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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 | |
---|---|---|---|---|---|---|---|---|
-0.54 | -0.34% | 160.54 | 162.32 | 159.645 | 160.79 | 1,017,427 | 01:00:00 |
Wabtec Corporation (NYSE: WAB) today reported earnings per diluted share of $0.54 and adjusted earnings per diluted share of $1.06 in the 2019 second quarter (see reconciliation table). The company generated GAAP cash from operations of $413 million for the quarter and raised its 2019 GAAP cash from operations guidance to about $900 million. Wabtec also updated its full-year guidance for sales of about $8.3 billion and adjusted earnings per diluted share to between $4.10 to $4.20.
Rafael Santana, Wabtec’s president and chief executive officer, said: “Our second quarter results demonstrate a solid operating performance, with strong cash from operations and margin improvement, enabling significant debt reduction. In light of conditions in the North American freight market, we have accelerated our cost reductions and synergy initiatives. We are already beginning to reap strategic benefits from the merger of Wabtec and GE Transportation, completed just a few months ago.
“We are confident the company’s diverse business model, focus on aftermarket and services, technology capabilities and global presence will generate long-term growth. We believe our efforts to improve costs, including a synergy target of $250 million by year four following the merger, will drive significant, long-term value for our customers and shareholders.”
2019 Second Quarter Consolidated Results
2019 Second Quarter Segment Results
Cash Flow Summary
Backlog
2019 Financial Guidance and Pro Forma Financial Information
Update on General Electric Company Stock Ownership
Conference Call Information
Wabtec will host a call with analysts and investors at 10 a.m., ET, today. To listen via webcast, go to Wabtec’s new website at www.WabtecCorp.com and click on “Events & Presentations” in the “Investor Relations” section, or to the old Wabtec website at www.wabtec.com and click on “Webcasts” in the “Investor Relations” section. Also, an audio replay of the call will be available by calling 412-317-0088 (passcode: 466#).
About Wabtec Corporation
Wabtec Corporation is a leading global provider of equipment, systems, digital solutions and value-added services for freight and transit rail. Drawing on nearly four centuries of collective experience across Wabtec, GE Transportation and Faiveley Transport, the company has unmatched digital expertise, technological innovation, and world-class manufacturing and services, enabling the digital-rail-and-transit ecosystems. Wabtec is focused on performance that drives progress, creating transportation solutions that move and improve the world. The freight portfolio features a comprehensive line of locomotives, software applications and a broad selection of mission-critical controls systems, including Positive Train Control (PTC). The transit portfolio provides highly engineered systems and services to virtually every major rail transit system around the world, supplying an integrated series of components for buses and all train-related market segments that deliver safety, efficiency and passenger comfort. Along with its industry-leading portfolio of products and solutions for the rail and transit industries, Wabtec is a leader in mining, marine, and industrial solutions. Based in Wilmerding, PA, Wabtec has approximately 27,000 employees in facilities throughout the world. Visit: www.WabtecCorp.com or www.wabtec.com
Information about non-GAAP 2019 Financial Guidance and Forward-Looking Statements
Wabtec’s earnings release and 2019 financial guidance mention certain non-GAAP financial performance measures, including adjusted sales, adjusted operating margin, EBITDA, adjusted EBITDA, adjusted income from operations and adjusted earnings per diluted share. Wabtec defines EBITDA as income from operations plus depreciation and 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 presentation have inherent material limitations as performance measures because they add back certain expenses incurred by the company to GAAP financial measures, resulting in those expenses not being taken into account in the applicable non-GAAP financial measure. Because not all companies use identical calculations, Wabtec’s presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. Included in this release are reconciliation tables that provide details about how adjusted results relate to GAAP results.
