– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
First Quarter Reported GAAP Earnings Per Share of $0.80; Adjusted Earnings Per Share of $1.13, Up 27.0%
Sales Growth of 5.3% to $1.93 Billion; GAAP Operating Margin of 12.4%; Adjusted Operating Margin of 16.5%, Up 1.4 pts
Repurchased 3.1 Million Shares During the First Quarter for $296 Million; Raised Quarterly Dividend by 25%
Multi-Year Backlog Up 5.0% Year-Over-Year to $22.76 Billion, Provides Strong Forward Momentum
PITTSBURGH--(BUSINESS WIRE)--Wabtec Corporation (NYSE: WAB) today reported first quarter 2022 GAAP earnings per diluted share of $0.80, up 35.6% versus the first quarter of 2021. Adjusted earnings per diluted share were $1.13, up 27.0% versus the same quarter a year ago. First quarter sales were $1.93 billion and cash from operations was $161 million.
“The Wabtec team made solid progress in the quarter against our long-term strategy by delivering profitable growth and continued margin expansion across our Freight and Transit segments” said Rafael Santana, Wabtec’s President and CEO. “The resiliency of the business and the focus of the team was evident in the strong first quarter financial results despite rising costs, continuing supply disruptions, and the impact on our business due to the conflict in Ukraine.
“Looking forward, Wabtec is well-positioned to drive long-term profitable growth. The growth opportunity and value proposition for the rail industry is improving as global energy prices surge and commodity flows are reoriented. The breadth and unique capability of the Wabtec product portfolio, combined with our multi-year backlog, provides us with a solid foundation for growth in 2022 and beyond. Our confidence in the Company’s future is further reflected in our first quarter purchase of $296 million of Wabtec stock and a 25% increase in our first quarter dividend.”
2022 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 |
||||
2022 |
2021 |
Change |
|||
Net Sales |
$ |
1,927 |
$ |
1,830 |
5.3% |
|
|
|
|
||
GAAP Gross Margin |
|
30.9% |
|
29.2% |
1.7 pts |
Adjusted Gross Margin |
|
31.1% |
|
29.4% |
1.7 pts |
GAAP Operating Margin |
|
12.4% |
|
10.5% |
1.9 pts |
Adjusted Operating Margin |
|
16.5% |
|
15.1% |
1.4 pts |
|
|
|
|
||
GAAP Diluted EPS |
$ |
0.80 |
$ |
0.59 |
35.6% |
Adjusted Diluted EPS |
$ |
1.13 |
$ |
0.89 |
27.0% |
|
|
|
|
||
Cash Flow from Operations |
$ |
161 |
$ |
292 |
(44.9%) |
Operating Cash Flow Conversion |
|
59% |
|
124% |
|
2022 First Quarter Freight Segment Results
Wabtec Corporation Freight Segment Financial Results |
|||||
Net sales $ in millions; margin change in percentage points (pts) |
First Quarter |
||||
2022 |
2021 |
Change |
|||
Net Sales |
$ |
1,322 |
$ |
1,183 |
11.7% |
GAAP Gross Margin |
|
32.1% |
|
30.1% |
2.0 pts |
Adjusted Gross Margin |
|
32.2% |
|
30.2% |
2.0 pts |
GAAP Operating Margin |
|
14.3% |
|
12.0% |
2.3 pts |
Adjusted Operating Margin |
|
19.6% |
|
18.1% |
1.5 pts |
2022 First Quarter Transit Segment Results
Wabtec Corporation Transit Segment Financial Results |
|||||
Net sales $ in millions; margin change in percentage points (pts) |
First Quarter |
||||
2022 |
2021 |
Change |
|||
Net Sales |
$ |
605 |
$ |
647 |
(6.5%) |
GAAP Gross Margin |
|
28.2% |
|
27.5% |
0.7 pts |
Adjusted Gross Margin |
|
28.7% |
|
27.9% |
0.8 pts |
GAAP Operating Margin |
|
10.7% |
|
10.8% |
(0.1 pts) |
Adjusted Operating Margin |
|
12.3% |
|
12.2% |
0.1 pts |
Wabtec Corporation Consolidated Backlog Comparison |
|||||
Backlog $ in millions |
March 31, |
||||
2022 |
2021 |
Change |
|||
12-Month Backlog |
$ |
6,631 |
$ |
5,706 |
16.2% |
Total Backlog |
$ |
22,759 |
$ |
21,672 |
5.0% |
At March 31, 2022 the multi-year backlog was $1.09 billion higher than March 31, 2021 due primarily from increased orders for Equipment, Services and Digital Electronics.
Cash Flow and Liquidity Summary
2022 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: 8527520).
