Westinghouse Air Brake Technologies (WAB) FY2011 results: revenue $2.0 billion, up 30.6% on the year
Westinghouse Air Brake Technologies Corp. (WAB) reported revenue of $2.0 billion for fiscal 2011, the year ended 31 December 2011, up 30.6% on the year before. Net income was $170 million, up 38.2%, and diluted earnings per share $1.75. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2012.
Revenue
$2.0 billion
+30.6% on the year
FY2008FY2011
Operating margin
13.8%
13.5% a year earlier
FY2008FY2011
Net income
$170 million
+38.2% on the year
FY2008FY2011
Diluted EPS
$1.75
+37.1% on the year
FY2008FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
1,968
1,507
1,402
+30.6%
Cost of revenue
1,397
1,058
1,008
+32.1%
Gross profit
570
449
393
+27.0%
Gross margin
29.0%
29.8%
28.1%
Research and development
37.2
40.2
42.4
-7.5%
Selling, general and administrative
248
196
161
+26.4%
Operating income
271
203
180
+33.5%
Operating margin
13.8%
13.5%
12.8%
Interest expense
15.4
16.0
-16.7
-3.7%
Pre-tax income
255
187
163
+36.7%
Income tax
85.2
63.7
48.3
+33.6%
Effective tax rate
33.4%
34.1%
29.6%
Net income
170
123
115
+38.2%
Net margin
8.6%
8.2%
8.2%
Diluted EPS
$1.75
$1.28
$1.20
+37.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
249
176
162
+41.2%
Capital expenditure
38.0
20.8
18.3
+82.2%
Free cash flow
211
155
144
+35.7%
Free cash flow margin
10.7%
10.3%
10.3%
Cash from investing
-146
-156
-115
Cash from financing
-46.8
25.8
-13.0
Depreciation and amortisation
44.8
38.6
35.5
+16.2%
Share-based compensation
18.6
11.8
3.6
+58.5%
Dividends paid
3.8
1.9
1.9
+101.1%
Dividend per share
$0.04
$0.02
$0.02
+100.0%
Diluted shares, weighted
97m
96m
96m
+0.7%
Shares outstanding at period end
96m
96m
95m
-0.0%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
1,045
900
777
+16.2%
Non-controlling interest
2.5
3.6
2.0
-32.1%
Debt
396
422
392
-6.2%
Other liabilities
715
478
415
+49.8%
Total liabilities and equity
2,159
1,803
1,586
+19.7%
Fixed assets
222
206
202
+7.7%
Goodwill
588
546
483
+7.6%
Intangible assets
257
217
188
+18.6%
Cash and equivalents
286
237
189
+20.5%
Receivables
346
258
208
+34.1%
Inventory
348
253
239
+37.4%
Other assets
112
85.5
77.3
+30.9%
Total assets
2,159
1,803
1,586
+19.7%
10-K for the year ended 31 December 2011, filed 24 February 2012: the filing.