This communication contains “forward-looking” statements as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995, including statements regarding the acquisition by Wabtec of GE Transportation (the “transaction”) and statements regarding Wabtec’s expectations about future sales and earnings. All statements, other than historical facts, including statements regarding the expected benefits of the transaction, including future financial and operating results, the tax consequences of the GE Transportation transaction, and the combined company’s plans, objectives, expectations and intentions; legal, economic and regulatory 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) unexpected costs, charges or expenses resulting from GE Transportation merger; (2) uncertainty of the expected financial performance of the combined company; (3) failure to realize the anticipated benefits of the transaction, including as a result of integrating GE Transportation into Wabtec; (4) the ability of the combined company to implement its business strategy; (5) difficulties and delays in achieving revenue and cost synergies of the combined company; (6) inability to retain and hire key personnel; (7) evolving legal, regulatory and tax regimes; (8) changes in general economic and/or industry specific conditions, including the impacts of tax and tariff programs, industry consolidation and changes in the financial condition or operating strategies of our customers; (9) changes in the expected timing of projects; (10) a decrease in freight or passenger rail traffic; (11) an increase in manufacturing costs; (12) actions by third parties, including government agencies; 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, periodic 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 STATEMENT OF INCOME FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2019 AND 2018 (AMOUNTS IN THOUSANDS EXCEPT PER SHARE DATA) (UNAUDITED)Second
Second
For the
For the
Quarter
Quarter
Six Months
Six Months
2019
2018
2019
2018
Net sales
$ 2,236,284
$ 1,111,680
$ 3,829,901
$ 2,167,857
Cost of sales(1,621,608)
(787,713)
(2,826,208)
(1,533,009)
Gross profit
614,676
323,967
1,003,693
634,848
Gross profit as a % of Net Sales
27.5%
29.1%
26.2%
29.3%
Selling, general and administrative expenses(290,959)
(171,157)
(550,682)
(318,358)
Engineering expenses(57,120)
(19,388)
(91,665)
(41,437)
Amortization expense(65,960)
(9,899)
(93,402)
(20,251)
Total operating expenses
(414,039)
(200,444)
(735,749)
(380,046)
Operating expenses as a % of Net Sales
18.5%
18.0%
19.2%
17.5%
Income from operations
200,637
123,523
267,944
254,802
Income from operations as a % of Net Sales
9.0%
11.1%
7.0%
11.8%
Interest expense, net(58,560)
(31,920)
(103,129)
(52,204)
Other income (expense), net2,177
2,171
(6,051)
4,757
Income from operations before income taxes
144,254
93,774
158,764
207,355
Income tax expense(41,400)
(10,503)
(59,923)
(36,627)
Effective tax rate
28.7%
11.2%
37.7%
17.7%
Net income
102,854
83,271
98,841
170,728
Less: Net loss attributable to noncontrolling interest1,381
1,145
922
2,054
Net income attributable to Wabtec shareholders
$ 104,235
$ 84,416
$ 99,763
$ 172,782
Earnings Per Common Share BasicNet income attributable to Wabtec shareholders
$ 0.58
$ 0.88
$ 0.66
$ 1.80
DilutedNet income attributable to Wabtec shareholders
$ 0.54
$ 0.87
$ 0.61
$ 1.79
Basic
177,348
95,992
149,553
95,867
Diluted
191,453
96,575
162,155
96,471
Segment Information Freight Net Sales$ 1,493,949
$ 412,258
$ 2,370,383
$ 791,812
Freight Income from Operations$ 151,978
$ 84,347
$ 227,188
$ 153,969
Freight Operating Margin10.2%
20.5%
9.6%
19.4%
Transit Net Sales$ 742,335
$ 699,422
$ 1,459,518
$ 1,376,045
Transit Income from Operations$ 71,211
$ 57,975
$ 130,144
$ 126,059
Transit Operating Margin9.6%
8.3%
8.9%
9.2%
Backlog Information (Note: 12-month is a sub-set of total) June 30, 2019 March 31, 2019 Freight Total$ 18,765,452
$ 19,466,111
Transit Total3,847,812
3,795,200
Wabtec Total$ 22,613,264
$ 23,261,311
Freight 12-Month$ 3,793,877
$ 4,061,260
Transit 12-Month2,058,914
2,048,707
Wabtec 12-Month$ 5,852,791
$ 6,109,967
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS Unaudited June 30, 2019 December 31, 2018 In thousands Cash and cash equivalents$ 461,371
$ 580,908
Restricted cash-
1,761,446
Receivables, net1,707,409
1,146,778
Inventories1,881,791
844,886
Current assets - other178,569
115,649
Total current assets
4,229,140
4,449,667
Property, plant and equipment, net1,646,097
563,737
Goodwill8,150,671
2,396,544
Other intangibles, net4,364,356
1,129,880
