- GAAP Earnings Per Share of $1.20, Up 39.5%; Adjusted
Earnings Per Share of $1.54, Up 18.5% Behind Sales Growth of
9.5%
- GAAP Operating Margin at 12.2%; Adjusted Operating Margin Up
1.7 pts to 17.0%
- Fourth Quarter Operating Cash Flow of $686 Million;
Full-Year Cash Flow from Operations up 15.7% to $1.20
Billion
- Announced $1.0 Billion Share Buyback Authorization and 17.6%
Increase in Quarterly Dividend
- Issues 2024 Financial Guidance of Adjusted EPS Between $6.50
to $6.90; Up 13.2% at the Mid-Point
Wabtec Corporation (NYSE: WAB) today reported fourth quarter
2023 GAAP earnings per diluted share of $1.20, up 39.5% versus the
fourth quarter of 2022. Adjusted earnings per diluted share were
$1.54, up 18.5% versus the same quarter a year ago. Fourth quarter
sales were $2.53 billion and cash from operations was $686 million.
Full year 2023 GAAP earnings per diluted share was $4.53, up 30.9%
versus full year 2022. Full year adjusted earnings per diluted
share were $5.92, up 21.8% versus full year 2022. Total 2023 sales
were $9.68 billion and cash from operations was a record high of
$1.20 billion.
“The Wabtec team delivered a strong finish to 2023 as evidenced
by higher sales, margin expansion, increased earnings and improved
cash flow,” said Rafael Santana, Wabtec’s President and CEO.
“Strong demand for our products in North America and international
markets, combined with our team’s relentless focus on execution and
delivering for our customers resulted in a year that exceeded our
expectations.
“We remain committed to our capital deployment strategy to
maximize shareholder returns. We invested for future growth,
executed on two strategic acquisitions and returned over $530
million to shareholders through share repurchases and dividends.
And based on our strong performance in 2023 and confidence in the
future, our Board of Directors recently reauthorized our stock
buyback program to refresh the amount available to $1.0 billion and
approved a 17.6% increase in our quarterly dividend.
“Looking ahead, with robust international activity and a strong
order pipeline, Wabtec is well-positioned to drive profitable
growth in 2024 and beyond. Our differentiated portfolio is aligned
to solving our customers’ most pressing needs and making rail the
safest and most efficient way to move people and goods across land.
Wabtec’s products and technologies will enable us to capitalize on
these trends and drive profitable growth and increase long-term
shareholder value.”
2023 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
2023
2022
Change
Net Sales
$2,526
$2,306
9.5 %
GAAP Gross Margin
30.3 %
28.3 %
2.0 pts
Adjusted Gross Margin
30.8 %
29.6 %
1.2 pts
GAAP Operating Margin
12.2 %
10.7 %
1.5 pts
Adjusted Operating Margin
17.0 %
15.3 %
1.7 pts
GAAP Diluted EPS
$1.20
$0.86
39.5 %
Adjusted Diluted EPS
$1.54
$1.30
18.5 %
Cash Flow from Operations
$686
$410
$276
Operating Cash Flow Conversion
182 %
147 %
- Sales increased 9.5% compared to the year-ago quarter driven by
increased sales across the Freight and Transit segments.
- GAAP gross margin was higher than prior year at 30.3% and
adjusted gross margin was higher than the prior year at 30.8%. Both
GAAP and adjusted gross margin benefited from higher sales,
improved price/mix and productivity.
- GAAP operating margin was higher than the prior year at 12.2%
and adjusted operating margin was higher than the prior year at
17.0%. Both GAAP and adjusted operating margins benefited from
higher gross margin and lower SG&A and Engineering expenses as
a percentage of sales.
- 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. GAAP EPS also benefited from
a gain resulting from a change of ownership interest of an assembly
joint venture.
2023 Fourth Quarter Freight Segment Results
Wabtec Corporation Freight Segment
Financial Results
Net sales $ in millions; margin change in
percentage points (pts)
Fourth Quarter
2023
2022
Change
Net Sales
$1,798
$1,669
7.7 %
GAAP Gross Margin
31.0 %
28.9 %
2.1 pts
Adjusted Gross Margin
31.3 %
29.4 %
1.9 pts
GAAP Operating Margin
13.7 %
12.5 %
1.2 pts
Adjusted Operating Margin
19.3 %
17.0 %
2.3 pts
- Freight segment sales for the fourth quarter were up 7.7%,
driven by double-digit growth in Services and Components.
