- Delivered Strong GAAP Cash Flow from Operations of $230
Million
- Third Quarter Reported GAAP Earnings Per Share of $0.67;
Adjusted EPS of $0.95
- Third Quarter Reported GAAP Income from Operations of $207
Million (11.1% Margin); Adjusted Income from Operations of $293
Million (15.7% Margin)
- On-track to deliver $150 Million Net Synergies in
2020
Wabtec Corporation (NYSE: WAB) today reported third quarter 2020
earnings per diluted share of $0.67 and adjusted earnings per
diluted share of $0.95, versus earnings per diluted share of $0.48
and adjusted earnings per diluted share of $1.10 a year ago. Wabtec
also updated its full-year guidance for sales in a range of $7.5
billion to $7.6 billion, GAAP earnings per diluted share to between
$2.35 to $2.45, adjusted earnings per diluted share to between
$3.75 and $3.85 and expects continued strong cash generation.
“Wabtec had a strong operational third quarter in the face of a
challenging and dynamic environment,” said Rafael Santana, Wabtec’s
president and chief executive officer. “Our team continued to
deliver for our customers, while driving strong cash generation,
aggressively reducing costs and executing on our $150 million net
synergy targets for 2020.
“We are seeing signs of recovery across some of our
international end-markets. While our North American OE markets are
transitioning through trough, global freight volumes and equipment
utilization continue to improve from the lows in the second
quarter. Global transit service levels are also improving. These
directional trends, along with our backlog and strong order
pipeline are encouraging. The strength of our business portfolio,
combined with the focused performance of our team, positions us
well for a strong order recovery.”
2020 Financial Guidance
- Wabtec updated its 2020 sales guidance to a range of $7.5
billion to $7.6 billion, GAAP earnings per diluted share guidance
to between $2.35 to $2.45 and adjusted earnings per diluted share
to between $3.75 to $3.85. The adjusted guidance excludes estimated
expenses for restructuring, transaction and amortization
expenses.
- With 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 strong cash flow generation which includes approximately
$170 million of cash outflows related to prior restructuring,
transaction and litigation costs.
2020 Third Quarter Consolidated Results
- Sales were $1.9 billion versus $2.0 billion in the same period
a year ago. The decrease compared to the year-ago quarter was
primarily driven by lower sales in Freight Services, Components,
Digital Electronics, and Transit sales, offset somewhat by higher
sales in Freight Equipment.
- Income from operations was $207 million (11.1 percent of sales)
and adjusted income from operations was $293 million (15.7 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 $87
million, of which $70 million is for non-cash amortization expense
and $16 million is for restructuring and transaction costs (see
reconciliation table).
- Net interest expense was $46 million and other income (expense)
was $14 million of income.
- The reported and adjusted effective tax rate for the quarter
was 26.7 percent.
- Earnings per diluted share were $0.67 and adjusted earnings per
diluted share were $0.95 (see reconciliation table). Adjusted
earnings per diluted share excluded after-tax expenses of $0.28 as
follows: $0.27 for non-cash amortization expense; $0.06 for
transaction and restructuring, offset by $0.05 for foreign currency
and interest gains (see reconciliation table).
- EBITDA, which Wabtec defines as earnings before interest,
taxes, depreciation and amortization was $337 million and adjusted
EBITDA was $354 million. Adjusted EBITDA excluded pre-tax expenses
of $16 million for transaction and restructuring costs (see
reconciliation table).
2020 Third Quarter Freight Segment Results
- Freight segment sales of $1.2 billion decreased by 7 percent
from the year-ago quarter. The decrease was due to lower organic
sales of $84 million and unfavorable changes in foreign currency
exchange rates of $20 million, offset somewhat by $9 million of
sales from acquisitions. Freight segment sales were primarily
impacted by disruption due to the COVID-19 pandemic resulting from
lower Services due to higher locomotive parking levels, lower
demand for new freight car components and lower Digital Electronics
sales, offset somewhat by higher deliveries of locomotives.
- Freight segment income from operations was $160 million (or
12.9 percent of segment sales) and adjusted income from operations
of $234 million (or 18.9 percent of segment sales). Freight segment
adjusted income from operations decreased 17 percent from the
year-ago quarter primarily driven by mix of lower Services sales
and higher OE deliveries, offset somewhat by lower operating
costs.
