Westinghouse Air Brake Technologies (WAB) FY2012 results: revenue $2.4 billion, up 21.5% on the year
Westinghouse Air Brake Technologies Corp. (WAB) reported revenue of $2.4 billion for fiscal 2012, the year ended 31 December 2012, up 21.5% on the year before. Net income was $252 million, up 47.9%, and diluted earnings per share $2.60. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2013.
Revenue
$2.4 billion
+21.5% on the year
FY2008FY2012
Operating margin
16.4%
13.8% a year earlier
FY2008FY2012
Net income
$252 million
+47.9% on the year
FY2008FY2012
Diluted EPS
$2.60
+47.9% on the year
FY2008FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
2,391
1,968
1,507
+21.5%
Cost of revenue
1,697
1,397
1,058
+21.4%
Gross profit
695
570
449
+21.8%
Gross margin
29.0%
29.0%
29.8%
Research and development
41.3
37.2
40.2
+11.1%
Selling, general and administrative
246
248
196
-0.7%
Operating income
392
271
203
+44.9%
Operating margin
16.4%
13.8%
13.5%
Interest expense
14.9
15.4
16.0
-3.0%
Pre-tax income
377
255
187
+47.8%
Income tax
126
85.2
63.7
+47.5%
Effective tax rate
33.3%
33.4%
34.1%
Net income
252
170
123
+47.9%
Net margin
10.5%
8.6%
8.2%
Diluted EPS
$2.60
$1.75
$1.28
+47.9%
$ 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
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
237
249
176
-4.5%
Capital expenditure
36.0
38.0
20.8
-5.2%
Free cash flow
201
211
155
-4.4%
Free cash flow margin
8.4%
10.7%
10.3%
Cash from investing
-185
-146
-156
Cash from financing
-125
-46.8
25.8
Depreciation and amortisation
44.1
44.8
38.6
-1.6%
Share-based compensation
19.8
18.6
11.8
+6.4%
Buybacks
46.6
n/a
n/a
Dividends paid
7.7
3.8
1.9
+99.2%
Dividend per share
$0.08
$0.04
$0.02
+100.0%
Diluted shares, weighted
97m
97m
96m
+0.1%
Shares outstanding at period end
95m
96m
96m
-0.5%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
1,277
1,045
900
+22.2%
Non-controlling interest
5.2
2.5
3.6
+111.3%
Debt
318
396
422
-19.7%
Other liabilities
752
715
478
+5.1%
Total liabilities and equity
2,352
2,159
1,803
+8.9%
Fixed assets
244
222
206
+9.9%
Goodwill
666
588
546
+13.4%
Intangible assets
308
257
217
+19.8%
Cash and equivalents
216
286
237
-24.5%
Receivables
293
346
258
-15.4%
Inventory
407
348
253
+16.9%
Other assets
218
112
85.5
+94.3%
Total assets
2,352
2,159
1,803
+8.9%
10-K for the year ended 31 December 2012, filed 22 February 2013: the filing.