- GAAP operating margin and adjusted operating margin benefited
from strong gross margin gains and lower SG&A and Engineering
expenses as a percent of sales.
2023 Fourth Quarter Transit Segment Results
Wabtec Corporation Transit Segment
Financial Results
Net sales $ in millions; margin change in
percentage points (pts)
Fourth Quarter
2023
2022
Change
Net Sales
$728
$637
14.3 %
GAAP Gross Margin
28.4 %
26.7 %
1.7 pts
Adjusted Gross Margin
29.4 %
30.3 %
(0.9 pts)
GAAP Operating Margin
11.9 %
9.9 %
2.0 pts
Adjusted Operating Margin
14.9 %
14.8 %
0.1 pts
- Transit segment sales for the fourth quarter were up 14.3% due
to strong OE and aftermarket sales.
- GAAP and adjusted operating margins were up as a result of
higher sales and savings related to Integration 2.0, partially
offset by unfavorable product mix. GAAP operating margin also
benefited from lower year-over-year restructuring expense.
Backlog
Wabtec Corporation Consolidated Backlog
Comparison
Backlog $ in millions
December 31,
2023
2022
Change
12-Month Backlog
$7,457
$6,760
10.3 %
Total Backlog
$21,999
$22,441
(2.0) %
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 $697 million higher than the prior year. And
at December 31, 2023, the multi-year backlog was $442 million lower
than the same time a year ago and excluding foreign currency
exchange, the multi-year backlog decreased $645 million, down
2.9%.
Cash Flow and Liquidity Summary
- During the fourth quarter, the Company generated cash from
operations of $686 million versus $410 million in the year ago
period. Cash flow from operations benefited from higher earnings
and improved working capital management.
- At the end of the quarter, the Company had cash, cash
equivalents and restricted cash of $620 million and total debt of
$4.07 billion. At December 31, 2023 the Company’s total available
liquidity was $2.12 billion, which includes cash and cash
equivalents plus $1.50 billion available under current credit
facilities.
- The Company repurchased $157 million of Wabtec shares in the
fourth quarter, bringing the full year total to $409 million.
- During the fourth quarter, Wabtec acquired the remaining 50% of
the Company’s joint venture, Lokomotiv Kurastyru Zauyty (LKZ), for
$81 million, net of cash received.
- Wabtec’s Board of Directors reauthorized the Company’s stock
buyback program to refresh the amount available to $1.0 billion.
The Board of Directors also increased the quarterly dividend by
17.6% and declared a regular quarterly common dividend of 20 cents
per share, payable on March 8, 2024 to holders of record on
February 23, 2024.
2024 Financial Guidance
- Wabtec issues 2024 financial guidance with sales expected to be
in a range of $10.05 billion to $10.35 billion and adjusted
earnings per diluted share to be in a range of $6.50 to $6.90.
- For full year 2024, 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 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: 4474477).