About Wabtec Corporation
Wabtec Corporation (NYSE: WAB) is focused on creating transportation solutions that move and improve the world. 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 2022 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 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, including the acquisition of GE Transportation (the “GE Transportation merger”) and Nordco, 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) unexpected costs, charges or expenses resulting from acquisitions, including the GE Transportation merger; (2) uncertainty of Wabtec’s expected financial performance; (3) failure to realize the anticipated benefits of acquisitions, including the GE Transportation merger, including as a result of integrating acquired targets into Wabtec; (4) Wabtec’s ability to implement its business strategy; (5) difficulties and delays in achieving revenue and cost synergies; (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, supply chain disruptions, 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; (13) 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, (14) the imposition of economic sanctions on Russia resulting from the invasion of Ukraine could lead to disruption, instability, and volatility in global markets and negatively impact our operations and financial performance; and (15) 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 STATEMENTS OF INCOME | |||||||
| FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021 | |||||||
| (AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA) | |||||||
| (UNAUDITED) | |||||||
Three Months Ended |
|||||||
March 31, |
|||||||
2022 |
|
2021 |
|||||
| Net sales | $ |
1,927 |
|
$ |
1,830 |
|
|
| Cost of sales |
|
(1,332 |
) |
|
(1,296 |
) |
|
| Gross profit |
|
595 |
|
|
534 |
|
|
| Gross profit as a % of Net Sales |
|
30.9 |
% |
|
29.2 |
% |
|
| Selling, general and administrative expenses |
|
(238 |
) |
|
(234 |
) |
|
| Engineering expenses |
|
(45 |
) |
|
(38 |
) |
|
| Amortization expense |
|
(73 |
) |
|
(70 |
) |
|
| Total operating expenses |
|
(356 |
) |
|
(342 |
) |
|
| Operating expenses as a % of Net Sales |
|
18.4 |
% |
|
18.7 |
% |
|
| Income from operations |
|
239 |
|
|
192 |
|
|
| Income from operations as a % of Net Sales |
|
12.4 |
% |
|
10.5 |
% |
|
| Interest expense, net |
|
(43 |
) |
|
(48 |
) |
|
| Other income, net |
|
4 |
|
|
14 |
|
|
| Income before income taxes |
|
200 |
|
|
158 |
|
|
| Income tax expense |
|
(50 |
) |
|
(43 |
) |
|
| Effective tax rate |
|
25.1 |
% |
|
27.5 |
% |
|
| Net income |
|
150 |
|
|
115 |
|
|
| Less: Net income attributable to noncontrolling interest |
|
(1 |
) |
|
(3 |
) |
|
| Net income attributable to Wabtec shareholders | $ |
149 |
|
$ |
112 |
|
|
| Earnings Per Common Share | |||||||
| Basic | |||||||
| Net income attributable to Wabtec shareholders | $ |
0.80 |
|
$ |
0.59 |
|
|
| Diluted | |||||||
| Net income attributable to Wabtec shareholders | $ |
0.80 |
|
$ |
0.59 |
|
|
| Basic |
|
184.5 |
|
|
188.5 |
|
|
| Diluted |
|
185.0 |
|
|
188.9 |
|
|
| WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION | ||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||||
| FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021 | ||||||||||
| (AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA) | ||||||||||
| (UNAUDITED) | ||||||||||
Three Months Ended |
||||||||||
March 31, |
||||||||||
2022 |
|
2021 |
||||||||
| Segment Information | ||||||||||
| Freight Net Sales | $ |
1,322 |
|
$ |
1,183 |
|
||||
| Freight Income from Operations | $ |
189 |
|
$ |
142 |
|
||||
| Freight Operating Margin |
|
14.3 |
% |
|
12.0 |
% |
||||
| Transit Net Sales | $ |
605 |
|
$ |
647 |
|
||||
| Transit Income from Operations | $ |
65 |
|
$ |
70 |
|
||||
| Transit Operating Margin |
|
10.7 |
% |
|
10.8 |
% |
||||
| Backlog Information (Note: 12-month is a sub-set of total) | March 31, 2022 | December 31, 2021 | March 31, 2021 | |||||||
| Freight Total | $ |
19,024 |
|
$ |
18,502 |
|
$ |
18,006 |
||
| Transit Total |
|
3,735 |
|
|
3,667 |
|
|
3,666 |
||
| Wabtec Total | $ |
22,759 |
|
$ |
22,169 |
|
$ |
21,672 |
||
| Freight 12-Month | $ |
4,812 |
|
$ |
4,520 |
|
$ |
3,910 |
||
| Transit 12-Month |
|
1,819 |
|
|
1,748 |
|
|
1,796 |
||
| Wabtec 12-Month | $ |
6,631 |
|
$ |
6,268 |
|
$ |
5,706 |
||
| WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION | |||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
| (UNAUDITED) | |||||
| March 31, 2022 | December 31, 2021 | ||||
| In millions | |||||
| Cash and cash equivalents | $ |
488 |
$ |
473 |
|
| Receivables, net |
|
1,382 |
|
1,477 |
|
| Inventories |
|
1,828 |
|
1,689 |
|
