Westinghouse Air Brake Technologies (WAB) FY2019 results: revenue $8.2 billion, up 87.9% on the year
Westinghouse Air Brake Technologies Corp. (WAB) reported revenue of $8.2 billion for fiscal 2019, the year ended 31 December 2019, up 87.9% on the year before. Net income was $327 million, up 10.8%, and diluted earnings per share $1.84. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2020.
Revenue
$8.2 billion
+87.9% on the year
FY2012FY2019
Operating margin
8.1%
10.8% a year earlier
FY2012FY2019
Net income
$327 million
+10.8% on the year
FY2012FY2019
Diluted EPS
$1.84
-39.7% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
8,200
4,364
3,882
+87.9%
Cost of revenue
5,922
3,130
2,816
+89.2%
Gross profit
2,278
1,234
1,065
+84.6%
Gross margin
27.8%
28.3%
27.4%
Research and development
210
87.5
95.2
+140.0%
Selling, general and administrative
1,167
633
512
+84.2%
Operating income
663
473
422
+40.1%
Operating margin
8.1%
10.8%
10.9%
Pre-tax income
447
368
352
+21.6%
Income tax
120
75.9
89.8
+58.1%
Effective tax rate
26.9%
20.6%
25.5%
Net income
327
295
262
+10.8%
Net margin
4.0%
6.8%
6.8%
Diluted EPS
$1.84
$3.05
$2.72
-39.7%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,016
315
189
+222.7%
Capital expenditure
186
93.3
89.5
+99.3%
Free cash flow
830
221
99.3
+274.7%
Free cash flow margin
10.1%
5.1%
2.6%
Cash from investing
-3,178
-147
-1,034
Cash from financing
462
1,978
-97.4
-76.7%
Depreciation and amortisation
401
109
103
+267.3%
Share-based compensation
50.0
25.3
21.3
+97.5%
Buybacks
0.0
0.0
0.0
Dividends paid
82.0
46.3
42.2
+77.2%
Dividend per share
$0.48
$0.48
$0.44
0.0%
Diluted shares, weighted
177m
96m
96m
+83.8%
Shares outstanding at period end
192m
97m
96m
+98.4%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
9,956
2,865
2,809
+247.5%
Non-controlling interest
37.1
3.9
19.7
+851.3%
Debt
4,429
3,857
1,871
+14.8%
Other liabilities
4,521
1,923
1,881
+135.1%
Total liabilities and equity
18,944
8,649
6,580
+119.0%
Fixed assets
1,656
564
574
+193.7%
Goodwill
8,361
2,397
2,460
+248.9%
Intangible assets
4,104
1,130
1,204
+263.2%
Cash and equivalents
604
581
233
+4.0%
Receivables
1,150
801
801
+43.5%
Inventory
1,773
845
743
+109.9%
Other assets
1,297
2,332
565
-44.4%
Total assets
18,944
8,649
6,580
+119.0%
10-K for the year ended 31 December 2019, filed 24 February 2020: the filing.