Other long term assets552,329
109,406
Total assets
$ 18,942,593
$ 8,649,234
Current liabilities$ 3,211,315
$ 1,646,690
Long-term debt4,528,768
3,792,774
Long-term liabilities - other1,367,353
340,695
Total liabilities
9,107,436
5,780,159
Shareholders' equity9,801,760
2,865,131
Non-controlling interest33,397
3,944
Total shareholders' equity
$ 9,835,157
$ 2,869,075
Total Liabilities and Shareholders' Equity
$ 18,942,593
$ 8,649,234
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWSUnaudited
Six Months Ended June 30,
2019
2018
In thousands Net cash provided by operating activities$ 443,924
$ 67,904
Net cash used for investing activities(3,040,364)
(69,100)
Net cash provided by financing activities726,108
22,764
Effect of changes in currency exchange rates(10,651)
(9,395)
(Decrease) increase in cash(1,880,983)
12,173
Cash, cash equivalents, and restricted cash, beginning of period2,342,354
233,401
Cash, cash equivalents, and restricted cash, end of period$ 461,371
$ 245,574
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)
Second Quarter 2019 Actual Results
Gross
Operating
Income from
Interest &
Noncontrolling
Wabtec
Net Sales
Profit
Expenses
Operations
Other Exp
Tax
Net Income
Interest
Net Income
EPS
Consolidated Q2 Actual As Reported$ 2,236.3
$ 614.7
$ (414.0)
$ 200.6
$ (56.4)
$ (41.4)
$ 102.8
$ 1.4
$ 104.2
$ 0.54
Restructuring & Transaction costs-
-
31.4
31.4
3.5
(8.4)
26.5
-
26.5
$ 0.14
One-time PPA-
89.0
-
89.0
-
(21.5)
67.5
-
67.5
$ 0.35
Policy Harmonization17.0
(10.0)
9.0
(1.0)
-
0.2
(0.8)
-
(0.8)
$ (0.00)
Tax on Transaction Costs-
-
-
-
-
5.7
5.7
-
5.7
$ 0.03
Adjusted Results$ 2,253.3
$ 693.7
$ (373.6)
$ 320.0
$ (52.9)
$ (65.4)
$ 201.7
$ 1.4
$ 203.1
$ 1.06
Fully Diluted Shares Outstanding191.5
Wabtec Corporation Reconciliation of Reported Results to Adjusted Results (in millions) Year-to-Date 2019 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$ 3,829.9
$ 1,003.7
$ (735.7)
$ 267.9
$ (109.2)
$ (59.9)
$ 98.8
$ 0.9
$ 99.7
$ 0.61
Restructuring & Transaction costs-
-
90.3
90.3
17.9
(26.2)
82.0
-
82.0
$ 0.50
One-time PPA-
169.0
-
169.0
-
(40.9)
128.1
-
128.1
$ 0.79
Policy Harmonization64.0
4.0
9.0
13.0
-
(3.1)
9.9
-
9.9
$ 0.06
Tax on Transaction Costs-
-
-
-
-
23.7
23.7
-
23.7
$ 0.15
Adjusted Results$ 3,893.9
$ 1,176.7
$ (636.4)
$ 540.2
$ (91.3)
$ (106.4)
$ 342.5
$ 0.9
$ 343.4
$ 2.11
Fully Diluted Shares Outstanding162.2
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 Corporation2019 Q2 EBITDA Reconciliation (in millions) EBITDA (Income from Income from Operations plus Depreciation Operations Depreciation Amortization & Amortization) Consolidated Q2 Actual As Reported$ 200.6
$ 41.8
$ 66.0
$ 308.4
Transaction and Restructuring Costs31.4
-
-
31.4
One-time PPA Charges89.0
-
-
89.0
Policy Harmonization(1.0)
-
-
(1.0)
Adjusted Results$ 320.0
$ 41.8
$ 66.0
$ 427.8
Set forth below is a reconciliation of the 2019 guidance to the adjusted guidance included in this press release. We believe that the adjusted guidance provides useful supplemental information to assess our forecasted results. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec's guidance presented in accordance with GAAP.
Wabtec Corporation Reconciliation of Guidance to Adjusted Guidance * (in billions) EBITDA (Income from Income from Depreciation Operations plus Depreciation Revenue Operations & Amortization & Amortization) 2019 Guidance$ 8.3
$ 0.8
$ 0.5
$ 1.3
Transaction and Restructuring Costs-
0.1
-
0.1
One-time PPA Charges-
0.2
-
0.2
Policy Harmonization0.1
0.1
-
0.1
2019 Adjusted Guidance$ 8.3
$ 1.2
$ 0.5
$ 1.6
* Net Income and Earnings Per Diluted Share ("EPS") will be impacted by a variety of uncertainties including revisions to purchase price accounting, final transaction costs, and mix of operations affecting accounting harmonization. The Company does not further reconcile Income from Operations to Net Income due to the inherent difficulty, without unreasonable efforts, in forecasting and quantifying with reasonable accuracy the foregoing significant items required for the reconciliation. On a GAAP basis, Net Income is estimated to range from $390 million to $410 million, with an EPS range of $2.20 to $2.30. On an adjusted basis, Net Income is estimated to range from $725 million to $740 million, and EPS of $4.10 to $4.20.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190730005413/en/
Wabtec Investor Contact Kristine Kubacki, CFA / Kristine.Kubacki@wabtec.com / 412-450-2033 Wabtec Media Contact Deia Campanelli / Deia.Campanelli@wabtec.com / 773-297-0482
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