Westinghouse Air Brake Technologies (WAB) FY2018 results: revenue $4.4 billion, up 12.4% on the year
Westinghouse Air Brake Technologies Corp. (WAB) reported revenue of $4.4 billion for fiscal 2018, the year ended 31 December 2018, up 12.4% on the year before. Net income was $295 million, up 12.5%, and diluted earnings per share $3.05. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2019.
Revenue
$4.4 billion
+12.4% on the year
FY2011FY2018
Operating margin
10.8%
10.9% a year earlier
FY2011FY2018
Net income
$295 million
+12.5% on the year
FY2011FY2018
Diluted EPS
$3.05
+12.1% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
4,364
3,882
2,931
+12.4%
Cost of revenue
3,130
2,816
2,007
+11.1%
Gross profit
1,234
1,065
924
+15.8%
Gross margin
28.3%
27.4%
31.5%
Research and development
87.5
95.2
71.4
-8.1%
Selling, general and administrative
633
512
374
+23.7%
Operating income
473
422
457
+12.3%
Operating margin
10.8%
10.9%
15.6%
Pre-tax income
368
352
413
+4.4%
Income tax
75.9
89.8
99.4
-15.5%
Effective tax rate
20.6%
25.5%
24.1%
Net income
295
262
305
+12.5%
Net margin
6.8%
6.8%
10.4%
Diluted EPS
$3.05
$2.72
$3.34
+12.1%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
315
189
451
+66.7%
Capital expenditure
93.3
89.5
50.2
+4.3%
Free cash flow
221
99.3
400
+122.8%
Free cash flow margin
5.1%
2.6%
13.7%
Cash from investing
-147
-1,034
-233
Cash from financing
1,978
-97.4
523
Depreciation and amortisation
109
103
69.8
+5.9%
Share-based compensation
25.3
21.3
20.8
+18.9%
Buybacks
0.0
0.0
212
Dividends paid
46.3
42.2
32.4
+9.6%
Dividend per share
$0.48
$0.44
$0.36
+9.1%
Diluted shares, weighted
96m
96m
91m
+0.4%
Shares outstanding at period end
97m
96m
95m
+0.6%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
2,865
2,809
2,206
+2.0%
Non-controlling interest
3.9
19.7
771
-80.2%
Debt
3,857
1,871
1,893
+106.2%
Other liabilities
1,923
1,881
1,711
+2.3%
Total liabilities and equity
8,649
6,580
6,581
+31.4%
Fixed assets
564
574
518
-1.8%
Goodwill
2,397
2,460
2,079
-2.6%
Intangible assets
1,130
1,204
1,054
-6.2%
Cash and equivalents
581
233
398
+148.9%
Receivables
801
801
668
+0.1%
Inventory
845
743
659
+13.8%
Other assets
2,332
565
1,205
+312.9%
Total assets
8,649
6,580
6,581
+31.4%
10-K for the year ended 31 December 2018, filed 27 February 2019: the filing.