Westinghouse Air Brake Technologies (WAB) FY2020 results: revenue $7.6 billion, down 7.9% on the year
Westinghouse Air Brake Technologies Corp. (WAB) reported revenue of $7.6 billion for fiscal 2020, the year ended 31 December 2020, down 7.9% on the year before. Net income was $414 million, up 26.8%, and diluted earnings per share $2.17. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2021.
Revenue
$7.6 billion
-7.9% on the year
FY2013FY2020
Operating margin
9.9%
8.1% a year earlier
FY2013FY2020
Net income
$414 million
+26.8% on the year
FY2013FY2020
Diluted EPS
$2.17
+17.9% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
7,556
8,200
4,364
-7.9%
Cost of revenue
5,419
5,922
3,130
-8.5%
Gross profit
2,137
2,278
1,234
-6.2%
Gross margin
28.3%
27.8%
28.3%
Research and development
162
210
87.5
-22.8%
Selling, general and administrative
948
1,167
633
-18.7%
Operating income
744
663
473
+12.3%
Operating margin
9.9%
8.1%
10.8%
Pre-tax income
557
447
368
+24.7%
Income tax
145
120
75.9
+20.8%
Effective tax rate
26.0%
26.9%
20.6%
Net income
414
327
295
+26.8%
Net margin
5.5%
4.0%
6.8%
Diluted EPS
$2.17
$1.84
$3.05
+17.9%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
784
1,016
315
-22.8%
Capital expenditure
136
186
93.3
-26.9%
Free cash flow
648
830
221
-21.9%
Free cash flow margin
8.6%
10.1%
5.1%
Cash from investing
-155
-3,178
-147
Cash from financing
-619
462
1,978
Depreciation and amortisation
473
401
109
+17.9%
Share-based compensation
20.0
50.0
25.3
-60.0%
Buybacks
207
0.0
0.0
Dividends paid
93.0
82.0
46.3
+13.4%
Dividend per share
$0.48
$0.48
$0.48
0.0%
Diluted shares, weighted
190m
177m
96m
+7.4%
Shares outstanding at period end
189m
192m
97m
-1.5%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
10,122
9,956
2,865
+1.7%
Non-controlling interest
30.0
37.1
3.9
-19.1%
Debt
4,239
4,429
3,857
-4.3%
Other liabilities
4,063
4,521
1,923
-10.1%
Total liabilities and equity
18,454
18,944
8,649
-2.6%
Fixed assets
1,602
1,656
564
-3.3%
Goodwill
8,485
8,361
2,397
+1.5%
Intangible assets
3,869
4,104
1,130
-5.7%
Cash and equivalents
599
604
581
-0.9%
Receivables
969
1,150
801
-15.7%
Inventory
1,642
1,773
845
-7.4%
Other assets
1,288
1,297
2,332
-0.6%
Total assets
18,454
18,944
8,649
-2.6%
10-K for the year ended 31 December 2020, filed 19 February 2021: the filing.