| Other current assets |
|
213 |
|
193 |
|
| Total current assets |
|
3,911 |
|
3,832 |
|
| Property, plant and equipment, net |
|
1,468 |
|
1,497 |
|
| Goodwill |
|
8,567 |
|
8,587 |
|
| Other intangible assets, net |
|
3,632 |
|
3,705 |
|
| Other noncurrent assets |
|
860 |
|
833 |
|
| Total assets | $ |
18,438 |
$ |
18,454 |
|
| Current liabilities | $ |
2,880 |
$ |
2,910 |
|
| Long-term debt |
|
4,225 |
|
4,056 |
|
| Long-term liabilities - other |
|
1,245 |
|
1,249 |
|
| Total liabilities |
|
8,350 |
|
8,215 |
|
| Shareholders' equity |
|
10,049 |
|
10,201 |
|
| Noncontrolling interest |
|
39 |
|
38 |
|
| Total shareholders' equity |
|
10,088 |
|
10,239 |
|
| Total Liabilities and Shareholders' Equity | $ |
18,438 |
$ |
18,454 |
|
| WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION | |||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (UNAUDITED) | |||||||
Three Months Ended March 31, |
|||||||
2022 |
|
2021 |
|||||
| In millions | |||||||
| Operating activities | |||||||
| Net income | $ |
150 |
|
$ |
115 |
|
|
| Non-cash expense |
|
122 |
|
|
116 |
|
|
| Receivables |
|
93 |
|
|
9 |
|
|
| Inventories |
|
(137 |
) |
|
(11 |
) |
|
| Accounts Payable |
|
48 |
|
|
47 |
|
|
| Other assets and liabilities |
|
(115 |
) |
|
16 |
|
|
| Net cash provided by operating activities |
|
161 |
|
|
292 |
|
|
| Net cash used for investing activities |
|
(18 |
) |
|
(422 |
) |
|
| Net cash (used for) provided by financing activities |
|
(133 |
) |
|
8 |
|
|
| Effect of changes in currency exchange rates |
|
5 |
|
|
7 |
|
|
| Increase (decrease) in cash |
|
15 |
|
|
(115 |
) |
|
| Cash and cash equivalents, beginning of period |
|
473 |
|
|
599 |
|
|
| Cash and cash equivalents, end of period | $ |
488 |
|
$ |
484 |
|
|
| 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 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 & Transaction 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 |
|
|||||||||||||||||||||||||||||||||
| Wabtec Corporation | ||||||||||||||||||||||||||||||||||||
| Reconciliation of Reported Results to Adjusted Results | ||||||||||||||||||||||||||||||||||||
| (in millions) | First Quarter 2021 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 | $ |
1,830 |
$ |
534 |
$ |
(342 |
) |
$ |
192 |
$ |
(34 |
) |
$ |
(43 |
) |
$ |
115 |
|
$ |
(3 |
) |
$ |
112 |
|
$ |
0.59 |
|
|||||||||
| Restructuring & Transaction costs |
|
- |
|
4 |
|
11 |
|
|
15 |
|
- |
|
|
(4 |
) |
|
11 |
|
|
- |
|
|
11 |
|
$ |
0.06 |
|
|||||||||
| Non-cash Amortization expense |
|
- |
|
- |
|
70 |
|
|
70 |
|
- |
|
|
(19 |
) |
|
51 |
|
|
- |
|
|
51 |
|
$ |
0.27 |
|
|||||||||
| Foreign Exchange Gain |
|
- |
|
- |
|
- |
|
|
- |
|
(9 |
) |
|
3 |
|
|
(6 |
) |
|
- |
|
|
(6 |
) |
$ |
(0.03 |
) |
|||||||||
| Adjusted Results | $ |
1,830 |
$ |
538 |
$ |
(261 |
) |
$ |
277 |
$ |
(43 |
) |
$ |
(63 |
) |
$ |
171 |
|
$ |
(3 |
) |
$ |
168 |
|
$ |
0.89 |
|
|||||||||
| Fully Diluted Shares Outstanding |
|
188.9 |
|
|||||||||||||||||||||||||||||||||
| 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 | |||||||||||
| 2022 Q1 EBITDA Reconciliation | |||||||||||
| (in millions) | |||||||||||
Reported Income |
+ |
Other Income |
+ |
Depreciation & |
= |
EBITDA |
+ |
Restructuring & |
= |
Adjusted |
|
from Operations |
(Expense) |
Amortization |
Transaction Costs |
EBITDA |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
| Consolidated Results | $239 |
|
$4 |
|
$121 |
|
$364 |
|
$7 |
|
$371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Wabtec Corporation | |||||||||||
| 2021 Q1 EBITDA Reconciliation | |||||||||||
| (in millions) | |||||||||||
Reported Income |
+ |
Other Income |
+ |
Depreciation & |
= |
EBITDA |
+ |
Restructuring & |
= |
Adjusted |
|
from Operations |
(Expense) |
Amortization |
Transaction Costs |
EBITDA |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
| Consolidated Results | $192 |
|
$14 |
|
$119 |
|
$325 |
|
$15 |
|
$340 |
| WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION | |||||
| SALES BY PRODUCT LINE | |||||
| (UNAUDITED) | |||||
Three Months Ended March 31, |
|||||
| In millions | 2022 |
|
2021 |
||
| Freight Segment | |||||
| Equipment | $ |
274 |
$ |
262 |
|
| Components |
|
229 |
|
203 |
|
| Digital Electronics |
|
153 |
|
156 |
|
| Services |
|
666 |
|
562 |
|
| Total Freight Segment | $ |
1,322 |
$ |
1,183 |
|
| Transit Segment | |||||
| Original Equipment Manufacturer | $ |
292 |
$ |
287 |
|
| Aftermarket |
|
313 |
|
360 |
|
| Total Transit Segment | $ |
605 |
$ |
647 |
|
| WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION | |||||||||
| RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS - BY SEGMENT | |||||||||
