Westinghouse AIR Brake Technologies Corp. Q1 FY2024 results: revenue $2.5 billion, up 13.8% on the year

Westinghouse AIR Brake Technologies Corp. (WAB) reported revenue of $2.5 billion for Q1 FY2024, the quarter ended 31 March 2024, up 13.8% on the same quarter a year earlier. Net income was $272 million, up 60.9% on the year, and diluted earnings per share $1.53. The figures are the company's own, from the 10-Q it filed with the SEC on 24 April 2024.

Revenue$2.5 billionup 13.8%

Net income$272 millionup 60.9%

Diluted EPS$1.53

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	2,497	2,526	n/a	n/a
Cost of revenue	1,682	1,762	n/a	n/a
Gross profit	815	764	n/a	n/a
Gross margin	32.6%	30.2%	n/a
Research and development	48.0	61.0	n/a	n/a
Selling, general and administrative	281	296	n/a	n/a
Operating income	412	308	n/a	n/a
Operating margin	16.5%	12.2%	n/a
Interest expense	47.0	n/a	n/a	n/a
Pre-tax income	363	280	n/a	n/a
Income tax	86.0	63.0	n/a	n/a
Effective tax rate	23.7%	22.5%	n/a
Net income	272	215	n/a	n/a
Net margin	10.9%	8.5%	n/a
Diluted EPS	$1.53	$1.21	n/a	n/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

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	334	686	n/a	n/a
Capital expenditure	31.0	77.0	n/a	n/a
Free cash flow	303	609	n/a	n/a
Free cash flow margin	12.1%	24.1%	n/a
Depreciation and amortisation	123	160	n/a	n/a
Share-based compensation	12.0	11.0	n/a	n/a
Buybacks	175	157	n/a	n/a
Dividends paid	36.0	31.0	n/a	n/a
Dividend per share	$0.20	n/a	n/a	n/a
Diluted shares, weighted	177m	180m	n/a	n/a
Shares outstanding at period end	177m	178m	n/a	n/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

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	18,747	18,988	n/a	n/a
Cash and equivalents	639	620	n/a	n/a
Receivables	997	1,160	n/a	n/a
Inventory	2,356	2,284	n/a	n/a
Goodwill	8,730	8,780	n/a	n/a
Long-term debt	4,000	4,069	n/a	n/a
Borrowings, as the company tags them	n/a	4,084	n/a	n/a
Shareholders' equity	10,462	10,487	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	2,550	2,526	2,497	2,644	2,663	2,583	2,610	2,706	2,886	2,965	2,950	3,179
Cost of revenue	1,758	1,762	1,682	1,770	1,783	1,786	1,710	1,768	1,884	1,999	1,889	2,018
Gross profit	792	764	815	874	880	797	900	938	1,002	966	1,061	1,161
Gross margin	31%	30%	33%	33%	33%	31%	34%	35%	35%	33%	36%	37%
R&D	53.0	61.0	48.0	57.0	50.0	51.0	46.0	50.0	59.0	68.0	56.0	70.0
SG&A	295	296	281	316	318	333	307	347	375	461	401	400
Operating income	370	308	412	430	433	334	474	472	491	356	517	600
Operating margin	15%	12%	16%	16%	16%	13%	18%	17%	17%	12%	18%	19%
Interest expense	n/a	n/a	47.0	49.0	52.0	53.0	46.0	46.0	65.0	68.0	71.0	80.0
Pre-tax income	320	280	363	385	378	284	426	450	425	291	469	518
Tax rate	24%	22%	24%	24%	24%	25%	23%	25%	26%	30%	23%	24%
Net income	240	215	272	289	283	212	322	336	310	202	362	395
Net margin	9%	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 flow	425	686	334	235	542	723	191	209	367	992	199	441
Capital expenditure	39.0	77.0	31.0	46.0	46.0	84.0	44.0	39.0	55.0	122	46.0	62.0
Free cash flow	386	609	303	189	496	639	147	170	312	870	153	379
Buybacks	0.0	157	175	200	599	123	98.0	50.0	0.0	75.0	242	215
Dividends paid	30.0	31.0	36.0	35.0	35.0	34.0	43.0	44.0	43.0	43.0	53.0	53.0
Shares outstanding	179m	178m	177m	176m	172m	171m	171m	171m	171m	171m	170m	169m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-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-Q for the period ended 31 March 2024, filed 24 April 2024, accession 0001628280-24-017577: the filing on EDGAR. All of Westinghouse AIR Brake Technologies Corp.'s filings: EDGAR company page.

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