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 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 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 TWELVE
MONTHS ENDED DECEMBER 31, 2023 AND 2022 (AMOUNTS IN MILLIONS
EXCEPT PER SHARE DATA) (UNAUDITED)
Three Months Ended Twelve Months Ended December
31, December 31,
2023
2022
2023
2022
Net sales
$
2,526
$
2,306
$
9,677
$
8,362
Cost of sales
(1,762
)
(1,654
)
(6,733
)
(5,822
)
Gross profit
764
652
2,944
2,540
Gross profit as a % of Net Sales
30.3
%
28.3
%
30.4
%
30.4
%
Selling, general and administrative expenses
(296
)
(272
)
(1,139
)
(1,029
)
Engineering expenses
(61
)
(60
)
(218
)
(209
)
Amortization expense
(99
)
(73
)
(321
)
(291
)
Total operating expenses
(456
)
(405
)
(1,678
)
(1,529
)
Operating expenses as a % of Net Sales
18.1
%
17.5
%
17.3
%
18.3
%
Income from operations
308
247
1,266
1,011
Income from operations as a % of Net Sales
12.2
%
10.7
%
13.1
%
12.1
%
Interest expense, net
(55
)
(51
)
(218
)
(186
)
Other (expense) income, net
27
14
44
29
Income before income taxes
280
210
1,092
854
Income tax expense
(63
)
(51
)
(267
)
(213
)
Effective tax rate
22.6
%
24.3
%
24.5
%
25.0
%
Net income
217
159
825
641
Less: Net income attributable to noncontrolling interest
(2
)
(1
)
(10
)
(8
)
Net income attributable to Wabtec shareholders
$
215
$
158
$
815
$
633
Earnings Per Common Share Basic Net income
attributable to Wabtec shareholders
$
1.20
$
0.87
$
4.54
$
3.46
Diluted Net income attributable to Wabtec
shareholders
$
1.20
$
0.86
$
4.53
$
3.46
Basic
178.0
181.0
178.8
182.2
Diluted
178.8
181.7
179.5
182.8
Segment Information Freight Net Sales
$
1,798
$
1,669
$
6,962
$
6,012
Freight Income from Operations
$
246
$
209
$
1,071
$
864
Freight Operating Margin
13.7
%
12.5
%
15.4
%
14.4
%
Transit Net Sales
$
728
$
637
$
2,715
$
2,350
Transit Income from Operations
$
86
$
63
$
289
$
231
Transit Operating Margin
11.9
%
9.9
%
10.7
%
9.8
%
Backlog Information (Note: 12-month is a sub-set of
total) December 31,2023
September 30,2023
December 31,2022 Freight Total
$
17,831
$
17,614
$
18,641
Transit Total
4,168
3,869
3,800
Wabtec Total
$
21,999
$
21,483
$
22,441
Freight 12-Month
$
5,450
$
5,282
$
4,901
Transit 12-Month
2,007
1,809
1,859
Wabtec 12-Month
$
7,457
$
7,091
$
6,760
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
December 31, 2023
December 31, 2022
In millions Cash, cash
equivalents and restricted cash
$
620
$
541
Receivables, net
1,684
1,519
Inventories, net
2,284
2,034
Other current assets
267
233
Total current assets
4,855
4,327
Property, plant and equipment, net
1,485
1,429
Goodwill
8,780
8,508
Other intangible assets, net
3,205
3,402
Other noncurrent assets
663
850
Total assets
$
18,988
$
18,516
Current liabilities
$
4,056
$
3,467
Long-term debt
3,288
3,751
Long-term liabilities - other
1,120
1,151
Total liabilities
8,464
8,369
Shareholders' equity
10,487
10,102
Noncontrolling interest
37
45
Total shareholders' equity
10,524
10,147
Total Liabilities and Shareholders' Equity
$
18,988
$
18,516
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Twelve Months Ended December 31,
2023
2022
In millions Operating
activities Net income
$
825
$
641
Non-cash expense
473
506
Receivables
(195
)
(52
)
Inventories
(58
)
(368
)
Accounts Payable
(58
)
306
Other assets and liabilities
214
5
Net cash provided by operating activities
1,201
1,038
Net cash used for investing activities
(492
)
(235
)
Net cash used for financing activities
(633
)
(708
)
Effect of changes in currency exchange rates
3
(27
)
Increase in cash
79
68
Cash, cash equivalents and restricted cash, beginning of period
541
473
Cash, cash equivalents and restricted cash, end of period
$
620
$
541
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 Reconciliation of Reported Results to Adjusted
Results (in millions) Fourth 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
$
2,306
$
652
$
(405
)
$
247
$
(37
)
$
(51
)
$
159
$
(1
)
$
158
$
0.86
Restructuring costs
-
31
1
32
-
(8
)
24
-
24
$
0.14
