,583
$
2,526
$
10,387
$
9,677
Cost of sales
(1,786
)
(1,762
)
(7,021
)
(6,733
)
Gross profit
797
764
3,366
2,944
Gross profit as a % of Net Sales
30.9
%
30.3
%
32.4
%
30.4
%
Selling, general and administrative expenses
(333
)
(296
)
(1,248
)
(1,139
)
Engineering expenses
(51
)
(61
)
(206
)
(218
)
Amortization expense
(79
)
(99
)
(303
)
(321
)
Total operating expenses
(463
)
(456
)
(1,757
)
(1,678
)
Operating expenses as a % of Net Sales
17.9
%
18.1
%
16.9
%
17.3
%
Income from operations
334
308
1,609
1,266
Income from operations as a % of Net Sales
12.9
%
12.2
%
15.5
%
13.1
%
Interest expense, net
(53
)
(55
)
(201
)
(218
)
Other income, net
3
27
2
44
Income before income taxes
284
280
1,410
1,092
Income tax expense
(71
)
(63
)
(343
)
(267
)
Effective tax rate
25.1
%
22.6
%
24.3
%
24.5
%
Net income
213
217
1,067
825
Less: Net income attributable to noncontrolling interest
(1
)
(2
)
(11
)
(10
)
Net income attributable to Wabtec shareholders
$
212
$
215
$
1,056
$
815
Earnings Per Common Share Basic Net income
attributable to Wabtec shareholders
$
1.23
$
1.20
$
6.05
$
4.54
Diluted Net income attributable to Wabtec
shareholders
$
1.23
$
1.20
$
6.04
$
4.53
Basic
171.2
178.0
174.1
178.8
Diluted
172.0
178.8
174.8
179.5
Segment Information Freight Net Sales
$
1,794
$
1,789
$
7,468
$
6,923
Freight Income from Operations
$
273
$
245
$
1,422
$
1,065
Freight Operating Margin
15.2
%
13.6
%
19.0
%
15.4
%
Transit Net Sales
$
789
$
737
$
2,919
$
2,754
Transit Income from Operations
$
103
$
87
$
338
$
295
Transit Operating Margin
13.0
%
11.9
%
11.6
%
10.7
%
Backlog Information (Note: 12-month is a sub-set of
total) December 31, 2024
September 30, 2024
December 31, 2023 Freight Total
$
17,986
$
17,756
$
17,785
Transit Total
4,286
4,478
4,214
Wabtec Total
$
22,272
$
22,234
$
21,999
Freight 12-Month
$
5,577
$
5,589
$
5,420
Transit 12-Month
2,104
2,035
2,037
Wabtec 12-Month
$
7,681
$
7,624
$
7,457
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
December 31, 2024
December 31, 2023
In millions Cash, cash
equivalents and restricted cash
$
715
$
620
Receivables, net
1,702
1,684
Inventories, net
2,314
2,284
Other current assets
212
267
Total current assets
4,943
4,855
Property, plant and equipment, net
1,447
1,485
Goodwill
8,710
8,780
Other intangible assets, net
2,934
3,205
Other noncurrent assets
668
663
Total assets
$
18,702
$
18,988
Current liabilities
$
3,792
$
4,056
Long-term debt
3,480
3,288
Long-term liabilities - other
1,297
1,120
Total liabilities
8,569
8,464
Shareholders' equity
10,091
10,487
Noncontrolling interest
42
37
Total shareholders' equity
10,133
10,524
Total Liabilities and Shareholders' Equity
$
18,702
$
18,988
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED) Twelve Months Ended December 31,
2024
2023
In millions Operating
activities Net income
$
1,067
$
825
Non-cash expense
580
473
Receivables
(34
)
(195
)
Inventories
(117
)
(58
)
Accounts Payable
70
(58
)
Other assets and liabilities
268
214
Net cash provided by operating activities
1,834
1,201
Net cash used for investing activities
(343
)
(492
)
Net cash used for financing activities
(1,371
)
(633
)
Effect of changes in currency exchange rates