| (UNAUDITED) | |||||||||
Three Months Ended March 31, |
|||||||||
2022 |
|
2021 |
|||||||
| In millions | Gross Profit |
Income from
|
|
Gross Profit |
Income from
|
||||
| Freight Segment Reported Results | $ |
424 |
$ |
189 |
$ |
356 |
$ |
142 |
|
| Freight Segment Reported Margin |
|
32.1% |
|
14.3% |
|
30.1% |
|
12.0% |
|
| Restructuring & Transaction costs |
|
2 |
|
2 |
|
1 |
|
7 |
|
| Non-cash Amortization expense |
|
- |
|
68 |
|
- |
|
65 |
|
| Freight Segment Adjusted Results | $ |
426 |
$ |
259 |
$ |
357 |
$ |
214 |
|
| Freight Segment Adjusted Margin |
|
32.2% |
|
19.6% |
|
30.2% |
|
18.1% |
|
| Transit Segment Reported Results | $ |
171 |
$ |
65 |
$ |
178 |
$ |
70 |
|
| Transit Segment Reported Margin |
|
28.2% |
|
10.7% |
|
27.5% |
|
10.8% |
|
| Restructuring & Transaction costs |
|
3 |
|
4 |
|
3 |
|
4 |
|
| Non-cash Amortization expense |
|
- |
|
5 |
|
- |
|
5 |
|
| Transit Segment Adjusted Results | $ |
174 |
$ |
74 |
$ |
181 |
$ |
79 |
|
| Transit Segment Adjusted Margin |
|
28.7% |
|
12.3% |
|
27.9% |
|
12.2% |
|
| WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION | |||||||||||
| RECONCILIATION OF CHANGES IN NET SALES - BY SEGMENT | |||||||||||
| (UNAUDITED) | |||||||||||
| Three Months Ended March 31, | |||||||||||
| In millions | Freight | Transit | Consolidated | ||||||||
| 2021 Net Sales | $ |
1,183 |
|
$ |
647 |
|
$ |
1,830 |
|
||
| Acquisitions |
|
39 |
|
|
1 |
|
|
40 |
|
||
| Foreign Exchange |
|
(4 |
) |
|
(33 |
) |
|
(37 |
) |
||
| Organic |
|
104 |
|
|
(10 |
) |
|
94 |
|
||
| 2022 Net Sales | $ |
1,322 |
|
$ |
605 |
|
$ |
1,927 |
|
||
| Change ($) |
|
139 |
|
|
(42 |
) |
|
97 |
|
||
| Change (%) |
|
11.7 |
% |
|
-6.5 |
% |
|
5.3 |
% |
||
| 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 | ||||||||
| 2022 Q1 Cash Conversion Calculation | ||||||||
| (in millions) | ||||||||
Reported Cash |
÷ |
(Net Income |
+ |
Depreciation & Amortization) |
= |
Cash Conversion |
||
from Operations |
||||||||
|
|
|
|
|
|
|
||
| Consolidated Results | $161 |
|
$150 |
|
$122 |
|
59% |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
| Wabtec Corporation |
|
|
|
|
|
|
|
|
| 2021 Q1 Cash Conversion Calculation |
|
|
|
|
|
|
|
|
| (in millions) |
|
|
|
|
|
|
|
|
Reported Cash |
÷ |
(Net Income |
+ |
Depreciation & Amortization) |
= |
Cash Conversion |
||
from Operations |
||||||||
|
|
|
|
|
|
|
||
| Consolidated Results | $292 |
|
$115 |
|
$120 |
|
124% |
|
Прибыль на акцию по ОПБУ за первый квартал составила $0,80; Скорректированная Прибыль на акцию составила $1,13, Увеличившись на 27,0%
Рост продаж на 5,3% до 1,93 млрд долларов; Операционная маржа по GAAP составила 12,4%; Скорректированная операционная маржа составила 16,5%, Увеличившись на 1,4 пункта
Выкупил 3,1 Миллиона Акций В течение Первого квартала за 296 Миллионов долларов; Увеличил Квартальные дивиденды на 25%
Многолетнее Отставание Выросло на 5,0% В Годовом Исчислении до 22,76 Миллиарда Долларов, Что Обеспечивает Сильный Импульс Для Продвижения Вперед
ПИТТСБУРГ -- (BUSINESS WIRE) -- Корпорация Wabtec (NYSE: WAB) сегодня сообщила о прибыли на разводненную акцию по ОПБУ за первый квартал 2022 года в размере 0,80 доллара, что на 35,6% больше по сравнению с первым кварталом 2021 года. Скорректированная прибыль на разводненную акцию составила 1,13 доллара, что на 27,0% больше по сравнению с аналогичным кварталом прошлого года. Объем продаж в первом квартале составил 1,93 миллиарда долларов, а денежные средства от операционной деятельности составили 161 миллион долларов.
“Команда Wabtec добилась значительного прогресса в этом квартале в соответствии с нашей долгосрочной стратегией, обеспечив прибыльный рост и продолжая увеличивать маржу в наших грузовых и транзитных сегментах”, - сказал Рафаэль Сантана, президент и главный исполнительный директор Wabtec. “Устойчивость бизнеса и целеустремленность команды проявились в сильных финансовых результатах за первый квартал, несмотря на растущие расходы, продолжающиеся перебои с поставками и влияние на наш бизнес из-за конфликта в Украине.
“Заглядывая в будущее, Wabtec имеет хорошие возможности для обеспечения долгосрочного прибыльного роста. Возможности роста и ценностное предложение для железнодорожной отрасли улучшаются по мере роста мировых цен на энергоносители и переориентации товарных потоков. Широта и уникальные возможности продуктового портфеля Wabtec в сочетании с нашим многолетним опытом обеспечивают нам прочную основу для роста в 2022 году и далее. Наша уверенность в будущем Компании находит дальнейшее отражение в нашей покупке акций Wabtec за первый квартал на 296 миллионов долларов и увеличении дивидендов за первый квартал на 25%”.
