- Delivered Strong GAAP Cash Flow from Operations of $311
Million
- Second Quarter Reported GAAP Earnings Per Share of $0.46;
Adjusted EPS of $0.87
- Second Quarter Reported GAAP Income from Operations of $159
Million (9.2% Margin); Adjusted Income from Operations of $262
Million (15.1% Margin)
- Over $70 Million in Net Synergies Realized Year-To-Date;
On-track to deliver $150 Million Net Synergies in 2020
Wabtec Corporation (NYSE: WAB) today reported second quarter
2020 earnings per diluted share of $0.46 and adjusted earnings per
diluted share of $0.87, versus earnings per diluted share of $0.54
and adjusted earnings per diluted share of $1.33 a year ago. Wabtec
also provided full-year guidance for sales in a range of $7.3
billion to $7.6 billion, adjusted earnings per diluted share to
between $3.50 and $3.80 and strong cash conversion of greater than
90 percent.
Rafael Santana, Wabtec’s president and chief executive officer,
said: “Wabtec delivered a strong operational quarter despite a
difficult and dynamic environment as a result of the COVID-19
pandemic. Against a backdrop of uncertainty and unprecedented
challenges, our teams drove strong cash flow from operations,
allowing us to further strengthen our financial position. We also
continue to make significant progress on our cost and synergy
plans, giving us confidence that we will deliver on our synergy
targets for 2020, as well as exceed our $250 million synergy run
rate ahead of schedule.
“Wabtec will continue to take prudent action to navigate the
evolving environment and we remain confident in the long-term
fundamentals and strategy for the company. Our strong backlog,
recurring service revenues, aftermarket reach, significant
installed base, technology differentiation, international footprint
and globally diverse business model position the company to deliver
long-term sustainable value for our customers, shareholders and
employees.”
2020 Financial Guidance
- Although significant uncertainty remains surrounding the impact
of the COVID-19 pandemic, based upon the Company's operational
experience during the first six months of 2020, we have determined
to provide certain annual guidance at this time. 2020 financial
guidance assumes that there are not material escalations in the
severity or duration of the COVID-19 pandemic nor the restrictive
measures implemented in response to the pandemic.
- Wabtec provided 2020 sales guidance to a range of $7.3 billion
to $7.6 billion, GAAP earnings per diluted share guidance to
between $2.05 to $2.35 and adjusted earnings per diluted share to
between $3.50 to $3.80. The adjusted guidance excludes estimated
expenses for restructuring, transaction and amortization
expenses.
- With aggressive cost actions and synergies stemming from the
Wabtec and GE Transportation merger on-track, we expect to see a
net synergy benefit of over $150 million in 2020. For full year
2020, Wabtec expects cash flow conversion to be greater than 90
percent including over $130 million of cash outflows related to
prior restructuring, transaction and litigation costs. Wabtec
defines cash conversion as GAAP cash flow from operations divided
by GAAP net income plus depreciation and amortization.
2020 Second Quarter Consolidated Results
- Sales were $1.7 billion versus $2.2 billion in the same period
a year ago. The decrease compared to the year-ago quarter was
primarily driven by lower sales in Freight Equipment, Services,
Components and Transit sales, along with unfavorable changes in
foreign currency exchange rates.
- Income from operations was $159 million (9.2 percent of sales)
and adjusted income from operations was $262 million (15.1 percent
of sales), which was unfavorably impacted by lower sales in Freight
and Transit primarily due to COVID-19 pandemic disruptions.
Adjusted income from operations excluded pre-tax expenses of $103
million, of which $72 million is for non-cash amortization expense
and $31 million is for restructuring and transaction costs (see
reconciliation table).
- Net interest expense was $51 million and other income (expense)
was $6 million of income.
- The reported and adjusted effective tax rate for the quarter
was 24.9 percent.
- Earnings per diluted share were $0.46 and adjusted earnings per
diluted share were $0.87 (see reconciliation table). Adjusted
earnings per diluted share excluded after-tax expenses of $0.41 as
follows: $0.29 for non-cash amortization expense; and $0.12 for
transaction and restructuring (see reconciliation table).
- EBITDA, which Wabtec defines as earnings before interest,
taxes, depreciation and amortization was $282 million and adjusted
EBITDA was $313 million. Adjusted EBITDA excluded pre-tax expenses
of $31 million for transaction and restructuring costs (see
reconciliation table).
