- Strong Cash Flow from Operations of $223 Million;
Year-to-Date Cash Flow From Operations of $515 Million
- Second Quarter Reported GAAP Earnings Per Share of $0.66;
Adjusted EPS of $1.06
- Raising Full-Year Sales, GAAP EPS and Adjusted EPS
Guidance
- 12-month Backlog Highest Since 2nd Quarter 2019;
Year-To-Date Book-To-Bill Above 1.0
- On-track to Deliver $250 Million Run-Rate of Synergies From
GE Transportation Merger in 2021
Wabtec Corporation (NYSE: WAB) today reported second quarter
2021 earnings per diluted share of $0.66 and adjusted earnings per
diluted share of $1.06, versus earnings per diluted share of $0.46
and adjusted earnings per diluted share of $0.87 a year ago. Total
sales were $2.0 billion and cash from operations was strong at $223
million.
“Our team delivered strong execution in the second quarter and
strengthened our financial position, despite severe disruption in
India stemming from the pandemic, continued challenges in our OE
end-markets and inflationary pressures globally,” said Rafael
Santana, Wabtec’s president and chief executive officer. “As a
result of this performance and the team’s disciplined execution,
coupled with our solid balance sheet, strong cash flow, backlog and
the outlook for the remainder of the year, we’re raising Wabtec’s
full-year revenue and earnings per share guidance, and are
confident we will continue to position the company for long-term
profitable growth.”
2021 Financial Guidance
- Wabtec updated its 2021 sales guidance to a range of $7.9
billion to $8.2 billion, GAAP earnings per diluted share guidance
to between $2.87 to $3.07 and adjusted earnings per diluted share
to between $4.15 to $4.35. 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 achieve a run rate
savings of $250 million in 2021, as well as margin expansion
through continued cost actions. For full year 2021, Wabtec expects
strong cash flow generation with operating cash flow conversion
greater than 90%.
2021 Second Quarter Consolidated Results
- Sales were $2.0 billion versus $1.7 billion in the same period
a year ago. Organic sales increased by $153 million, while
acquisitions added sales of $38 million and favorable foreign
currency exchange rates increased sales by $84 million versus the
second quarter a year ago. The organic increase compared to the
year-ago quarter was primarily driven by higher sales in Transit,
Freight Services and Components, offset partially by lower sales in
Freight Equipment.
- Income from operations was $203 million (10.1 percent of sales)
and adjusted income from operations was $306 million (15.2 percent
of sales). Adjusted income from operations improved 16.5 percent
from last year as result of higher sales in Freight and Transit,
along with the realization of synergies and cost actions. Adjusted
income from operations excluded pre-tax expenses of $103 million,
of which $73 million is for non-cash amortization expense and $30
million is for restructuring and transaction costs (see
reconciliation table).
- Net interest expense declined 13 percent from last year to $45
million due to lower debt levels. The effective tax rate for the
quarter was 25.8 percent, while the adjusted effective tax rate was
25.3 percent.
- EBITDA, which Wabtec defines as earnings before interest,
taxes, depreciation and amortization was $338 million and adjusted
EBITDA was $368 million. Adjusted EBITDA excluded pre-tax expenses
of $30 million for transaction and restructuring costs (see
reconciliation table).
2021 Second Quarter Freight Segment Results
- Freight segment sales of $1.34 billion increased by 11 percent
from the year-ago quarter. The increase was due to higher organic
sales of $73 million, $38 million from the acquisition of Nordco
and $21 million from favorable foreign currency exchange rates.
Organic Freight segment sales benefited from higher demand of
locomotive and railcar Components, and Services as result of higher
modernizations, lower equipment parking and higher utilization.
This growth was offset by on-going disruption due to the COVID-19
pandemic and lower deliveries of locomotives in North America.
- Freight segment income from operations was $173 million (13.0
percent of segment sales) and adjusted income from operations of
$247 million (18.5 percent of segment sales). Freight segment
adjusted income from operations increased 7.8 percent from the
year-ago quarter primarily driven by higher segment sales,
realization of synergies and lower operating costs offset somewhat
by lower absorption of fixed costs due to decreased locomotive
deliveries and higher input costs.