Консолидированные результаты за Первый квартал 2022 года
Wabtec Corporation Consolidated Financial Results |
|||||
$ in millions except earnings per share and percentages; margin change in percentage points (pts) |
First Quarter |
||||
2022 |
2021 |
Change |
|||
Net Sales |
$ |
1,927 |
$ |
1,830 |
5.3% |
|
|
|
|
||
GAAP Gross Margin |
|
30.9% |
|
29.2% |
1.7 pts |
Adjusted Gross Margin |
|
31.1% |
|
29.4% |
1.7 pts |
GAAP Operating Margin |
|
12.4% |
|
10.5% |
1.9 pts |
Adjusted Operating Margin |
|
16.5% |
|
15.1% |
1.4 pts |
|
|
|
|
||
GAAP Diluted EPS |
$ |
0.80 |
$ |
0.59 |
35.6% |
Adjusted Diluted EPS |
$ |
1.13 |
$ |
0.89 |
27.0% |
|
|
|
|
||
Cash Flow from Operations |
$ |
161 |
$ |
292 |
(44.9%) |
Operating Cash Flow Conversion |
|
59% |
|
124% |
|
Результаты грузового сегмента за первый квартал 2022 года
Wabtec Corporation Freight Segment Financial Results |
|||||
Net sales $ in millions; margin change in percentage points (pts) |
First Quarter |
||||
2022 |
2021 |
Change |
|||
Net Sales |
$ |
1,322 |
$ |
1,183 |
11.7% |
GAAP Gross Margin |
|
32.1% |
|
30.1% |
2.0 pts |
Adjusted Gross Margin |
|
32.2% |
|
30.2% |
2.0 pts |
GAAP Operating Margin |
|
14.3% |
|
12.0% |
2.3 pts |
Adjusted Operating Margin |
|
19.6% |
|
18.1% |
1.5 pts |
Результаты Транзитного сегмента за Первый квартал 2022 года
Wabtec Corporation Transit Segment Financial Results |
|||||
Net sales $ in millions; margin change in percentage points (pts) |
First Quarter |
||||
2022 |
2021 |
Change |
|||
Net Sales |
$ |
605 |
$ |
647 |
(6.5%) |
GAAP Gross Margin |
|
28.2% |
|
27.5% |
0.7 pts |
Adjusted Gross Margin |
|
28.7% |
|
27.9% |
0.8 pts |
GAAP Operating Margin |
|
10.7% |
|
10.8% |
(0.1 pts) |
Adjusted Operating Margin |
|
12.3% |
|
12.2% |
0.1 pts |
Wabtec Corporation Consolidated Backlog Comparison |
|||||
Backlog $ in millions |
March 31, |
||||
2022 |
2021 |
Change |
|||
12-Month Backlog |
$ |
6,631 |
$ |
5,706 |
16.2% |
Total Backlog |
$ |
22,759 |
$ |
21,672 |
5.0% |
По состоянию на 31 марта 2022 года многолетнее отставание было на 1,09 миллиарда долларов больше, чем на 31 марта 2021 года, в основном из-за увеличения заказов на Оборудование, Услуги и цифровую электронику.
Сводная информация о движении денежных средств и ликвидности
Финансовые рекомендации на 2022 год
Информация о конференц-звонке
Сегодня в 8:30 утра по восточному времени Wabtec проведет телефонный разговор с аналитиками и инвесторами. Чтобы прослушать веб-трансляцию, перейдите на новый веб-сайт Wabtec по адресу www.WabtecCorp.com и нажмите на “Мероприятия и презентации” в разделе “Отношения с инвесторами”. Кроме того, аудиозапись звонка будет доступна по телефону 1-877-344-7529 или 1-412-317-0088 (код доступа: 8527520).
О корпорации Wabtec
Корпорация Wabtec (NYSE: WAB) сосредоточена на создании транспортных решений, которые перемещают и улучшают мир. Компания является ведущим мировым поставщиком оборудования, систем, цифровых решений и услуг с добавленной стоимостью для грузовых и транзитных железнодорожных перевозок, а также горнодобывающего, морского и промышленного рынков. Wabtec является лидером в железнодорожной отрасли уже более 150 лет и имеет видение создания железнодорожной системы с нулевым уровнем выбросов в США и во всем мире. Посетите веб-сайт Wabtec по адресу: www.WabtecCorp.com
Информация о Финансовой информации, не относящейся к ОПБУ, и Прогнозных заявлениях
В отчете о прибылях и убытках Wabtec и финансовом руководстве на 2022 год упоминаются определенные показатели финансовых показателей, не относящиеся к GAAP, включая скорректированную валовую прибыль, скорректированные операционные расходы, скорректированную операционную маржу, EBITDA, скорректированную EBITDA, скорректированную эффективную налоговую ставку, скорректированные расходы по налогу на прибыль, скорректированный доход от операций, скорректированные процентные и прочие расходы, скорректированную прибыль на разводненную акцию и конвертация операционных денежных потоков. Wabtec определяет EBITDA как прибыль до вычета процентов, налогов, износа и амортизации. Wabtec определяет конвертацию операционных денежных потоков как чистые денежные средства, полученные от операционной деятельности, деленные на чистую прибыль плюс износ и амортизацию, включая амортизацию отложенных долговых обязательств. Хотя Wabtec считает, что это полезные дополнительные меры для инвесторов, они представлены не в соответствии с GAAP. Инвесторы не должны рассматривать показатели, не относящиеся к GAAP, изолированно или в качестве замены чистой прибыли, денежных потоков от операций или любых других статей, рассчитанных в соответствии с GAAP. Кроме того, финансовые показатели, не относящиеся к GAAP, включенные в этот выпуск, имеют неотъемлемые существенные ограничения в качестве показателей эффективности, поскольку они добавляют определенные расходы, понесенные Компанией, к финансовым показателям GAAP, в результате чего эти расходы не учитываются в применимом финансовом показателе, не относящемся к GAAP. Поскольку не все компании используют идентичные расчеты, представление финансовых показателей Wabtec, не относящихся к GAAP, может быть несопоставимо с другими аналогичными показателями других компаний. В этот выпуск включены таблицы сверки, которые содержат подробную информацию о том, как скорректированные результаты соотносятся с результатами GAAP.