2020 Second Quarter Segment Results
- Freight segment sales of $1.2 billion decreased by 21 percent
from the year-ago quarter or $322 million. The decrease was due to
lower organic sales of $315 million and unfavorable changes in
foreign currency exchange rates of $26 million, offset somewhat by
$19 million of sales from acquisitions. Freight segment organic
sales were primarily impacted by disruption due to the COVID-19
pandemic resulting in lower deliveries of locomotives and
components for freight cars, offset somewhat by sales growth in
Digital Electronics.
- Freight segment income from operations of $142 million (or 11.7
percent of segment sales) decreased from the year-ago quarter by
$26 million primarily as a result of lower sales, offset somewhat
by lower operating costs and SG&A expense. Excluding
restructuring and transaction expenses of $20 million and non-cash
amortization expense of $68 million, Freight segment adjusted
income from operations as a percent of sales was 19.0 percent.
- Transit segment sales of $533 million decreased by 25 percent
from the year-ago quarter or $177 million. The decrease was due to
lower organic sales of $160 million and unfavorable changes in
foreign currency exchange rates of $18 million. Transit segment
sales were negatively impacted by lower original equipment and
after-market sales primarily related to the disruption caused by
the COVID-19 pandemic.
- Transit segment income from operations of $40 million (or 7.5
percent of segment sales) decreased from the year-ago quarter by
$22 million as a result of lower volumes and disruption on
operations due to the COVID-19 pandemic. Excluding restructuring
and non-cash amortization expense of $11 million, Transit segment
adjusted income from operations as a percent of sales was 9.6
percent.
Cash Flow and Liquidity Summary
- The company generated cash from operations of $311 million for
the second quarter compared to cash provided by operations of $413
million in the year-ago quarter, with the decrease primarily from
changes in working capital.
- At quarter end, the company had cash and cash equivalents of
$588 million and debt of $4.5 billion. At the quarter end, the
company’s total available liquidity, which includes $588 million in
cash and cash equivalents plus $1.3 billion available under current
credit facilities, was $1.9 billion.
Backlog
At June 30, Wabtec’s total, multi-year backlog was $21.4
billion, down slightly from backlog at March 31, 2020 due in part
to $137 million of negative impacts from foreign currency exchange
rates. The 12-month backlog was $5.3 billion at June 30, 2020.
Conference Call Information
Wabtec will host a call with analysts and investors at 8:30
a.m., ET, today. To listen via webcast, go to Wabtec’s new website
at www.WabtecCorp.com and click on “Events & Presentations” in
the “Investor Relations” section. Also, an audio replay of the call
will be available by calling 1-877-344-7529 or 1-412-317-0088
(access code: 10145576).
About Wabtec Corporation
Wabtec Corporation is a leading global provider of equipment,
systems, digital solutions and value-added services for freight and
transit rail. Drawing on nearly four centuries of collective
experience across Wabtec, GE Transportation and Faiveley Transport,
the company has unmatched digital expertise, technological
innovation, and world-class manufacturing and services, enabling
the digital-rail-and-transit ecosystems. Wabtec is focused on
performance that drives progress, creating transportation solutions
that move and improve the world. The freight portfolio features a
comprehensive line of locomotives, software applications and a
broad selection of mission-critical controls systems, including
Positive Train Control (PTC). The transit portfolio provides highly
engineered systems and services to virtually every major rail
transit system around the world, supplying an integrated series of
components for buses and all train-related market segments that
deliver safety, efficiency and passenger comfort. Along with its
industry-leading portfolio of products and solutions for the rail
and transit industries, Wabtec is a leader in mining, marine, and
industrial solutions. Based in Pittsburgh, PA, Visit:
www.WabtecCorp.com
Information about non-GAAP Financial Information and
Forward-Looking Statements
Wabtec’s earnings release and 2020 financial guidance mentions
certain non-GAAP financial performance measures, including adjusted
gross profit, adjusted operating expenses, adjusted operating
margin, EBITDA, adjusted EBITDA, adjusted effective tax rate,
adjusted income tax expense, adjusted income from operations,
adjusted interest, other expense and adjusted earnings per diluted
share and cash conversion rate. Wabtec defines EBITDA as earnings
before interest, taxes, depreciation and amortization. While Wabtec
believes these are useful supplemental measures for investors, they
are not presented in accordance with GAAP. Investors should not
consider non-GAAP measures in isolation or as a substitute for net
income, cash flows from operations, or any other items calculated
in accordance with GAAP. In addition, the non-GAAP financial
measures included in this presentation have inherent material
limitations as performance measures because they add back certain
expenses incurred by the company to GAAP financial measures,
resulting in those expenses not being taken into account in the
applicable non-GAAP financial measure. Because not all companies
use identical calculations, Wabtec’s presentation of non-GAAP
financial measures may not be comparable to other similarly titled
measures of other companies. Included in this release are
reconciliation tables that provide details about how adjusted
results relate to GAAP results.