2021 Second Quarter Transit Segment Results
- Transit segment sales of $676 million increased by 27 percent
from the year-ago quarter. Organic sales increased by $81 million,
while favorable foreign currency exchange rates increased sales by
$63 million. Organic transit segment sales increased from higher
original equipment (OE) and aftermarket sales driven by recovery
from the COVID-19 pandemic and increased global infrastructure
investment.
- Transit segment income from operations was $45 million (6.7
percent of segment sales) and adjusted income from operations was
$73 million (10.8 percent of segment sales). Transit segment
adjusted income from operations increased from the year-ago quarter
by 42.7 percent primarily driven by lessening disruption caused by
the COVID-19 pandemic partially offset by a warranty adjustment in
the second quarter 2021 and higher mix of OE sales.
Backlog
At June 30, 2021 the 12-month backlog was $5.8 billion which was
$117 million higher than March 31, 2021 as a result of increased
orders for Freight Equipment, Components and Digital Electronics.
The 12-month backlog was at the highest level since March 31, 2019.
At June 30, 2021, Wabtec’s total multi-year backlog was $21.5
billion.
Cash Flow and Liquidity Summary
- Year-to-date the company generated cash from operations of $515
million versus $229 million in the same period of 2020. The strong
cash performance during the second quarter was driven by good
operational performance and focused working capital management. The
company generated cash from operations of $223 million for the
second quarter compared to $311 million a year ago.
- At the end of the quarter, the company had cash and cash
equivalents of $454 million and debt of $4.1 billion. At June 30,
2021 the company’s total available liquidity, which includes $454
million in cash and cash equivalents plus $1.2 billion available
under current credit facilities, was $1.7 billion.
- During the second quarter, the company successfully completed a
€500 million Euro Green bond offering, the proceeds of which are
intended to further fund investments in sustainable rail
projects.
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: 10156180).
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 2021 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 and other expense, adjusted earnings per diluted
share and book-to-bill ratio. Wabtec defines EBITDA as earnings
before interest, taxes, depreciation and amortization. Wabtec
defines book-to-bill ratio, for which there is no comparable GAAP
financial measure, as orders divided by sales. 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 acquisitions, including the GE Transportation
merger; (2) uncertainty of Wabtec’s expected financial performance;
(3) failure to realize the anticipated benefits of acquisitions,
including the GE Transportation merger, including as a result of
integrating acquired targets 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.
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED
CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE AND SIX
MONTHS ENDED JUNE 30, 2021 AND 2020 (AMOUNTS IN MILLIONS
EXCEPT PER SHARE DATA) (UNAUDITED)
Three Months Ended
Six Months Ended
June 30,
June 30,
2021
2020
2021
2020
Net sales
$
2,012.3
$
1,737.4
$
3,842.5
$
3,667.3
Cost of sales
(1,432.2
)
(1,250.7
)
(2,728.2
)
(2,601.9
)
Gross profit
580.1
486.7
1,114.3
1,065.4