(25
)
3
Increase in cash
95
79
Cash, cash equivalents and restricted cash, beginning of
period
620
541
Cash, cash equivalents and restricted cash, end of period
$
715
$
620
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 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
$
2,583
$
797
$
(463
)
$
334
$
(50
)
$
(71
)
$
213
$
(1
)
$
212
$
1.23
Restructuring and Portfolio Optimization costs
-
18
14
32
-
(8
)
24
-
24
$
0.14
Non-cash Amortization expense
-
-
72
72
-
(17
)
55
-
55
$
0.31
Adjusted Results
$
2,583
$
815
$
(377
)
$
438
$
(50
)
$
(96
)
$
292
$
(1
)
$
291
$
1.68
Fully Diluted Shares Outstanding
172.0
Wabtec Corporation Reconciliation of
Reported Results to Adjusted Results (in millions)
Fourth 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
$
10,387
$
3,366
$
(1,757
)
$
1,609
$
(199
)
$
(343
)
$
1,067
$
(11
)
$
1,056
$
6.04
Restructuring and Portfolio Optimization costs
-
37
33
70
(4
)
(16
)
50
-
50
$
0.28
Non-cash Amortization expense
-
-
288
288
-
(70
)
218
-
218
$
1.24
Adjusted Results
$
10,387
$
3,403
$
(1,436
)
$
1,967
$
(203
)
$
(429
)
$
1,335
$
(11
)
$
1,324
$
7.56
Fully Diluted Shares Outstanding
174.8
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 Reconciliation of Reported Results to
Adjusted Results (in millions) Fourth 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
$
2,526
$
764
$
(456
)
$
308
$
(28
)
$
(63
)
$
217
$
(2
)
$
215
$
1.20
Restructuring and Portfolio Optimization costs
-
13
34
47
-
(9
)
38
-
38
$
0.21
Gain on LKZ Investment
-
-
-
-
(35
)
-
(35
)
-
(35
)
$
(0.19
)
Non-cash Amortization expense
-
-
76
76
-
(18
)
58
-
58
$
0.32
Adjusted Results
$
2,526
$
777
$
(346
)
$
431
$
(63
)
$
(90
)
$
278
$
(2
)
$
276
$
1.54
Fully Diluted Shares Outstanding
178.8
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
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 Q4 EBITDA Reconciliation (in
millions) Reported Income + Other Income
+ Depreciation & = EBITDA + Restructuring =
Adjusted from Operations
(Expense) Amortization Costs EBITDA Consolidated Results
$334
$3
$127
$464
$22
$486
Wabtec Corporation 2024 Q4 YTD EBITDA
Reconciliation (in millions) Reported Income
+ Other Income + Depreciation &
= EBITDA +
Restructuring = Adjusted from Operations (Expense) Amortization Costs EBITDA Consolidated Results
$1,609
$2
$498
$2,109
$39
$2,148
Wabtec Corporation 2023 Q4 EBITDA
Reconciliation (in millions) Reported Income
+ Other Income + Depreciation &
= EBITDA +
Restructuring = Adjusted from Operations (Expense) Amortization Costs EBITDA Consolidated Results
$308
$27
$159
$494
($18)
$476
Wabtec Corporation 2023 Q4 YTD EBITDA
Reconciliation (in millions) Reported Income
+ Other Income + Depreciation &
= EBITDA +
Restructuring = Adjusted from Operations (Expense) Amortization Costs EBITDA Consolidated Results
$1,266
$44
$526
$1,836
$6
$1,842
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
SALES BY PRODUCT LINE (UNAUDITED) Three
Months Ended December 31, In
millions
2024
2023
Freight Segment Equipment
$
499
$
352
Components
282
269
Digital Intelligence
207
210
Services
806
958
Total Freight Segment
$
1,794
$
1,789