This communication contains “forward-looking” statements as that
term is defined in Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended by the Private Securities Litigation Reform Act of 1995,
including statements regarding the acquisition by Wabtec of GE
Transportation (the “GE Transportation merger”), statements
regarding Wabtec’s expectations about future sales and earnings,
and statements about the impact of evolving global conditions on
Wabtec’s business. All statements, other than historical facts,
including statements regarding synergies from the GE Transportation
merger; statements regarding Wabtec’s plans, objectives,
expectations and intentions; and statements regarding
macro-economic conditions and evolving production and demand
conditions; and any assumptions underlying any of the foregoing,
are forward-looking statements. Forward-looking statements concern
future circumstances and results and other statements that are not
historical facts and are sometimes identified by the words “may,”
“will,” “should,” “potential,” “intend,” “expect,” “endeavor,”
“seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,”
“believe,” “could,” “project,” “predict,” “continue,” “target” or
other similar words or expressions. Forward-looking statements are
based upon current plans, estimates and expectations that are
subject to risks, uncertainties and assumptions. Should one or more
of these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those indicated or anticipated by such forward-looking
statements. The inclusion of such statements should not be regarded
as a representation that such plans, estimates or expectations will
be achieved. Important factors that could cause actual results to
differ materially from such plans, estimates or expectations
include, among others, (1) unexpected costs, charges or expenses
resulting from the GE Transportation merger; (2) uncertainty of
Wabtec’s expected financial performance; (3) failure to realize the
anticipated benefits of the GE Transportation merger, including as
a result of integrating GE Transportation into Wabtec; (4) Wabtec’s
ability to implement its business strategy; (5) difficulties and
delays in achieving revenue and cost synergies; (6) inability to
retain and hire key personnel; (7) evolving legal, regulatory and
tax regimes; (8) changes in general economic and/or industry
specific conditions, including the impacts of tax and tariff
programs, industry consolidation and changes in the financial
condition or operating strategies of our customers; (9) changes in
the expected timing of projects; (10) a decrease in freight or
passenger rail traffic; (11) an increase in manufacturing costs;
(12) actions by third parties, including government agencies; (13)
the severity and duration of the evolving COVID-19 pandemic and the
resulting impact on the global economy and, in particular, our
customers, suppliers and end-markets, and (14) other risk factors
as detailed from time to time in Wabtec’s reports filed with the
SEC, including Wabtec’s annual report on Form 10-K, periodic
quarterly reports on Form 10-Q, periodic current reports on Form
8-K and other documents filed with the SEC. The foregoing list of
important factors is not exclusive. Any forward-looking statements
speak only as of the date of this communication. Wabtec does not
undertake any obligation to update any forward-looking statements,
whether as a result of new information or development, future
events or otherwise, except as required by law. Readers are
cautioned not to place undue reliance on any of these
forward-looking statements.