Gross profit as a % of Net Sales
28.8
%
28.0
%
29.0
%
29.1
%
Selling, general and administrative expenses
(262.1
)
(216.8
)
(497.5
)
(460.2
)
Engineering expenses
(42.0
)
(38.2
)
(79.7
)
(87.2
)
Amortization expense
(72.7
)
(72.3
)
(142.2
)
(141.3
)
Total operating expenses
(376.8
)
(327.3
)
(719.4
)
(688.7
)
Operating expenses as a % of Net Sales
18.7
%
18.8
%
18.7
%
18.8
%
Income from operations
203.3
159.4
394.9
376.7
Income from operations as a % of Net Sales
10.1
%
9.2
%
10.3
%
10.3
%
Interest expense, net
(44.9
)
(51.4
)
(92.5
)
(104.7
)
Other income (expense), net
10.3
6.3
24.5
(8.5
)
Income before income taxes
168.7
114.3
326.9
263.5
Income tax expense
(43.5
)
(28.5
)
(87.0
)
(66.5
)
Effective tax rate
25.8
%
24.9
%
26.6
%
25.2
%
Net income
125.2
85.8
239.9
197.0
Less: Net (income) loss attributable to noncontrolling
interest
(0.4
)
1.0
(2.7
)
1.4
Net income attributable to Wabtec shareholders
$
124.8
$
86.8
$
237.2
$
198.4
Earnings Per Common Share Basic Net income
attributable to Wabtec shareholders
$
0.66
$
0.46
$
1.25
$
1.04
Diluted Net income attributable to Wabtec
shareholders
$
0.66
$
0.46
$
1.25
$
1.04
Basic
188.6
189.8
188.5
190.3
Diluted
188.9
190.2
188.9
190.8
Segment Information Freight Net Sales
$
1,335.9
$
1,204.7
$
2,519.2
$
2,505.7
Freight Income from Operations
$
173.2
$
141.5
$
315.0
$
303.2
Freight Operating Margin
13.0
%
11.7
%
12.5
%
12.1
%
Transit Net Sales
$
676.4
$
532.7
$
1,323.3
$
1,161.6
Transit Income from Operations
$
45.3
$
40.2
$
115.4
$
108.8
Transit Operating Margin
6.7
%
7.5
%
8.7
%
9.4
%
Backlog Information (Note: 12-month is a sub-set of
total) June 30, 2021
March 31, 2021 Freight Total
$
17,836.3
$
18,005.5
Transit Total
3,693.3
3,666.0
Wabtec Total
$
21,529.6
$
21,671.5
Freight 12-Month
$
4,098.1
$
3,910.2
Transit 12-Month
1,724.8
1,796.0
Wabtec 12-Month
$
5,822.9
$
5,706.2
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
June 30,
2021
December
31, 2020
In millions Cash and cash
equivalents
$
453.5
$
598.7
Receivables, net
1,452.6
1,412.5
Inventories
1,661.2
1,642.1
Other current assets
240.9
226.5
Total current assets
3,808.2
3,879.8
Property, plant and equipment, net
1,544.3
1,601.6
Goodwill
8,653.2
8,485.2
Other intangible assets, net
3,876.0
3,869.2
Other noncurrent assets
630.7
618.7
Total assets
$
18,512.4
$
18,454.5
Current liabilities
$
2,844.7
$
3,226.3
Long-term debt
4,079.6
3,792.2
Long-term liabilities - other
1,260.3
1,283.3
Total liabilities
8,184.6
8,301.8
Shareholders' equity
10,294.4
10,122.3
Noncontrolling interest
33.4
30.4
Total shareholders' equity
10,327.8
10,152.7
Total Liabilities and Shareholders' Equity
$
18,512.4
$
18,454.5
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Six Months Ended June 30,
2021
2020
In millions Operating
activities Net income
$
239.9
$
197.0
Non-cash expense
250.6
184.0
Receivables
(28.8
)
246.1
Inventories
7.8
(30.3
)
Accounts Payable
82.4
(148.5
)
Other assets and liabilities
(36.5
)
(219.7
)
Net cash provided by operating activities
515.4
228.6
Net cash used for investing activities
(452.4
)
(98.2
)
Net cash used for financing activities
(212.5
)
(123.5
)
Effect of changes in currency exchange rates
4.3
(23.2
)
Decrease in cash
(145.2
)
(16.3
)
Cash and cash equivalents, beginning of period
598.7
604.2
Cash and cash equivalents, end of period
$
453.5
$
587.9
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 2021 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
$
2,012.3