Это сообщение содержит “прогнозные” заявления, поскольку этот термин определен в Разделе 27A Закона о ценных бумагах 1933 года с поправками и Разделе 21E Закона о ценных бумагах и биржах 1934 года с поправками, внесенными Законом о реформе судебных разбирательств по частным ценным бумагам 1995 года, включая заявления о последствиях приобретений Wabtec, включая приобретение GE Transportation (“слияние GE Transportation”) и Nordco, заявления относительно ожиданий Wabtec относительно будущих продаж и прибыли, а также заявления о влиянии меняющихся глобальных условий на бизнес Wabtec. Все заявления, кроме исторических фактов, включая заявления о синергии и других ожидаемых выгодах от приобретений; заявления, касающиеся планов, целей, ожиданий и намерений Wabtec; и заявления, касающиеся макроэкономических условий и меняющихся условий производства и спроса; и любые предположения, лежащие в основе любого из вышеизложенного, являются прогнозными заявлениями. Прогнозные заявления касаются будущих обстоятельств и результатов, а также других заявлений, которые не являются историческими фактами и иногда обозначаются словами “может”, “будет”, “должен”, “потенциально”, “намереваться”, “ожидать”, “стремиться”, “ожидать”, “оценивать”, “переоценивать”, “недооценивать”, “верить”, “мог бы”, “прогнозировать”, “продолжать”, “нацеливаться” или другие подобные слова или выражения. Прогнозные заявления основаны на текущих планах, оценках и ожиданиях, которые подвержены рискам, неопределенностям и допущениям. Если один или несколько из этих рисков или неопределенностей материализуются или если лежащие в их основе допущения окажутся неверными, фактические результаты могут существенно отличаться от тех, которые указаны или ожидаются в таких прогнозных заявлениях. Включение таких заявлений не следует рассматривать как представление о том, что такие планы, оценки или ожидания будут достигнуты. Важные факторы, которые могут привести к существенному отличию фактических результатов от таких планов, оценок или ожиданий, включают, среди прочего, (1) непредвиденные расходы, сборы или расходы, возникающие в результате приобретений, включая слияние GE Transportation; (2) неопределенность ожидаемых финансовых показателей Wabtec; (3) неспособность реализовать ожидаемые выгоды от приобретений, включая слияние GE Transportation, в том числе в результате интеграции приобретенных целей в Wabtec; (4) способность Wabtec реализовать свою бизнес-стратегию; (5) трудности и задержки в достижении синергия доходов и затрат; (6) неспособность удерживать и нанимать ключевой персонал; (7) меняющиеся правовые, нормативные и налоговые режимы; (8) изменения в общих экономических и/или отраслевых условиях, включая последствия налоговых и тарифных программ, сбои в цепочках поставок, консолидацию отрасли и изменения в финансовое состояние или операционные стратегии наших клиентов; (9) изменения в ожидаемых сроках реализации проектов; (10) сокращение грузовых или пассажирских железнодорожных перевозок; (11) увеличение производственных затрат; (12) действия третьих сторон, включая государственные учреждения; (13) серьезность и продолжительность развивающейся пандемии COVID-19 и результирующее воздействие на мировую экономику и, в частности, на наших клиентов, поставщиков и конечные рынки, (14) введение экономических санкций в отношении России в результате вторжения в Украину может привести к сбоям, нестабильности и волатильности на мировых рынках и негативно повлиять на нашу деятельность и финансовые показатели; и (15) другие факторы риска, время от времени подробно описываемые в отчетах Wabtec, подаваемых в SEC, включая годовой отчет Wabtec по форме 10-K, периодические квартальные отчеты по форме 10-Q, периодические текущие отчеты по форме 8-K и другие документы, поданные в SEC. Приведенный выше список важных факторов не является исключительным. Любые прогнозные заявления действуют только на дату настоящего сообщения. Wabtec не берет на себя никаких обязательств по обновлению каких-либо прогнозных заявлений, будь то в результате новой информации или разработок, будущих событий или иным образом, за исключением случаев, предусмотренных законом. Читателей предостерегают от чрезмерного доверия к любому из этих прогнозных заявлений.
| Westinghouse Air Brake Technologies CORPORATION | |||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||
| FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021 | |||||||
| (AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA) | |||||||
| (UNAUDITED) | |||||||
Three Months Ended |
|||||||
March 31, |
|||||||
2022 |
|
2021 |
|||||
| Net sales | $ |
1,927 |
|
$ |
1,830 |
|
|
| Cost of sales |
|
(1,332 |
) |
|
(1,296 |
) |
|
| Gross profit |
|
595 |
|
|
534 |
|
|
| Gross profit as a % of Net Sales |
|
30.9 |
% |
|
29.2 |
% |
|
| Selling, general and administrative expenses |
|
(238 |
) |
|
