Westinghouse Air Brake Technologies (WAB) FY2017 results: revenue $3.9 billion, up 32.4% on the year
Westinghouse Air Brake Technologies Corp. (WAB) reported revenue of $3.9 billion for fiscal 2017, the year ended 31 December 2017, up 32.4% on the year before. Net income was $262 million, down 14.0%, and diluted earnings per share $2.72. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2019.
Revenue
$3.9 billion
+32.4% on the year
FY2010FY2017
Operating margin
10.9%
15.6% a year earlier
FY2010FY2017
Net income
$262 million
-14.0% on the year
FY2010FY2017
Diluted EPS
$2.72
-18.6% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
3,882
2,931
3,308
+32.4%
Cost of revenue
2,816
2,007
2,260
+40.3%
Gross profit
1,065
924
1,048
+15.3%
Gross margin
27.4%
31.5%
31.7%
Research and development
95.2
71.4
71.2
+33.3%
Selling, general and administrative
512
374
347
+37.0%
Operating income
422
457
608
-7.6%
Operating margin
10.9%
15.6%
18.4%
Pre-tax income
352
413
585
-14.7%
Income tax
89.8
99.4
187
-9.7%
Effective tax rate
25.5%
24.1%
31.9%
Net income
262
305
399
-14.0%
Net margin
6.8%
10.4%
12.1%
Diluted EPS
$2.72
$3.34
$4.10
-18.6%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
189
451
451
-58.1%
Capital expenditure
89.5
50.2
49.4
+78.2%
Free cash flow
99.3
400
401
-75.2%
Free cash flow margin
2.6%
13.7%
12.1%
Cash from investing
-1,034
-233
-380
Cash from financing
-97.4
523
-251
Depreciation and amortisation
103
69.8
64.7
+47.9%
Share-based compensation
21.3
20.8
26.0
+2.3%
Buybacks
0.0
212
388
Dividends paid
42.2
32.4
27.0
+30.2%
Dividend per share
$0.44
$0.36
$0.28
+22.2%
Diluted shares, weighted
96m
91m
97m
+5.5%
Shares outstanding at period end
96m
95m
92m
+0.6%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
2,809
2,206
1,700
+27.3%
Non-controlling interest
19.7
771
1.7
-97.4%
Debt
1,871
1,893
692
-1.2%
Other liabilities
1,881
1,711
836
+9.9%
Total liabilities and equity
6,580
6,581
3,230
-0.0%
Fixed assets
574
518
353
+10.7%
Goodwill
2,460
2,079
859
+18.3%
Intangible assets
1,204
1,054
441
+14.3%
Cash and equivalents
233
398
226
-41.4%
Receivables
801
668
495
+19.9%
Inventory
743
659
479
+12.8%
Other assets
565
1,205
378
-53.1%
Total assets
6,580
6,581
3,230
-0.0%
10-K for the year ended 31 December 2017, filed 27 February 2019: the filing.