Westinghouse Air Brake Technologies (WAB) FY2016 results: revenue $2.9 billion, down 11.4% on the year
Westinghouse Air Brake Technologies Corp. (WAB) reported revenue of $2.9 billion for fiscal 2016, the year ended 31 December 2016, down 11.4% on the year before. Net income was $305 million, down 23.5%, and diluted earnings per share $3.34. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2019.
Revenue
$2.9 billion
-11.4% on the year
FY2009FY2016
Operating margin
15.6%
18.4% a year earlier
FY2009FY2016
Net income
$305 million
-23.5% on the year
FY2009FY2016
Diluted EPS
$3.34
-18.5% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
2,931
3,308
3,044
-11.4%
Cost of revenue
2,007
2,260
2,108
-11.2%
Gross profit
924
1,048
936
-11.8%
Gross margin
31.5%
31.7%
30.7%
Research and development
71.4
71.2
61.9
+0.2%
Selling, general and administrative
374
347
325
+7.5%
Operating income
457
608
527
-24.8%
Operating margin
15.6%
18.4%
17.3%
Pre-tax income
413
585
508
-29.5%
Income tax
99.4
187
156
-46.8%
Effective tax rate
24.1%
31.9%
30.8%
Net income
305
399
352
-23.5%
Net margin
10.4%
12.1%
11.6%
Diluted EPS
$3.34
$4.10
$3.62
-18.5%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
451
451
472
-0.1%
Capital expenditure
50.2
49.4
47.7
+1.6%
Free cash flow
400
401
425
-0.3%
Free cash flow margin
13.7%
12.1%
14.0%
Cash from investing
-233
-380
-348
Cash from financing
523
-251
25.5
Depreciation and amortisation
69.8
64.7
61.3
+7.8%
Share-based compensation
20.8
26.0
26.1
-20.0%
Buybacks
212
388
26.8
-45.3%
Dividends paid
32.4
27.0
19.2
+20.3%
Dividend per share
$0.36
$0.28
$0.20
+28.6%
Diluted shares, weighted
91m
97m
97m
-6.0%
Shares outstanding at period end
95m
92m
96m
+3.9%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
2,206
1,700
1,807
+29.8%
Non-controlling interest
771
1.7
1.1
+44,406.2%
Debt
1,893
692
520
+173.6%
Other liabilities
1,711
836
975
+104.6%
Total liabilities and equity
6,581
3,230
3,304
+103.8%
Fixed assets
518
353
339
+46.8%
Goodwill
2,079
859
862
+142.1%
Intangible assets
1,054
441
423
+139.2%
Cash and equivalents
398
226
426
+76.2%
Receivables
668
495
443
+34.9%
Inventory
659
479
511
+37.6%
Other assets
1,205
378
299
+219.3%
Total assets
6,581
3,230
3,304
+103.8%
10-K for the year ended 31 December 2016, filed 27 February 2019: the filing.