Transit Segment Original Equipment Manufacturer
$
339
$
333
Aftermarket
450
404
Total Transit Segment
$
789
$
737
Twelve Months Ended December 31,
In millions
2024
2023
Freight Segment Equipment
$
2,108
$
1,794
Components
1,193
1,094
Digital Intelligence
786
773
Services
3,381
3,262
Total Freight Segment
$
7,468
$
6,923
Transit Segment Original Equipment Manufacturer
$
1,308
$
1,264
Aftermarket
1,611
1,490
Total Transit Segment
$
2,919
$
2,754
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS - BY
SEGMENT (UNAUDITED) Three Months Ended
December 31, Twelve Months Ended December 31,
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
$
556
$
273
$
556
$
245
$
2,523
$
1,422
$
2,181
$
1,065
Freight Segment Reported Margin
31.0%
15.2%
31.0%
13.6%
33.8%
19.0%
31.5%
15.4%
Restructuring and Portfolio Optimization costs
8
9
5
30
18
27
13
41
Non-cash Amortization expense
-
66
-
70
-
267
-
276
Freight Segment Adjusted Results
$
564
$
348
$
561
$
345
$
2,541
$
1,716
$
2,194
$
1,382
Freight Segment Adjusted Margin
31.4%
19.4%
31.3%
19.3%
34.0%
23.0%
31.6%
19.9%
Transit Segment Reported Results
$
241
$
103
$
208
$
87
$
843
$
338
$
763
$
295
Transit Segment Reported Margin
30.6%
13.0%
28.4%
11.9%
28.9%
11.6%
27.7%
10.7%
Restructuring and Portfolio Optimization costs
10
21
8
17
19
41
25
38
Non-cash Amortization expense
-
6
-
6
-
21
-
22
Transit Segment Adjusted Results
$
251
$
130
$
216
$
110
$
862
$
400
$
788
$
355
Transit Segment Adjusted Margin
31.8%
16.4%
29.4%
14.9%
29.5%
13.7%
28.7%
12.8%
WESTINGHOUSE AIR BRAKE TECHNOLOGIES
CORPORATION RECONCILIATION OF CHANGES IN NET SALES - BY
SEGMENT (UNAUDITED) Three Months Ended
December 31, In millions
Freight Transit Consolidated 2023 Net Sales
$
1,789
$
737
$
2,526
Acquisitions
6
3
9
Foreign Exchange
(14
)
(3
)
(17
)
Organic
13
52
65
2024 Net Sales
$
1,794
$
789
$
2,583
Change ($)
5
52
57
Change (%)
0.3
%
7.1
%
2.3
%
Twelve Months Ended December 31,
Freight Transit Consolidated 2023 Net Sales
$
6,923
$
2,754
$
9,677
Acquisitions
78
3
81
Foreign Exchange
(32
)
(1
)
(33
)
Organic
499
163
662
2024 Net Sales
$
7,468
$
2,919
$
10,387
Change ($)
545
165
710
Change (%)
7.9
%
6.0
%
7.3
%
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 Q4 Cash Conversion
Calculation (in millions) Reported Cash ÷
(Net Income +
Depreciation &
Amortization) = Cash
Conversion from
Operations Consolidated Results
$723
$213
$128
212%
Wabtec Corporation 2024 Q4 YTD Cash
Conversion Calculation (in millions) Reported
Cash ÷ (Net Income
+ Depreciation &
Amortization) = Cash
Conversion from
Operations Consolidated Results
$1,834
$1,067
$503
117%
Wabtec Corporation 2023 Q4
Cash Conversion Calculation (in millions) Reported
Cash ÷ (Net Income
+ Depreciation &
Amortization) = Cash
Conversion from
Operations Consolidated Results
$686
$217
$160
182%
Wabtec Corporation 2023 Q4 YTD Cash
Conversion Calculation (in millions) Reported
Cash ÷ (Net Income
+ Depreciation &
Amortization) = Cash
Conversion Consolidated Results
$1,201
$825
$531
89%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250212787596/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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