2020 Third Quarter Transit Segment Results
- Transit segment sales of $628 million decreased by 6 percent
from the year-ago quarter. The decrease was due to lower organic
sales of $59 million, offset somewhat by favorable 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 was $64 million (or 10.2
percent of segment sales) and adjusted income from operations was
$75 million (or 12.0 percent of segment sales). Transit segment
adjusted income from operations increased from the year-ago quarter
by 21 percent as a result of continued improvement in operational
performance and cost actions, offset somewhat by lower volumes as a
result of the COVID-19 pandemic.
Cash Flow and Liquidity Summary
- The company generated cash from operations of $230 million for
the third quarter compared to cash provided by operations of $124
million in the year-ago quarter.
- At quarter end, the company had cash and cash equivalents of
$559 million and debt of $4.3 billion. At the quarter end, the
company’s total available liquidity, which includes $559 million in
cash and cash equivalents plus $1.3 billion available under current
credit facilities, was $1.9 billion.
Backlog
At September 30, Wabtec’s total, multi-year backlog was $21.4
billion, about flat with backlog at June 30, 2020. The 12-month
backlog was $5.2 billion at September 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: 10146787).
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. 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
release 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 NINE
MONTHS ENDED SEPTEMBER 30, 2020 AND 2019 (AMOUNTS IN
MILLIONS EXCEPT PER SHARE DATA) (UNAUDITED)
Three Months Ended Nine Months Ended
September 30, September 30,
2020
2019
2020
2019
Net sales
$
1,865.1
$
2,001.7
$
5,532.4
$
5,831.6
Cost of sales
(1,298.9
)
(1,402.3
)
(3,900.8
)
(4,228.5
)
Gross profit
566.2
599.4
1,631.6
1,603.1
Gross profit as a % of Net Sales
30.4
%
29.9
%
29.5
%
27.5
%
Selling, general and administrative expenses
(252.7
)
(292.2
)
(712.9
)
(842.9
)
Engineering expenses
(36.5
)
(58.6
)
(123.7
)
(150.3
)
Amortization expense
(70.3
)
(79.5
)
(211.6
)
(172.9
)
Total operating expenses
(359.5
)
(430.3
)
(1,048.2
)
(1,166.1
)
Operating expenses as a % of Net Sales
19.3
%
21.5
%
18.9
%
20.0
%
Income from operations
206.7
169.1
583.4
437.0
Income from operations as a % of Net Sales
11.1
%
8.4
%
10.5
%
7.5
%
Interest expense, net
(45.6
)
(57.7
)
(150.3
)
(160.8
)
Other income (expense), net
14.3
1.9
5.8
(4.1
)
Income from operations before income taxes
175.4
113.3
438.9
272.1
Income tax expense
(46.9
)
(22.7
)
(113.4
)
(82.6
)
Effective tax rate
26.7
%
20.0
%
25.8
%
30.4
%
Net income
128.5
90.6
325.5
189.5
Less: Net loss attributable to noncontrolling interest
(0.4
)
0.5
1.0
1.5
Net income attributable to Wabtec shareholders
$
128.1
$
91.1
$
326.5
$
191.0
Earnings Per Common Share Basic Net income
attributable to Wabtec shareholders
$
0.67
$
0.48
$
1.71
$
1.17
Diluted Net income attributable to Wabtec
shareholders
$
0.67
$
0.48
$
1.71
$
1.11
Basic
189.8
189.6
190.1
163.2
Diluted
190.2
191.5
190.6
172.2
Segment Information Freight Net Sales
$
1,237.3
$
1,332.5
$
3,743.0
$
3,774.3
Freight Income from Operations
$
160.2
$
155.3
$
463.4
$
403.7
Freight Operating Margin
12.9
%
11.7
%
12.4
%
10.7
%
Transit Net Sales
$
627.8
$
669.2
$