Non-cash Amortization expense
-
-
73
73
-
(19
)
54
-
54
$
0.30
Adjusted Results
$
2,306
$
683
$
(331
)
$
352
$
(37
)
$
(78
)
$
237
$
(1
)
$
236
$
1.30
Fully Diluted Shares Outstanding
181.7
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 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
Wabtec Corporation 2022 Q4 EBITDA
Reconciliation (in millions) Reported Income
+ Other Income + Depreciation &
= EBITDA +
Restructuring = Adjusted from Operations (Expense) Amortization Costs EBITDA Consolidated Results
$247
$14
$119
$380
$29
$409
Wabtec Corporation 2022 Q4 YTD EBITDA
Reconciliation (in millions) Reported Income
+ Other Income + Depreciation &
= EBITDA +
Restructuring = Adjusted from Operations (Expense) Amortization Costs EBITDA Consolidated Results
$1,011
$29
$473
$1,513
$49
$1,562
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
SALES BY PRODUCT LINE (UNAUDITED) Three
Months Ended December 31, In
millions
2023
2022
Freight Segment Equipment
$
347
$
430
Components
283
241
Digital Intelligence
210
225
Services
958
773
Total Freight Segment
$
1,798
$
1,669
Transit Segment Original Equipment Manufacturer
$
326
$
280
Aftermarket
402
357
Total Transit Segment
$
728
$
637
Twelve Months Ended December 31,
In millions
2023
2022
Freight Segment Equipment
$
1,770
$
1,528
Components
1,157
936
Digital Intelligence
773
729
Services
3,262
2,819
Total Freight Segment
$
6,962
$
6,012
Transit Segment Original Equipment Manufacturer
$
1,235
$
1,095
Aftermarket
1,480
1,255
Total Transit Segment
$
2,715
$
2,350
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,
2023
2022
2023
2022
In millions Gross Profit Income
fromOperations Gross
Profit Income
fromOperations Gross
Profit Income
fromOperations Gross
Profit Income from
Operations Freight Segment Reported
Results
$
558
$
246
$
482
$
209
$
2,190
$
1,071
$
1,896
$
864
Freight Segment Reported Margin
31.0%
13.7%
28.9%
12.5%
31.5%
15.4%
31.5%
14.4%
Restructuring and Portfolio Optimization costs
5
30
8
7
13
41
15
15
Non-cash Amortization expense
-
71
-
68
-
277
-
272
Freight Segment Adjusted Results
$
563
$
347
$
490
$
284
$
2,203
$
1,389
$
1,911
$
1,151
Freight Segment Adjusted Margin
31.3%
19.3%
29.4%
17.0%
31.6%
19.9%
31.8%
19.1%
Transit Segment Reported Results
$
206
$
86
$
170
$
63
$
754
$
289
$
644
$
231
Transit Segment Reported Margin
28.4%
11.9%
26.7%
9.9%
27.8%
10.7%
27.3%
9.8%
Restructuring costs
8
17
23
27
25
38
28
37
Non-cash Amortization expense
-
5
-
5
-
21
-
19
Transit Segment Adjusted Results
$
214
$
108
$
193
$
95
$
779
$
348
$
672
$
287
Transit Segment Adjusted Margin
29.4%
14.9%
30.3%
14.8%
28.7%
12.8%
28.6%
12.2%
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
RECONCILIATION OF CHANGES IN NET SALES - BY SEGMENT
(UNAUDITED) Three Months Ended December 31,
In millions Freight Transit Consolidated 2022 Net Sales
$
1,669
$
637
$
2,306
Acquisitions
32
-
32
Foreign Exchange
5
28
33
Organic
92
63
155
2023 Net Sales
$
1,798
$
728
$
2,526
Change ($)
129
91
220
Change (%)
7.7%
14.3%
9.5%
Twelve Months Ended December 31,
Freight Transit Consolidated 2022 Net Sales
$
6,012
$
2,350
$
8,362
Acquisitions
109
-
109
Foreign Exchange
(23)
25
2
Organic
864
340
1,204
2023 Net Sales
$
6,962
$
2,715
$
9,677
Change ($)
950
365
1,315
Change (%)
15.8%
15.5%
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 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
from
Operations
Consolidated Results
$1,201
$825
$531
89%
Wabtec Corporation
2022 Q4 Cash Conversion Calculation (in millions)
Reported Cash
÷
(Net
Income
+
Depreciation & Amortization)
=
Cash
Conversion
from
Operations
Consolidated Results
$410
$159
$120
147%
Wabtec Corporation
2022 Q4 YTD Cash Conversion Calculation (in millions)
Reported Cash
÷
(Net
Income
+
Depreciation & Amortization)
=
Cash
Conversion
from
Operations
Consolidated Results
$1,038
$641
$479
93%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240214535509/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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