(234 |
) |
|
| Engineering expenses |
|
(45 |
) |
|
(38 |
) |
|
| Amortization expense |
|
(73 |
) |
|
(70 |
) |
|
| Total operating expenses |
|
(356 |
) |
|
(342 |
) |
|
| Operating expenses as a % of Net Sales |
|
18.4 |
% |
|
18.7 |
% |
|
| Income from operations |
|
239 |
|
|
192 |
|
|
| Income from operations as a % of Net Sales |
|
12.4 |
% |
|
10.5 |
% |
|
| Interest expense, net |
|
(43 |
) |
|
(48 |
) |
|
| Other income, net |
|
4 |
|
|
14 |
|
|
| Income before income taxes |
|
200 |
|
|
158 |
|
|
| Income tax expense |
|
(50 |
) |
|
(43 |
) |
|
| Effective tax rate |
|
25.1 |
% |
|
27.5 |
% |
|
| Net income |
|
150 |
|
|
115 |
|
|
| Less: Net income attributable to noncontrolling interest |
|
(1 |
) |
|
(3 |
) |
|
| Net income attributable to Wabtec shareholders | $ |
149 |
|
$ |
112 |
|
|
| Earnings Per Common Share | |||||||
| Basic | |||||||
| Net income attributable to Wabtec shareholders | $ |
0.80 |
|
$ |
0.59 |
|
|
| Diluted | |||||||
| Net income attributable to Wabtec shareholders | $ |
0.80 |
|
$ |
0.59 |
|
|
| Basic |
|
184.5 |
|
|
188.5 |
|
|
| Diluted |
|
185.0 |
|
|
188.9 |
|
|
| Westinghouse Air Brake Technologies CORPORATION | ||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||||
| FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021 | ||||||||||
| (AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA) | ||||||||||
| (UNAUDITED) | ||||||||||
Three Months Ended |
||||||||||
March 31, |
||||||||||
2022 |
|
2021 |
||||||||
| Segment Information | ||||||||||
| Freight Net Sales | $ |
1,322 |
|
$ |
1,183 |
|
||||
| Freight Income from Operations | $ |
189 |
|
$ |
142 |
|
||||
| Freight Operating Margin |
|
14.3 |
% |
|
12.0 |
% |
||||
| Transit Net Sales | $ |
605 |
|
$ |
647 |
|
||||
| Transit Income from Operations | $ |
65 |
|
$ |
70 |
|
||||
| Transit Operating Margin |
|
10.7 |
% |
|
10.8 |
% |
||||
| Backlog Information (Note: 12-month is a sub-set of total) | March 31, 2022 | December 31, 2021 | March 31, 2021 | |||||||
| Freight Total | $ |
19,024 |
|
$ |
18,502 |
|
$ |
18,006 |
||
| Transit Total |
|
3,735 |
|
|
3,667 |
|
|
3,666 |
||
| Wabtec Total | $ |
22,759 |
|
$ |
22,169 |
|
$ |
21,672 |
||
| Freight 12-Month | $ |
4,812 |
|
$ |
4,520 |
|
$ |
3,910 |
||
| Transit 12-Month |
|
1,819 |
|
|
1,748 |
|
|
1,796 |
||
| Wabtec 12-Month | $ |
6,631 |
|
$ |
6,268 |
|
$ |
5,706 |
||
| Westinghouse Air Brake Technologies CORPORATION | |||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
| (UNAUDITED) | |||||
| March 31, 2022 | December 31, 2021 | ||||
| In millions | |||||
| Cash and cash equivalents | $ |
488 |
$ |
473 |
|
| Receivables, net |
|
1,382 |
|
1,477 |
|
| Inventories |
|
1,828 |
|
1,689 |
|
| Other current assets |
|
213 |
|
193 |
|
| Total current assets |
|
3,911 |
|
3,832 |
|
| Property, plant and equipment, net |
|
1,468 |
|
1,497 |
|
| Goodwill |
|
8,567 |
|
8,587 |
|
| Other intangible assets, net |
|
3,632 |
|
3,705 |
|
| Other noncurrent assets |
|
860 |
|
833 |
|
| Total assets | $ |
18,438 |
$ |
18,454 |
|
| Current liabilities | $ |
2,880 |
$ |
2,910 |
|
| Long-term debt |
|
4,225 |
|
4,056 |
|
| Long-term liabilities - other |
|
1,245 |
|
1,249 |
|
| Total liabilities |
|
8,350 |
|
8,215 |
|
| Shareholders' equity |
|
10,049 |
|
10,201 |
|
| Noncontrolling interest |
|
39 |
|
38 |
|
| Total shareholders' equity |
|
10,088 |
|
10,239 |
|
| Total Liabilities and Shareholders' Equity | $ |
18,438 |
$ |
18,454 |
|
| Westinghouse Air Brake Technologies CORPORATION | |||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (UNAUDITED) | |||||||
Three Months Ended March 31, |
|||||||
2022 |
|
2021 |
|||||
| In millions | |||||||
| Operating activities | |||||||
| Net income | $ |
150 |
|
$ |
115 |
|
|
| Non-cash expense |
|
122 |
|
|
116 |
|
|
| Receivables |
|
93 |
|
|
9 |
|
|
| Inventories |
|
(137 |
) |
|
(11 |
) |
|
| Accounts Payable |
|
48 |
|
|
47 |
|
|
| Other assets and liabilities |
|
(115 |
) |
|
16 |
|
|
| Net cash provided by operating activities |
|
161 |
|
|
292 |
|
|
| Net cash used for investing activities |
|
(18 |
) |
|
(422 |
) |
|
| Net cash (used for) provided by financing activities |
|
(133 |
) |
|
8 |
|
|
| Effect of changes in currency exchange rates |
|
5 |
|
|
7 |
|
|
| Increase (decrease) in cash |
|
15 |
|
|
(115 |
) |
|
| Cash and cash equivalents, beginning of period |
|
473 |
|
|
599 |
|
|
| Cash and cash equivalents, end of period | $ |
488 |
|
$ |
484 |
|
|
| 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 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 & Transaction 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 |
|
|||||||||||||||||||||||||||||||||
| Wabtec Corporation | ||||||||||||||||||||||||||||||||||||
| Reconciliation of Reported Results to Adjusted Results | ||||||||||||||||||||||||||||||||||||
| (in millions) | First Quarter 2021 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 | $ |