1,789.4
$
2,057.3
Transit Income from Operations
$
64.1
$
52.9
$
172.9
$
175.4
Transit Operating Margin
10.2
%
7.9
%
9.7
%
8.5
%
Backlog Information (Note: 12-month is a sub-set of
total) September 30, 2020
June 30, 2020 Freight Total
$
17,840.5
$
17,969.8
Transit Total
3,541.9
3,432.8
Wabtec Total
$
21,382.4
$
21,402.6
Freight 12-Month
$
3,626.7
$
3,681.8
Transit 12-Month
1,557.6
1,648.9
Wabtec 12-Month
$
5,184.3
$
5,330.7
Appendix B
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
September 30, 2020
December 31, 2019
In millions Cash and cash
equivalents
$
559.3
$
604.2
Receivables, net
1,433.5
1,663.9
Inventories
1,779.7
1,773.1
Current assets - other
163.7
150.9
Total current assets
3,936.2
4,192.1
Property, plant and equipment, net
1,603.7
1,655.8
Goodwill
8,366.1
8,360.6
Other intangibles, net
3,889.6
4,104.0
Other long term assets
648.8
631.7
Total assets
$
18,444.4
$
18,944.2
Current liabilities
$
3,228.6
$
3,258.0
Long-term debt
3,799.9
4,333.6
Long-term liabilities - other
1,363.5
1,359.0
Total liabilities
8,392.0
8,950.6
Shareholders' equity
10,016.9
9,956.5
Non-controlling interest
35.5
37.1
Total shareholders' equity
10,052.4
9,993.6
Total Liabilities and Shareholders' Equity
$
18,444.4
$
18,944.2
Appendix C
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Nine Months Ended September 30,
2020
2019
In millions Operating
activities Net income
$
325.5
$
189.5
Non-cash expense
303.0
295.5
Receivables
245.2
(32.3
)
Inventories
7.8
58.7
Accounts Payable
(203.4
)
(146.5
)
Other assets and liabilities
(220.0
)
202.8
Net cash provided by operating activities
458.1
567.7
Net cash used for investing activities
(119.9
)
(3,109.8
)
Net cash (used for) provided by financing activities
(360.8
)
817.1
Effect of changes in currency exchange rates
(22.3
)
(29.9
)
Decrease in cash
(44.9
)
(1,754.9
)
Cash, cash equivalents, and restricted cash, beginning of
period
604.2
2,342.3
Cash and cash equivalents, end of period
$
559.3
$
587.4
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) Third Quarter-to-Date
2020 Actual Results
Net
Sales
Gross Profit
Operating Expenses
Income from Operations
Interest & Other Exp
Tax
Net
Income
Noncontrolling Interest
Wabtec Net Income
EPS
Reported Results
$
1,865.1
$
566.2
$
(359.5
)
$
206.7
$
(31.3
)
$
(46.9
)
$
128.5
$
(0.4
)
$
128.1
$
0.67
Restructuring & Transaction costs
-
4.7
11.7
16.4
-
(4.4
)
12.0
-
12.0
$
0.06
Non-cash Amortization expense
-
-
70.3
70.3
-
(18.8
)
51.5
-
51.5
$
0.27
Foreign Currency and Interest Gain
-
-
-
-
(12.8
)
3.4
(9.4
)
-
(9.4
)
$
(0.05
)
Adjusted Results
$
1,865.1
$
570.9
$
(277.5
)
$
293.4
$
(44.1
)
$
(66.7
)
$
182.6
$
(0.4
)
$
182.2
$
0.95
Fully Diluted Shares Outstanding
190.2
Wabtec Corporation Reconciliation of
Reported Results to Adjusted Results (in millions) Q3
Year-to-Date 2020 Actual Results Net
Sales GrossProfit
OperatingExpenses Income
fromOperations Interest
&Other Exp Tax Net
Income NoncontrollingInterest WabtecNet
Income EPS
Reported Results
$
5,532.4
$
1,631.6
$
(1,048.2
)
$
583.4
$
(144.5
)
$
(113.4
)
$
325.5
$
1.0
$
326.5
$
1.71
Restructuring & Transaction costs
-
23.3
40.6
63.9
-
(16.4
)
47.5
-
47.5
$
0.25
Non-cash Amortization expense
-
-
211.6
211.6
-
(54.4
)
157.2
-
157.2
$
0.82
Foreign Exchange Loss
-
-
-
-
7.7
(1.9
)
5.8
-
5.8
$
0.03
Adjusted Results
$
5,532.4
$
1,654.9
$
(796.0
)
$
858.9
$
