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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 | |
---|---|---|---|---|---|---|---|---|
1.34 | 0.83% | 161.88 | 162.07 | 159.48 | 160.89 | 961,774 | 01:00:00 |
Wabtec Corporation (NYSE: WAB) today reported first quarter 2023 GAAP earnings per diluted share of $0.93, up 16.3% versus the first quarter of 2022. Adjusted earnings per diluted share were $1.28, up 13.3% versus the same quarter a year ago. First quarter sales were $2.19 billion driven by strong sales across the portfolio.
“The Wabtec team delivered a strong start to 2023 demonstrating continued momentum across both our Freight and Transit segments supporting a double-digit percentage increase in earnings per share,” said Rafael Santana, Wabtec’s President and CEO. “We remained resilient in the face of considerable macro-economic challenges by focusing on operational excellence as we continued to deliver for our customers and shareholders. The underlying business fundamentals strengthened in the first quarter despite a challenging environment.”
“Looking forward, Wabtec is well-positioned to navigate the current economic environment, and we remain confident in our ability to execute against our strategic growth plans as we deliver for our customers. Our differentiated portfolio of products and technologies, expansive global installed base, and multi-year backlog position us to remain highly resilient and drive long-term profitable growth for our shareholders.”
2023 First Quarter Consolidated Results
Wabtec Corporation Consolidated Financial Results
$ in millions except earnings per share and percentages; margin change in percentage points (pts)
First Quarter
2023
2022
Change
Net Sales
$2,194
$1,927
13.9%
GAAP Gross Margin
30.3%
30.9%
(0.6 pts)
Adjusted Gross Margin
30.5%
31.1%
(0.6 pts)
GAAP Operating Margin
12.6%
12.4%
0.2 pts
Adjusted Operating Margin
16.4%
16.5%
(0.1 pts)
GAAP Diluted EPS
$0.93
$0.80
16.3%
Adjusted Diluted EPS
$1.28
$1.13
13.3%
Cash Flow from Operations
$(25)
$161
$(186)
Operating Cash Flow Conversion
(8)%
59%
2023 First Quarter Freight Segment Results
Wabtec Corporation Freight Segment Financial Results
Net sales $ in millions; margin change in percentage points (pts)
First Quarter
2023
2022
Change
Net Sales
$1,566
$1,322
18.5%
GAAP Gross Margin
30.6%
32.1%
(1.5 pts)
Adjusted Gross Margin
30.7%
32.2%
(1.5 pts)
GAAP Operating Margin
14.5%
14.3%
0.2 pts
Adjusted Operating Margin
19.0%
19.6%
(0.6 pts)
2023 First Quarter Transit Segment Results
Wabtec Corporation Transit Segment Financial Results
Net sales $ in millions; margin change in percentage points (pts)
First Quarter
2023
2022
Change
Net Sales
$628
$605
3.8%
GAAP Gross Margin
29.5%
28.2%
1.3 pts
Adjusted Gross Margin
29.9%
28.7%
1.2 pts
GAAP Operating Margin
11.0%
10.7%
0.3 pts
Adjusted Operating Margin
13.1%
12.3%
0.8 pts
Backlog
Wabtec Corporation Consolidated Backlog Comparison
Backlog $ in millions
March 31,
2023
2022
Change
12-Month Backlog
$6,925
$6,631
4.4%
Total Backlog
$22,334
$22,759
(1.9) %
The Company’s multi-year backlog continues to provide strong visibility. At March 31, 2023 the 12-month backlog was $294 million higher than March 31, 2022. At March 31, 2023, the multi-year backlog was $425 million lower than March 31, 2022 and excluding unfavorable foreign currency exchange, the multi-year backlog decreased $101 million, down 0.4%.
Cash Flow and Liquidity Summary
2023 Financial Guidance
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 new 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: 4647602).
