Westinghouse Air Brake Technologies (WAB) FY2013 results: revenue $2.6 billion, up 7.3% on the year
Westinghouse Air Brake Technologies Corp. (WAB) reported revenue of $2.6 billion for fiscal 2013, the year ended 31 December 2013, up 7.3% on the year before. Net income was $292 million, up 16.1%, and diluted earnings per share $3.01. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2014.
Revenue
$2.6 billion
+7.3% on the year
FY2008FY2013
Operating margin
17.0%
16.4% a year earlier
FY2008FY2013
Net income
$292 million
+16.1% on the year
FY2008FY2013
Diluted EPS
$3.01
+16.0% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
2,566
2,391
1,968
+7.3%
Cost of revenue
1,802
1,697
1,397
+6.2%
Gross profit
764
695
570
+10.0%
Gross margin
29.8%
29.0%
29.0%
Research and development
46.3
41.3
37.2
+12.1%
Selling, general and administrative
263
246
248
+6.9%
Operating income
437
392
271
+11.5%
Operating margin
17.0%
16.4%
13.8%
Interest expense
n/a
14.9
15.4
Pre-tax income
421
377
255
+11.6%
Income tax
129
126
85.2
+2.6%
Effective tax rate
30.6%
33.3%
33.4%
Net income
292
252
170
+16.1%
Net margin
11.4%
10.5%
8.6%
Diluted EPS
$3.01
$2.60
$1.75
+16.0%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
236
237
249
-0.8%
Capital expenditure
41.2
36.0
38.0
+14.5%
Free cash flow
194
201
211
-3.5%
Free cash flow margin
7.6%
8.4%
10.7%
Cash from investing
-259
-185
-146
Cash from financing
93.0
-125
-46.8
Depreciation and amortisation
51.2
44.1
44.8
+16.0%
Share-based compensation
24.1
19.8
18.6
+21.5%
Buybacks
33.0
46.6
n/a
-29.1%
Dividends paid
12.6
7.7
3.8
+64.9%
Dividend per share
$0.13
$0.08
$0.04
+62.5%
Diluted shares, weighted
97m
97m
97m
+0.1%
Shares outstanding at period end
96m
95m
96m
+0.5%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
1,585
1,277
1,045
+24.2%
Non-controlling interest
1.9
5.2
2.5
-63.2%
Debt
450
318
396
+41.6%
Other liabilities
785
752
715
+4.4%
Total liabilities and equity
2,822
2,352
2,159
+20.0%
Fixed assets
276
244
222
+13.1%
Goodwill
786
666
588
+18.1%
Intangible assets
386
308
257
+25.1%
Cash and equivalents
286
216
286
+32.4%
Receivables
349
293
346
+19.4%
Inventory
403
407
348
-0.9%
Other assets
335
218
112
+54.2%
Total assets
2,822
2,352
2,159
+20.0%
10-K for the year ended 31 December 2013, filed 21 February 2014: the filing.