(136.8
)
$
(186.1
)
$
536.0
$
1.0
$
537.0
$
2.81
Fully Diluted Shares Outstanding
190.6
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) Third Quarter 2019
Actual Results
Net
Sales
Gross Profit
Operating Expenses
Income from Operations
Interest & Other Exp
Tax
Net
Income
Noncontrolling Interest
Wabtec Net Income
EPS
Reported Results
$
2,001.7
$
599.4
$
(430.3
)
$
169.1
$
(55.8
)
$
(22.7
)
$
90.6
$
0.5
$
91.1
$
0.48
Restructuring, Transaction, & Litigation costs
-
28.4
40.1
68.5
3.6
(17.4
)
54.7
-
54.7
$
0.28
Non-cash Amortization expense
-
-
79.5
79.5
-
(19.2
)
60.3
-
60.3
$
0.31
One-time PPA
-
16.0
-
16.0
-
(3.9
)
12.1
-
12.1
$
0.06
Foreign Exchange Loss
-
-
-
-
2.4
(0.6
)
1.8
-
1.8
$
0.01
Tax on Transaction Costs
-
-
-
-
-
(7.7
)
(7.7
)
-
(7.7
)
$
(0.04
)
Adjusted Results
$
2,001.7
$
643.8
$
(310.7
)
$
333.1
$
(49.8
)
$
(71.5
)
$
211.8
$
0.5
$
212.3
$
1.10
Fully Diluted Shares Outstanding
191.5
Wabtec Corporation Reconciliation of
Reported Results to Adjusted Results (in millions) Q3
Year-to-Date 2019 Actual Results Net
Sales GrossProfit
OperatingExpenses Income
fromOperations Interest
&Other Exp Tax Net
Income NoncontrollingInterest WabtecNet
Income EPS
Reported Results
$
5,831.6
$
1,603.1
$
(1,166.1
)
$
437.0
$
(164.9
)
$
(82.6
)
$
189.5
$
1.5
$
191.0
$
1.11
Restructuring, Transaction, & Litigation costs
-
28.4
130.4
158.8
21.5
(43.6
)
136.7
-
136.7
$
0.79
Non-cash Amortization expense
-
-
172.9
172.9
-
(41.8
)
131.1
-
131.1
$
0.76
One-time PPA
-
185.0
-
185.0
-
(44.8
)
140.2
-
140.2
$
0.81
Foreign Exchange Loss
-
-
-
-
16.2
(3.9
)
12.3
-
12.3
$
0.07
Tax on Transaction Costs
-
-
-
-
-
16.0
16.0
-
16.0
$
0.09
Adjusted Results
$
5,831.6
$
1,816.5
$
(862.8
)
$
953.7
$
(127.2
)
$
(200.7
)
$
625.8
$
1.5
$
627.3
$
3.63
Fully Diluted Shares Outstanding
172.2
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) Fourth
Quarter 2019 Actual Results
Net
Sales
Gross Profit
Operating Expenses
Income from Operations
Interest & Other Exp
Tax
Net
Income
Noncontrolling Interest
Wabtec Net Income
EPS
Reported Results
$
2,368.4
$
674.9
$
(448.8
)
$
226.1
$
(51.4
)
$
(37.7
)
$
137.0
$
(1.3
)
$
135.7
$
0.71
Restructuring, Transaction, and Litigation costs
-
9.9
61.1
71.0
3.5
(18.0
)
56.5
-
56.5
$
0.29
Non-cash Amortization expense
-
-
65.5
65.5
-
(15.9
)
49.6
-
49.6
$
0.26
Foreign Exchange Loss
-
-
-
-
(2.7
)
0.7
(2.0
)
-
(2.0
)
$
(0.01
)
Tax on Transaction Costs
-
-
-
-
-
(3.5
)
(3.5
)
-
(3.5
)
$
(0.02
)
Adjusted Results
$
2,368.4
$
684.8
$
(322.2
)
$
362.6
$
(50.6
)
$
(74.4
)
$
237.6
$
(1.3
)
$
236.3
$
1.23
Fully Diluted Shares Outstanding
191.6
Wabtec Corporation Reconciliation of
Reported Results to Adjusted Results (in millions)
Fourth Quarter YTD 2019 Actual Results
Net
Sales
Gross Profit
Operating Expenses
Income from Operations
Interest & Other Exp
Tax
Net
Income
Noncontrolling Interest
Wabtec Net Income
EPS
Reported Results
$
8,200.0
$
2,278.0
$
(1,614.9
)
$
663.1
$
(216.3
)
$
(120.3
)
$
326.5
$
0.2
$
326.7
$
1.84
Restructuring, Transaction, and Litigation costs
-
38.3
191.5
229.8
25.0
(61.6
)
193.2
-
193.2
$
1.08
Non-cash Amortization expense
-
-
238.4
238.4
-
(57.7
)
180.7
-
180.7
$
1.02
One-time PPA
-
185.0
-
185.0
-
(44.8
)
140.2
-
140.2
$
0.79
Foreign Exchange Loss
-
-
-
-
13.5
(3.2
)
10.3
-
10.3
$
0.06
Tax on Transaction Costs
-
-
-
-
-
12.5
12.5
-
12.5
$
0.07
Adjusted Results
