Westinghouse Air Brake Technologies (WAB) FY2015 results: revenue $3.3 billion, up 8.7% on the year
Westinghouse Air Brake Technologies Corp. (WAB) reported revenue of $3.3 billion for fiscal 2015, the year ended 31 December 2015, up 8.7% on the year before. Net income was $399 million, up 13.3%, and diluted earnings per share $4.10. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2016.
Revenue
$3.3 billion
+8.7% on the year
FY2008FY2015
Operating margin
18.4%
17.3% a year earlier
FY2008FY2015
Net income
$399 million
+13.3% on the year
FY2008FY2015
Diluted EPS
$4.10
+13.3% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
3,308
3,044
2,566
+8.7%
Cost of revenue
2,260
2,108
1,802
+7.2%
Gross profit
1,048
936
764
+11.9%
Gross margin
31.7%
30.7%
29.8%
Research and development
71.2
61.9
46.3
+15.1%
Selling, general and administrative
347
325
263
+7.0%
Operating income
608
527
437
+15.3%
Operating margin
18.4%
17.3%
17.0%
Pre-tax income
585
508
421
+15.3%
Income tax
187
156
129
+19.6%
Effective tax rate
31.9%
30.8%
30.6%
Net income
399
352
292
+13.3%
Net margin
12.1%
11.6%
11.4%
Diluted EPS
$4.10
$3.62
$3.01
+13.3%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
451
472
236
-4.6%
Capital expenditure
49.4
47.7
41.2
+3.7%
Free cash flow
401
425
194
-5.5%
Free cash flow margin
12.1%
14.0%
7.6%
Cash from investing
-380
-348
-259
Cash from financing
-251
25.5
93.0
Depreciation and amortisation
64.7
61.3
51.2
+5.7%
Share-based compensation
26.0
26.1
24.1
-0.4%
Buybacks
388
26.8
33.0
+1,349.3%
Dividends paid
27.0
19.2
12.6
+40.1%
Dividend per share
$0.28
$0.20
$0.13
+40.0%
Diluted shares, weighted
97m
97m
97m
+0.1%
Shares outstanding at period end
92m
96m
96m
-4.6%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
1,700
1,807
1,585
-6.0%
Non-controlling interest
1.7
1.1
1.9
+64.0%
Debt
692
520
450
+32.9%
Other liabilities
836
975
785
-14.2%
Total liabilities and equity
3,230
3,304
2,822
-2.2%
Fixed assets
353
339
276
+4.2%
Goodwill
859
862
786
-0.4%
Intangible assets
441
423
386
+4.2%
Cash and equivalents
226
426
286
-46.9%
Receivables
495
443
349
+11.6%
Inventory
479
511
403
-6.3%
Other assets
378
299
335
+26.1%
Total assets
3,230
3,304
2,822
-2.2%
10-K for the year ended 31 December 2015, filed 19 February 2016: the filing.