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 2023 financial guidance mentions certain non-GAAP financial performance measures, including adjusted gross profit, adjusted operating expenses, adjusted operating margin, EBITDA, adjusted EBITDA, adjusted effective tax rate, adjusted income tax expense, adjusted income from operations, adjusted interest and other expense, adjusted earnings per diluted share and operating cash flow conversion. Wabtec is not presenting a quantitative reconciliation of our forecasted GAAP earnings per diluted share to forecasted adjusted earnings per diluted share as we are 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. Wabtec defines EBITDA as earnings before interest, taxes, depreciation and amortization. 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, including statements regarding the impact of acquisitions by Wabtec, statements regarding Wabtec’s expectations about future sales and earnings, and statements about the impact of evolving global conditions on Wabtec’s business. All statements, other than historical facts, including statements regarding synergies and other expected benefits from acquisitions; statements regarding Wabtec’s plans, objectives, expectations and intentions; 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 severity and duration of the evolving COVID-19 pandemic and the resulting impact on the global economy and, in particular, our customers, suppliers and end-markets, (11) potential disruptions, instability, and volatility in global markets 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 MONTHS ENDED MARCH 31, 2023 AND 2022 (AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA) (UNAUDITED)Three Months Ended
March 31,
2023
2022
Net sales
$
2,194
$
1,927
Cost of sales
(1,529
)
(1,332
)
Gross profit
665
595
Gross profit as a % of Net Sales
30.3
%
30.9
%
Selling, general and administrative expenses
(263
)
(238
)
Engineering expenses
(51
)
(45
)
Amortization expense
(75
)
(73
)
Total operating expenses
(389
)
(356
)
Operating expenses as a % of Net Sales
17.7
%
18.4
%
Income from operations
276
239
Income from operations as a % of Net Sales
12.6
%
12.4
%
Interest expense, net
(48
)
(43
)
Other income, net
5
4
Income before income taxes
233
200
Income tax expense
(60
)
(50
)
Effective tax rate
25.5
%
25.1
%
Net income
173
150
Less: Net income attributable to noncontrolling interest
(4
)
(1
)
Net income attributable to Wabtec shareholders$
169
$
149
Earnings Per Common Share Basic Net income attributable to Wabtec shareholders
$
0.94
$
0.80
Diluted Net income attributable to Wabtec shareholders
$
0.93
$
0.80
Basic
179.9
184.5
Diluted
180.6
185.0
Segment Information Freight Net Sales
$
1,566
$
1,322
Freight Income from Operations
$
227
$
189
Freight Operating Margin
14.5
%
14.3
%
Transit Net Sales$
628
$
605
Transit Income from Operations
$
69
$
65
Transit Operating Margin
11.0
%
10.7
%
Backlog Information (Note: 12-month is a sub-set of total) March 31, 2023 December 31, 2022 March 31, 2022 Freight Total$
18,362
$
18,641
$
19,024
Transit Total
3,972
3,800
3,735
Wabtec Total$
22,334
$
22,441
$
22,759
Freight 12-Month$
4,978
$
4,901
$
4,812
Transit 12-Month
1,947
1,859
1,819
Wabtec 12-Month$
6,925
$
6,760
$
6,631
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) March 31, 2023 December 31, 2022 In millions Cash, cash equivalents and restricted cash$
417
$
541
Receivables, net
1,576
1,519
Inventories
2,228
2,034
Other current assets
275
233
Total current assets
4,496
4,327
Property, plant and equipment, net
1,422
1,429
Goodwill
8,540
8,508
Other intangible assets, net
3,333
3,402
Other noncurrent assets
878
850
Total assets$
18,669
$
18,516
Current liabilities$
4,165
$
3,467
Long-term debt
3,189
3,751
Long-term liabilities - other
1,181
1,151
Total liabilities
8,535
8,369
Shareholders' equity
10,085
10,102
Noncontrolling interest
49
45
Total shareholders' equity
10,134
10,147
Total Liabilities and Shareholders' Equity$
18,669
$
18,516
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)Three Months Ended March 31,
2023
2022
In millions Operating activities Net income
$