Appendix A
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED
CONSOLIDATED STATEMENT OF INCOME FOR THE THREE AND SIX
MONTHS ENDED JUNE 30, 2020 AND 2019 (AMOUNTS IN MILLIONS
EXCEPT PER SHARE DATA) (UNAUDITED) Three
Months ended Three Months ended For the For the June June Six
Months Six Months
2020
2019
2020
2019
Net sales
$
1,737.4
$
2,236.3
$
3,667.3
$
3,829.9
Cost of sales
(1,250.7
)
(1,621.6
)
(2,601.9
)
(2,826.2
)
Gross profit
486.7
614.7
1,065.4
1,003.7
Gross profit as a % of Net Sales
28.0
%
27.5
%
29.1
%
26.2
%
Selling, general and administrative expenses
(216.8
)
(290.9
)
(460.2
)
(550.7
)
Engineering expenses
(38.2
)
(57.2
)
(87.2
)
(91.7
)
Amortization expense
(72.3
)
(66.0
)
(141.3
)
(93.4
)
Total operating expenses
(327.3
)
(414.1
)
(688.7
)
(735.8
)
Operating expenses as a % of Net Sales
18.8
%
18.5
%
18.8
%
19.2
%
Income from operations
159.4
200.6
376.7
267.9
Income from operations as a % of Net Sales
9.2
%
9.0
%
10.3
%
7.0
%
Interest expense, net
(51.4
)
(58.5
)
(104.7
)
(103.0
)
Other income (expense), net
6.3
2.1
(8.5
)
(6.1
)
Income from operations before income taxes
114.3
144.2
263.5
158.8
Income tax expense
(28.5
)
(41.5
)
(66.5
)
(60.0
)
Effective tax rate
24.9
%
28.7
%
25.2
%
37.7
%
Net income
85.8
102.7
197.0
98.8
Less: Net loss attributable to noncontrolling interest
1.0
1.4
1.4
0.9
Net income attributable to Wabtec shareholders
$
86.8
$
104.1
$
198.4
$
99.7
Earnings Per Common Share Basic Net income
attributable to Wabtec shareholders
$
0.46
$
0.58
$
1.04
$
0.66
Diluted Net income attributable to Wabtec
shareholders
$
0.46
$
0.54
$
1.04
$
0.61
Basic
189.8
177.3
190.3
149.6
Diluted
190.2
191.5
190.8
162.2
Segment Information Freight Net Sales
$
1,204.7
$
1,526.3
$
2,505.7
$
2,441.8
Freight Income from Operations
$
141.5
$
167.5
$
303.2
$
248.4
Freight Operating Margin
11.7
%
11.0
%
12.1
%
10.2
%
Transit Net Sales
$
532.7
$
710.0
$
1,161.6
$
1,388.1
Transit Income from Operations
$
40.2
$
62.6
$
108.8
$
122.5
Transit Operating Margin
7.5
%
8.8
%
9.4
%
8.8
%
Backlog Information (Note:
12-month is a sub-set of total)
June 30, 2020 March 31, 2020 Freight Total
$
17,969.8
$
18,099.6
Transit Total
3,432.8
3,431.3
Wabtec Total
$
21,402.6
$
21,530.9
Freight 12-Month
$
3,681.8
$
3,819.0
Transit 12-Month
1,648.9
1,801.0
Wabtec 12-Month
$
5,330.7
$
5,620.0
Appendix B
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
June 30, 2020 December 31, 2019 In
millions Cash and cash equivalents
$
587.9
$
604.2
Receivables, net
1,410.3
1,663.9
Inventories
1,799.5
1,773.1
Current assets - other
172.0
150.9
Total current assets
3,969.7
4,192.1
Property, plant and equipment, net
1,612.4
1,655.8
Goodwill
8,309.9
8,360.6
Other intangibles, net
3,935.4
4,104.0
Other long term assets
638.0
631.7
Total assets
$
18,465.4
$
18,944.2
Current liabilities
$
3,483.2
$
3,258.0
Long-term debt
3,768.7
4,333.6
Long-term liabilities - other
1,332.9
1,359.0
Total liabilities
8,584.8
8,950.6
Shareholders' equity
9,845.6
9,956.5
Non-controlling interest
35.0
37.1
Total shareholders' equity
9,880.6
9,993.6
Total Liabilities and Shareholders' Equity
$
18,465.4
$
18,944.2
Appendix C
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Six Months Ended June 30,
2020
2019
In millions Net cash provided
by operating activities
$
228.6
$
443.8
Net cash used for investing activities
(98.2
)
(3,040.4
)
Net cash (used for) provided by financing activities
(123.5
)
726.1
Effect of changes in currency exchange rates
(23.2
)
(10.6
)
Decrease in cash
(16.3
)
(1,881.1
)
Cash, cash equivalents, and restricted cash, beginning of period
604.2
2,342.4
Cash and cash equivalents, end of period
$
587.9
$
461.3
Appendix D
Set forth below is the calculation of the non-GAAP performance
measures included in this press release. We believe that these
measures provide useful supplemental information to assess our
operating performance and to evaluate period-to-period comparisons.
