Westinghouse AIR Brake Technologies Corp. Q2 FY2024 results: revenue $2.6 billion, up 9.8% on the year

Westinghouse AIR Brake Technologies Corp. (WAB) reported revenue of $2.6 billion for Q2 FY2024, the quarter ended 30 June 2024, up 9.8% on the same quarter a year earlier. Net income was $289 million, up 51.3% on the year, and diluted earnings per share $1.64. The figures are the company's own, from the 10-Q it filed with the SEC on 24 July 2024.

Revenue$2.6 billionup 9.8%

Net income$289 millionup 51.3%

Diluted EPS$1.64

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	2,644	2,497	n/a	n/a
Cost of revenue	1,770	1,682	n/a	n/a
Gross profit	874	815	n/a	n/a
Gross margin	33.1%	32.6%	n/a
Research and development	57.0	48.0	n/a	n/a
Selling, general and administrative	316	281	n/a	n/a
Operating income	430	412	n/a	n/a
Operating margin	16.3%	16.5%	n/a
Interest expense	49.0	47.0	n/a	n/a
Pre-tax income	385	363	n/a	n/a
Income tax	94.0	86.0	n/a	n/a
Effective tax rate	24.4%	23.7%	n/a
Net income	289	272	n/a	n/a
Net margin	10.9%	10.9%	n/a
Diluted EPS	$1.64	$1.53	n/a	n/a

$ million except per share. 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	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	235	334	n/a	n/a
Capital expenditure	46.0	31.0	n/a	n/a
Free cash flow	189	303	n/a	n/a
Free cash flow margin	7.1%	12.1%	n/a
Depreciation and amortisation	118	123	n/a	n/a
Share-based compensation	17.0	12.0	n/a	n/a
Buybacks	200	175	n/a	n/a
Dividends paid	35.0	36.0	n/a	n/a
Dividend per share	$0.20	$0.20	n/a	n/a
Diluted shares, weighted	176m	177m	n/a	n/a
Shares outstanding at period end	176m	177m	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	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Total assets	18,876	18,747	n/a	n/a
Cash and equivalents	595	639	n/a	n/a
Receivables	1,269	997	n/a	n/a
Inventory	2,364	2,356	n/a	n/a
Goodwill	8,706	8,730	n/a	n/a
Long-term debt	3,997	4,000	n/a	n/a
Shareholders' equity	10,477	10,462	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 30 June 2024, filed 24 July 2024, accession 0001628280-24-032762: the filing on EDGAR. All of Westinghouse AIR Brake Technologies Corp.'s filings: EDGAR company page.

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