173
$
150
Non-cash expense
124
122
Receivables
(51
)
93
Inventories
(188
)
(137
)
Accounts Payable
47
48
Other assets and liabilities
(130
)
(115
)
Net cash (used for) provided by operating activities
(25
)
161
Net cash used for investing activities
(32
)
(18
)
Net cash used for financing activities
(72
)
(133
)
Effect of changes in currency exchange rates
5
5
(Decrease) increase in cash
(124
)
15
Cash, cash equivalents and restricted cash, beginning of period
541
473
Cash, cash equivalents and restricted cash, end of period
$
417
$
488
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) First 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
$
2,194
$
665
$
(389
)
$
276
$
(43
)
$
(60
)
$
173
$
(4
)
$
169
$
0.93
Restructuring costs
-
4
5
9
-
(2
)
7
-
7
$
0.04
Non-cash Amortization expense
-
-
75
75
-
(20
)
55
-
55
$
0.31
Adjusted Results$
2,194
$
669
$
(309
)
$
360
$
(43
)
$
(82
)
$
235
$
(4
)
$
231
$
1.28
Fully Diluted Shares Outstanding
180.6
Wabtec Corporation Reconciliation of Reported Results to Adjusted Results (in millions) First 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$
1,927
$
595
$
(356
)
$
239
$
(39
)
$
(50
)
$
150
$
(1
)
$
149
$
0.80
Restructuring costs
-
5
2
7
-
(2
)
5
-
5
$
0.03
Non-cash Amortization expense
-
-
73
73
-
(18
)
55
-
55
$
0.30
Adjusted Results$
1,927
$
600
$
(281
)
$
319
$
(39
)
$
(70
)
$
210
$
(1
)
$
209
$
1.13
Fully Diluted Shares Outstanding
185.0
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 Q1 EBITDA Reconciliation (in millions) Reported Income + Other Income + Depreciation & = EBITDA + Restructuring = Adjusted from Operations (Expense) Amortization Costs EBITDA Consolidated Results$
276
$
5
$
121
$
402
$
6
$
408
Wabtec Corporation 2022 Q1 EBITDA Reconciliation (in millions) Reported Income + Other Income + Depreciation & = EBITDA + Restructuring = Adjusted from Operations (Expense) Amortization Costs EBITDA Consolidated Results$
239
$
4
$
121
$
364
$
7
$
371
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION SALES BY PRODUCT LINE (UNAUDITED)Three Months Ended March 31,
In millions
2023
2022
Freight Segment Equipment$
393
$
274
Components
279
229
Digital Intelligence
187
153
Services
707
666
Total Freight Segment$
1,566
$
1,322
Transit Segment Original Equipment Manufacturer$
282
$
292
Aftermarket
346
313
Total Transit Segment$
628
$
605
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS - BY SEGMENT (UNAUDITED)Three Months Ended March 31,
2023
2022
In millionsGross Profit
Income from Operations
Gross Profit
Income from Operations
Freight Segment Reported Results$
480
$
227
$
424
$
189
Freight Segment Reported Margin
30.6
%
14.5
%
32.1
%
14.3
%
Restructuring costs
1
2
2
2
Non-cash Amortization expense
-
68
-
68
Freight Segment Adjusted Results
$
481
$
297
$
426
$
259
Freight Segment Adjusted Margin
30.7
%
19.0
%
32.2
%
19.6
%
Transit Segment Reported Results$
185
$
69
$
171
$
65
Transit Segment Reported Margin
29.5
%
11.0
%
28.2
%
10.7
%
Restructuring costs
3
7
3
4
Non-cash Amortization expense
-
7
-
5
Transit Segment Adjusted Results
$
188
$
83
$
174
$
74
Transit Segment Adjusted Margin
29.9
%
13.1
%
28.7
%
12.3
%
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION RECONCILIATION OF CHANGES IN NET SALES - BY SEGMENT (UNAUDITED) Three Months Ended March 31, Freight Transit Consolidated 2022 Net Sales$
1,322
$
605
$
1,927
Acquisitions
21
-
21
Foreign Exchange
(21
)
(35
)
(56
)
Organic
244
58
302
2023 Net Sales
$
1,566
$
628
$
2,194
Change ($)
244
23
267
Change (%)
18.5
%
3.8
%
13.9
%
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 Q1 Cash Conversion Calculation (in millions) Reported Cash ÷ (Net Income + Depreciation & Amortization) = Cash Conversion from Operations Consolidated Results($25
)
$
173
$
123
(8
%)
Wabtec Corporation 2022 Q1 Cash Conversion Calculation (in millions) Reported Cash ÷ (Net Income + Depreciation & Amortization) = Cash Conversion from Operations Consolidated Results$
161
$
150
$
122
59
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20230426005053/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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