Non-GAAP financial measures should be viewed in addition to, and
not as an alternative for, Wabtec's reported results prepared in
accordance with GAAP.
Wabtec Corporation
Reconciliation of Reported Results to Adjusted Results
(in millions) Second Quarter 2020 Actual Results
Gross Operating Income from Interest
& Noncontrolling Wabtec Net Sales Profit Expenses Operations Other
Exp Tax
Net Income Interest Net
Income EPS
Reported Results
$
1,737.4
$
486.7
$
(327.3
)
$
159.4
$
(45.1
)
$
(28.5
)
$
85.8
$
1.0
$
86.8
$
0.46
Restructuring & Transaction costs
-
17.2
13.4
30.6
-
(7.7
)
22.9
-
22.9
$
0.12
Non-cash Amortization expense
-
-
72.3
72.3
-
(18.0
)
54.3
-
54.3
$
0.29
Foreign Exchange Loss
-
-
-
-
0.3
(0.1
)
0.2
-
0.2
$
-
Adjusted Results
$
1,737.4
$
503.9
$
(241.6
)
$
262.3
$
(44.8
)
$
(54.3
)
$
163.2
$
1.0
$
164.2
$
0.87
Fully Diluted Shares Outstanding
190.2
Wabtec Corporation Reconciliation of
Reported Results to Adjusted Results (in millions) Q2
Year-to-Date 2020 Actual Results Gross Operating
Income from Interest & Noncontrolling
Wabtec Net Sales
Profit Expenses Operations Other
Exp Tax
Net Income Interest Net
Income EPS
Reported Results
$
3,667.3
$
1,065.4
$
(688.7
)
$
376.7
$
(113.2
)
$
(66.5
)
$
197.0
$
1.4
$
198.4
$
1.04
Restructuring & Transaction costs
-
18.6
28.9
47.5
-
(12.0
)
35.5
-
35.5
$
0.19
Non-cash Amortization expense
-
-
141.3
141.3
-
(35.6
)
105.7
-
105.7
$
0.55
Foreign Exchange Loss
-
-
-
-
14.1
(3.6
)
10.5
-
10.5
$
0.05
Adjusted Results
$
3,667.3
$
1,084.0
$
(518.5
)
$
565.5
$
(99.1
)
$
(117.7
)
$
348.7
$
1.4
$
350.1
$
1.83
Fully Diluted Shares Outstanding
190.8
Appendix E
Set forth below is the calculation of the
non-GAAP performance measures included in this press release. We
believe that these measures provide useful supplemental information
to assess our operating performance and to evaluate
period-to-period comparisons. Non-GAAP financial measures should be
viewed in addition to, and not as an alternative for, Wabtec's
reported results prepared in accordance with GAAP.
