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Westinghouse AIR Brake Technologies Corp. Q4 FY2023 results: revenue $2.5 billion, up 9.5% on the year

Westinghouse AIR Brake Technologies Corp. (WAB) reported revenue of $2.5 billion for Q4 FY2023, the quarter ended 31 December 2023, up 9.5% on the same quarter a year earlier. Net income was $215 million, up 36.1% on the year, and diluted earnings per share $1.21. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2024.

Revenue$2.5 billionup 9.5%
Net income$215 millionup 36.1%
Diluted EPS$1.21
QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Revenue2,5262,550n/an/a
Cost of revenue1,7621,758n/an/a
Gross profit764792n/an/a
Gross margin30.2%31.1%n/a
Research and development61.053.0n/an/a
Selling, general and administrative296295n/an/a
Operating income308370n/an/a
Operating margin12.2%14.5%n/a
Pre-tax income280320n/an/a
Income tax63.078.0n/an/a
Effective tax rate22.5%24.4%n/a
Net income215240n/an/a
Net margin8.5%9.4%n/a
Diluted EPS$1.21$1.33n/an/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free 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 and capital returned

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Operating cash flow686425n/an/a
Capital expenditure77.039.0n/an/a
Free cash flow609386n/an/a
Free cash flow margin24.1%15.1%n/a
Depreciation and amortisation160125n/an/a
Share-based compensation11.016.0n/an/a
Buybacks1570.0n/an/a
Dividends paid31.030.0n/an/a
Dividend per sharen/a$0.17n/an/a
Diluted shares, weighted180m179mn/an/a
Shares outstanding at period end178m179mn/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ4 FY2023Q3 FY2023A year earlierChange on the year
Total assets18,98818,800n/an/a
Cash and equivalents620392n/an/a
Receivables1,1601,104n/an/a
Inventory2,2842,246n/an/a
Goodwill8,7808,590n/an/a
Long-term debt4,0694,047n/an/a
Borrowings, as the company tags them4,084n/an/an/a
Shareholders' equity10,48710,326n/an/a

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue2,5502,5262,4972,6442,6632,5832,6102,7062,8862,9652,9503,179
Cost of revenue1,7581,7621,6821,7701,7831,7861,7101,7681,8841,9991,8892,018
Gross profit7927648158748807979009381,0029661,0611,161
Gross margin31%30%33%33%33%31%34%35%35%33%36%37%
R&D53.061.048.057.050.051.046.050.059.068.056.070.0
SG&A295296281316318333307347375461401400
Operating income370308412430433334474472491356517600
Operating margin15%12%16%16%16%13%18%17%17%12%18%19%
Interest expensen/an/a47.049.052.053.046.046.065.068.071.080.0
Pre-tax income320280363385378284426450425291469518
Tax rate24%22%24%24%24%25%23%25%26%30%23%24%
Net income240215272289283212322336310202362395
Net margin9%9%11%11%11%8%12%12%11%7%12%12%
Diluted EPS$1.33$1.21$1.53$1.64$1.63$1.24$1.88$1.96$1.81$1.18$2.12$2.33
Operating cash flow425686334235542723191209367992199441
Capital expenditure39.077.031.046.046.084.044.039.055.012246.062.0
Free cash flow386609303189496639147170312870153379
Buybacks0.015717520059912398.050.00.075.0242215
Dividends paid30.031.036.035.035.034.043.044.043.043.053.053.0
Shares outstanding179m178m177m176m172m171m171m171m171m171m170m169m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 14 February 2024, accession 0001628280-24-004774: the filing on EDGAR. All of Westinghouse AIR Brake Technologies Corp.'s filings: EDGAR company page.

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