$
8,200.0
$
2,501.3
$
(1,185.0
)
$
1,316.3
$
(177.8
)
$
(275.1
)
$
863.4
$
0.2
$
863.6
$
4.86
Fully Diluted Shares Outstanding
177.3
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 Q3 EBITDA Reconciliation
(in millions) Reported Income + Other
Income + Depreciation & =
EBITDA +
Restructuring & = Adjusted from Operations (Expense) Amortization Transaction Costs EBITDA Consolidated Results
$
206.7
$
14.3
$
116.4
$
337.4
$
16.4
$
353.8
Wabtec Corporation 2020 Q3
Year-to-Date EBITDA Reconciliation (in millions)
Reported Income + Other Income +
Depreciation & = EBITDA + Restructuring &
= Adjusted from
Operations (Expense)
Amortization Transaction Costs EBITDA Consolidated Results
$
583.4
$
5.8
$
347.2
$
936.4
$
63.9
$
1,000.3
Wabtec Corporation 2019 Q3 EBITDA
Reconciliation (in millions) Reported Income
+ Other Income + Depreciation &
= EBITDA +
Restructuring & = Adjusted from Operations (Expense) Amortization Transaction Costs EBITDA Consolidated Results
$
169.1
$
1.9
$
122.9
$
293.9
$
84.5
$
378.4
Wabtec Corporation 2019 Q3
Year-to-Date EBITDA Reconciliation (in millions)
Reported Income + Other Income +
Depreciation & = EBITDA + Restructuring &
= Adjusted from
Operations (Expense)
Amortization Transaction Costs EBITDA Consolidated Results
$
437.0
($
4.1
)
$
285.4
$
718.3
$
343.8
$
1,062.1
Appendix F
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION SALES BY
PRODUCT LINE (UNAUDITED) Three Months Ended
September 30, In millions
2020
2019
Freight Segment Equipment
$
355.3
$
263.2
Components
208.2
248.7
Digital Electronics
161.0
185.5
Services
512.8
635.1
Total Freight Segment
1,237.3
1,332.5
Transit Segment Original Equipment Manufacturer
$
303.1
$
309.9
Aftermarket
324.7
359.3
Total Transit Segment
627.8
669.2
Nine Months Ended September 30,
In millions
2020
2019
Freight Segment Equipment
$
1,098.2
$
1,061.7
Components
624.1
823.4
Digital Electronics
500.1
466.3
Services
1,520.6
1,422.9
Total Freight Segment
3,743.0
3,774.3
Transit Segment Original Equipment Manufacturer
$
817.4
$
972.8
Aftermarket
972.0
1,084.5
Total Transit Segment
1,789.4
2,057.3
Appendix G
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS - BY
SEGMENT (UNAUDITED) Three Months Ended
September 30, Nine Months Ended September 30,
In millions
2020
2019
2020
2019
Freight Segment Reported Income from Operations
$
160.2
$
155.3
$
463.4
$
403.7
Freight Segment Reported Margin
12.9
%
11.7
%
12.4
%
10.7
%
One-time PPA
-
16.0
-
185.0
Restructuring & Transaction costs
8.8
35.5
43.5
51.7
Non-cash Amortization expense
65.2
74.7
196.8
158.3
Freight Segment Adjusted Income from Operations
$
234.2
$
281.5
$
703.7
$
798.7
Freight Segment Adjusted Margin
18.9
%
21.1
%
18.8
%
21.2
%
Transit Segment Reported Income from
Operations
$
64.1
$
52.9
$
172.9
$
175.4
Transit Segment Reported Margin
10.2
%
7.9
%
9.7
%
8.5
%
Restructuring & Transaction costs
5.9
4.3
13.3
7.3
Non-cash Amortization expense
5.1
4.8
14.8
14.6
Transit Segment Adjusted Income from Operations
$
75.1
$
62.0
$
201.0
$
197.3
Transit Segment Adjusted Margin
12.0
%
9.3
%
11.2
%
9.6
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201029005353/en/
Wabtec Investors Kristine Kubacki, CFA /
Kristine.Kubacki@wabtec.com / 412-450-2033 Wabtec Media Deia
Campanelli / Deia.Campanelli@wabtec.com / 773-297-0482
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