Wabtec Corporation 2020 Q2 EBITDA
Reconciliation (in millions) Reported Income
+ Other Income + Depreciation &
= EBITDA +
Restructuring & = Adjusted from Operations (Expense) Amortization Transaction Costs EBITDA Consolidated Results
$159.4
$6.3
$116.4
$282.1
$30.6
$312.7
Wabtec Corporation 2020 Q2
Year-to-Date EBITDA Reconciliation (in millions)
Reported Income + Other Income +
Depreciation & = EBITDA + Restructuring &
= Adjusted from
Operations (Expense)
Amortization Transaction Costs EBITDA Consolidated Results
$376.7
($8.5)
$230.8
$599.0
$47.5
$646.5
Wabtec Corporation 2019 Q2 EBITDA
Reconciliation (in millions) Reported Income
+ Other Income + Depreciation &
= EBITDA +
Restructuring & = Adjusted from Operations (Expense) Amortization Transaction Costs EBITDA Consolidated Results
$200.6
$2.1
$107.9
$310.6
$120.6
$431.2
Wabtec Corporation 2019 Q2
Year-to-Date EBITDA Reconciliation (in millions)
Reported Income + Other Income +
Depreciation & = EBITDA + Restructuring &
= Adjusted from
Operations (Expense)
Amortization Transaction Costs EBITDA Consolidated Results
$267.9
($6.1)
$162.5
$424.3
$259.3
$683.6
Appendix F
WESTINGHOUSE AIR BRAKE
TECHNOLOGIES CORPORATION
SALES BY PRODUCT LINE (UNAUDITED) Three
Months Ended June 30, In
millions
2020
2019
Freight Segment Equipment
$
334.9
$
531.4
Components
195.5
279.5
Digital Electronics
165.5
159.0
Services
508.8
556.4
Total Freight Segment
1,204.7
1,526.3
Transit Segment Original Equipment Manufacturer
$
227.3
$
335.6
Aftermarket
305.4
374.4
Total Transit Segment
532.7
710.0
Six Months Ended June 30, In millions
2020
2019
Freight Segment Equipment
$
742.9
$
798.5
Components
415.9
574.7
Digital Electronics
339.1
280.8
Services
1,007.8
787.8
Total Freight Segment
2,505.7
2,441.8
Transit Segment Original Equipment Manufacturer
$
514.3
$
662.9
Aftermarket
647.3
725.2
Total Transit Segment
1,161.6
1,388.1
Appendix G
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS - BY
SEGMENT (UNAUDITED) Three Months Ended June
30, Six Months Ended June 30, In millions
2020
2019
2020
2019
Freight Segment Reported Income from Operations
$
141.5
$
167.5
$
303.2
$
248.4
Freight Segment Reported Margin
11.7
%
11.0
%
12.1
%
10.2
%
One-time PPA
-
89.0
-
169.0
Restructuring & Transaction costs
19.9
11.0
34.7
16.2
Non-cash Amortization expense
67.5
61.0
131.6
83.6
Freight Segment Adjusted Income from Operations
$
228.9
$
328.5
$
469.5
$
517.2
Freight Segment Adjusted Margin
19.0
%
21.5
%
18.7
%
21.2
%
Transit Segment Reported Income from
Operations
$
40.2
$
62.6
$
108.8
$
122.5
Transit Segment Reported Margin
7.5
%
8.8
%
9.4
%
8.8
%
Restructuring & Transaction costs
6.3
2.0
7.4
3.0
Non-cash Amortization expense
4.8
5.0
9.7
9.8
Transit Segment Adjusted Income from Operations
$
51.3
$
69.6
$
125.9
$
135.3
Transit Segment Adjusted Margin
9.6
%
9.8
%
10.8
%
9.7
%
Appendix G
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS - BY
SEGMENT (UNAUDITED)
2019
In millions
First Quarter Second Quarter Third
Quarter Fourth
Quarter Full Year
Freight Segment Reported Income from
Operations
$
80.9
$
167.5
$
155.3
$
239.2
$
642.9
Freight Segment Reported Margin
8.8
%
11.0
%
11.7
%
14.3
%
11.8
%
One-time PPA
80.0
89.0
16.0
-
185.0
Restructuring & Transaction costs
5.2
11.0
35.5
14.9
66.6
Non-cash Amortization expense
22.6
61.0
74.7
60.0
218.3
Freight Segment Adjusted Income from
Operations
$
188.7
$
328.5
$
281.5
$
314.1
$
1,112.8
Freight Segment Adjusted Margin
20.6
%
21.5
%
21.1
%
18.8
%
20.5
%
Transit Segment Reported Income from
Operations
$
59.9
$
62.6
$
52.9
$
39.0
$
214.4
Transit Segment Reported Margin
8.8
%
8.8
%
7.9
%
5.6
%
7.8
%
Restructuring & Transaction costs
1.0
2.0
4.3
10.7
18.0
Non-cash Amortization expense
4.8
5.0
4.8
5.5
20.1
Transit Segment Adjusted Income from
Operations
$
65.7
$
69.6
$
62.0
$
55.2
$
252.5
Transit Segment Adjusted Margin
9.7
%
9.8
%
9.3
%
7.9
%
9.2
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200728005287/en/
Wabtec Investor Contact Kristine Kubacki, CFA /
Kristine.Kubacki@wabtec.com / 412-450-2033
Wabtec Media Contact Deia Campanelli /
Deia.Campanelli@wabtec.com / 773-297-0482
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