Westinghouse Air Brake Technologies (WAB) FY2014 results: revenue $3.0 billion, up 18.6% on the year
Westinghouse Air Brake Technologies Corp. (WAB) reported revenue of $3.0 billion for fiscal 2014, the year ended 31 December 2014, up 18.6% on the year before. Net income was $352 million, up 20.3%, and diluted earnings per share $3.62. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2015.
Revenue
$3.0 billion
+18.6% on the year
FY2008FY2014
Operating margin
17.3%
17.0% a year earlier
FY2008FY2014
Net income
$352 million
+20.3% on the year
FY2008FY2014
Diluted EPS
$3.62
+20.3% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
3,044
2,566
2,391
+18.6%
Cost of revenue
2,108
1,802
1,697
+17.0%
Gross profit
936
764
695
+22.5%
Gross margin
30.7%
29.8%
29.0%
Research and development
61.9
46.3
41.3
+33.7%
Selling, general and administrative
325
263
246
+23.5%
Operating income
527
437
392
+20.5%
Operating margin
17.3%
17.0%
16.4%
Interest expense
n/a
n/a
14.9
Pre-tax income
508
421
377
+20.6%
Income tax
156
129
126
+21.2%
Effective tax rate
30.8%
30.6%
33.3%
Net income
352
292
252
+20.3%
Net margin
11.6%
11.4%
10.5%
Diluted EPS
$3.62
$3.01
$2.60
+20.3%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
472
236
237
+100.5%
Capital expenditure
47.7
41.2
36.0
+15.6%
Free cash flow
425
194
201
+118.5%
Free cash flow margin
14.0%
7.6%
8.4%
Cash from investing
-348
-259
-185
Cash from financing
25.5
93.0
-125
-72.6%
Depreciation and amortisation
61.3
51.2
44.1
+19.7%
Share-based compensation
26.1
24.1
19.8
+8.4%
Buybacks
26.8
33.0
46.6
-18.9%
Dividends paid
19.2
12.6
7.7
+52.2%
Dividend per share
$0.20
$0.13
$0.08
+53.8%
Diluted shares, weighted
97m
97m
97m
+0.1%
Shares outstanding at period end
96m
96m
95m
+0.4%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
1,807
1,585
1,277
+14.0%
Non-controlling interest
1.1
1.9
5.2
-44.7%
Debt
520
450
318
+15.6%
Other liabilities
975
785
752
+24.3%
Total liabilities and equity
3,304
2,822
2,352
+17.1%
Fixed assets
339
276
244
+22.8%
Goodwill
862
786
666
+9.7%
Intangible assets
423
386
308
+9.6%
Cash and equivalents
426
286
216
+49.0%
Receivables
443
349
293
+26.9%
Inventory
511
403
407
+26.7%
Other assets
299
335
218
-10.7%
Total assets
3,304
2,822
2,352
+17.1%
10-K for the year ended 31 December 2014, filed 20 February 2015: the filing.