1,830 |
$ |
534 |
$ |
(342 |
) |
$ |
192 |
$ |
(34 |
) |
$ |
(43 |
) |
$ |
115 |
|
$ |
(3 |
) |
$ |
112 |
|
$ |
0.59 |
|
|||||||||
| Restructuring & Transaction costs |
|
- |
|
4 |
|
11 |
|
|
15 |
|
- |
|
|
(4 |
) |
|
11 |
|
|
- |
|
|
11 |
|
$ |
0.06 |
|
|||||||||
| Non-cash Amortization expense |
|
- |
|
- |
|
70 |
|
|
70 |
|
- |
|
|
(19 |
) |
|
51 |
|
|
- |
|
|
51 |
|
$ |
0.27 |
|
|||||||||
| Foreign Exchange Gain |
|
- |
|
- |
|
- |
|
|
- |
|
(9 |
) |
|
3 |
|
|
(6 |
) |
|
- |
|
|
(6 |
) |
$ |
(0.03 |
) |
|||||||||
| Adjusted Results | $ |
1,830 |
$ |
538 |
$ |
(261 |
) |
$ |
277 |
$ |
(43 |
) |
$ |
(63 |
) |
$ |
171 |
|
$ |
(3 |
) |
$ |
168 |
|
$ |
0.89 |
|
|||||||||
| Fully Diluted Shares Outstanding |
|
188.9 |
|
|||||||||||||||||||||||||||||||||
| 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 | |||||||||||
| 2022 Q1 EBITDA Reconciliation | |||||||||||
| (in millions) | |||||||||||
Reported Income |
+ |
Other Income |
+ |
Depreciation & |
= |
EBITDA |
+ |
Restructuring & |
= |
Adjusted |
|
from Operations |
(Expense) |
Amortization |
Transaction Costs |
EBITDA |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
| Consolidated Results | $239 |
|
$4 |
|
$121 |
|
$364 |
|
$7 |
|
$371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Wabtec Corporation | |||||||||||
| 2021 Q1 EBITDA Reconciliation | |||||||||||
| (in millions) | |||||||||||
Reported Income |
+ |
Other Income |
+ |
Depreciation & |
= |
EBITDA |
+ |
Restructuring & |
= |
Adjusted |
|
from Operations |
(Expense) |
Amortization |
Transaction Costs |
EBITDA |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
| Consolidated Results | $192 |
|
$14 |
|
$119 |
|
$325 |
|
$15 |
|
$340 |
| Westinghouse Air Brake Technologies CORPORATION | |||||
| SALES BY PRODUCT LINE | |||||
| (UNAUDITED) | |||||
Three Months Ended March 31, |
|||||
| In millions | 2022 |
|
2021 |
||
| Freight Segment | |||||
| Equipment | $ |
274 |
$ |
262 |
|
| Components |
|
229 |
|
203 |
|
| Digital Electronics |
|
153 |
|
156 |
|
| Services |
|
666 |
|
562 |
|
| Total Freight Segment | $ |
1,322 |
$ |
1,183 |
|
| Transit Segment | |||||
| Original Equipment Manufacturer | $ |
292 |
$ |
287 |
|
| Aftermarket |
|
313 |
|
360 |
|
| Total Transit Segment | $ |
605 |
$ |
647 |
|
| Westinghouse Air Brake Technologies CORPORATION | |||||||||
| RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS - BY SEGMENT | |||||||||
| (UNAUDITED) | |||||||||
Three Months Ended March 31, |
|||||||||
2022 |
|
2021 |
|||||||
| In millions | Gross Profit |
Income from
|
|
Gross Profit |
Income from
|
||||
| Freight Segment Reported Results | $ |
424 |
$ |
189 |
$ |
356 |
$ |
142 |
|
| Freight Segment Reported Margin |
|
32.1% |
|
14.3% |
|
30.1% |
|
12.0% |
|
| Restructuring & Transaction costs |
|
2 |
|
2 |
|
1 |
|
7 |
|
| Non-cash Amortization expense |
|
- |
|
68 |
|
- |
|
65 |
|
| Freight Segment Adjusted Results | $ |
426 |
$ |
259 |
$ |
357 |
$ |
214 |
|
| Freight Segment Adjusted Margin |
|
32.2% |
|
19.6% |
|
30.2% |
|
18.1% |
|
| Transit Segment Reported Results | $ |
171 |
$ |
65 |
$ |
178 |
$ |
70 |
|
| Transit Segment Reported Margin |
|
28.2% |
|
10.7% |
|
27.5% |
|
10.8% |
|
| Restructuring & Transaction costs |
|
3 |
|
4 |
|
3 |
|
4 |
|
| Non-cash Amortization expense |
|
- |
|
5 |
|
- |
|
5 |
|
| Transit Segment Adjusted Results | $ |
174 |
$ |
74 |
$ |
181 |
$ |
79 |
|
| Transit Segment Adjusted Margin |
|
28.7% |
|
12.3% |
|
27.9% |
|
12.2% |
|
| Westinghouse Air Brake Technologies CORPORATION | |||||||||||
| RECONCILIATION OF CHANGES IN NET SALES - BY SEGMENT | |||||||||||
| (UNAUDITED) | |||||||||||
| Three Months Ended March 31, | |||||||||||
| In millions | Freight | Transit | Consolidated | ||||||||
| 2021 Net Sales | $ |
1,183 |
|
$ |
647 |
|
$ |
1,830 |
|
||
| Acquisitions |
|
39 |
|
|
1 |
|
|
40 |
|
||
| Foreign Exchange |
|
(4 |
) |
|
(33 |
) |
|
(37 |
) |
||
| Organic |
|
104 |
|
|
(10 |
) |
|
94 |
|
||
| 2022 Net Sales | $ |
1,322 |
|
$ |
605 |
|
$ |
1,927 |
|
||
| Change ($) |
|
139 |
|
|
(42 |
) |
|
97 |
|
||
| Change (%) |
|
11.7 |
% |
|
-6.5 |
% |
|
5.3 |
% |
||
| 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 | ||||||||
| 2022 Q1 Cash Conversion Calculation | ||||||||
| (in millions) | ||||||||
Reported Cash |
÷ |
(Net Income |
+ |
Depreciation & Amortization) |
= |
Cash Conversion |
||
from Operations |
||||||||
|
|
|
|
|
|
|
||
| Consolidated Results | $161 |
|
$150 |
|
$122 |
|
59% |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
| Wabtec Corporation |
|
|
|
|
|
|
|
|
| 2021 Q1 Cash Conversion Calculation |
|
|
|
|
|
|
|
|
| (in millions) |
|
|
|
|
|
|
|
|
Reported Cash |
÷ |
(Net Income |
+ |
Depreciation & Amortization) |
= |
Cash Conversion |
||
from Operations |
||||||||
|
|
|
|
|
|
|
||
| Consolidated Results | $292 |
|
$115 |
|
$120 |
|
124% |
|
