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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Wabtec Corp | NYSE:WAB | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 189.27 | 46 | 10:16:34 |
Thursday 13 February 2025
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 %
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
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
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
2025 Financial Guidance
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
$1,842
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION SALES BY PRODUCT LINE (UNAUDITED) Three Months Ended December 31, In millions2024
2023
Freight Segment Equipment$
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 millions2024
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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