$
580.1
$
(376.8
)
$
203.3
$
(34.6
)
$
(43.5
)
$
125.2
$
(0.4
)
$
124.8
$
0.66
Restructuring & Transaction costs
-
21.1
8.5
29.6
-
(6.4
)
23.2
-
$
23.2
$
0.12
Non-cash Amortization expense
-
-
72.7
72.7
-
(18.8
)
54.0
-
54.0
$
0.29
Foreign Exchange Gain
-
-
-
-
(2.3
)
0.6
(1.8
)
-
(1.8
)
$
(0.01
)
Adjusted Results
$
2,012.3
$
601.2
$
(295.6
)
$
305.6
$
(36.9
)
$
(68.1
)
$
200.6
$
(0.4
)
$
200.2
$
1.06
Fully Diluted Shares Outstanding
188.9
Wabtec Corporation Reconciliation of
Reported Results to Adjusted Results (in millions)
Second Quarter Year-to-Date 2021 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
$
3,842.5
$
1,114.3
$
(719.4
)
$
394.9
$
(68.0
)
$
(87.0
)
$
239.9
$
(2.7
)
$
237.2
$
1.25
Restructuring & Transaction costs
-
25.2
19.9
45.1
-
(10.7
)
34.4
-
$
34.4
$
0.18
Non-cash Amortization expense
-
-
142.2
142.2
-
(37.8
)
104.4
-
104.4
$
0.55
Foreign Exchange Gain
-
-
-
-
(10.9
)
2.9
(8.0
)
-
(8.0
)
$
(0.04
)
Adjusted Results
$
3,842.5
$
1,139.5
$
(557.3
)
$
582.2
$
(78.9
)
$
(132.6
)
$
370.7
$
(2.7
)
$
368.0
$
1.94
Fully Diluted Shares Outstanding
188.9
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 Gain
-
-
-
-
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)
Second Quarter 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, & Litigation 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
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
2021 Q2 EBITDA Reconciliation (in millions)
Reported Income + Other Income +
Depreciation & = EBITDA + Restructuring &
= Adjusted from
Operations (Expense)
Amortization Transaction Costs EBITDA Consolidated Results
$203.3
$10.3
$124.8
$338.4
$29.6
$368.0
Wabtec Corporation 2021 Q2 YTD EBITDA
Reconciliation (in millions) Reported Income
+ Other Income + Depreciation &
= EBITDA +
Restructuring & = Adjusted from Operations (Expense) Amortization Transaction Costs EBITDA Consolidated Results
$394.9
$24.5
$243.1
$662.5
$45.1
$707.6
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 YTD 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
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
SALES BY PRODUCT LINE (UNAUDITED) Three
Months Ended June 30, In
millions
2021
2020
Freight Segment Equipment
$
327.8
$
334.9
Components
224.3
195.5
Digital Electronics
161.8
165.5
Services
622.0
508.8
Total Freight Segment
1,335.9
1,204.7
Transit Segment Original Equipment Manufacturer
$
320.4
$
227.3
Aftermarket
356.0
305.4
Total Transit Segment
676.4
532.7
Six Months Ended June 30, In millions
2021
2020
Freight Segment Equipment
$
589.6
$
742.9
Components
426.8
415.9
Digital Electronics
318.3
339.1
Services
1,184.5
1,007.8
Total Freight Segment
2,519.2
2,505.7
Transit Segment Original Equipment Manufacturer
$
607.2
$
514.3
Aftermarket
716.1
647.3
Total Transit Segment
1,323.3
1,161.6
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
2021
2020
2021
2020
Freight Segment Reported Income from Operations
$
173.2
$
141.5
$
315.0
$
303.2
Freight Segment Reported Margin
13.0
%
11.7
%
12.5
%
12.1
%
Restructuring & Transaction costs
5.8
19.9
13.6
34.7
Non-cash Amortization expense
67.7
67.5
132.2
131.6
Freight Segment Adjusted Income from Operations
$
246.7
$
228.9
$
460.8
$
469.5
Freight Segment Adjusted Margin
18.5
%
19.0
%
18.3
%
18.7
%
Transit Segment Reported Income from
Operations
$
45.3
$
40.2
$
115.4
$
108.8
Transit Segment Reported Margin
6.7
%
7.5
%
8.7
%
9.4
%
Restructuring & Transaction costs
22.9
6.3
26.7
7.4
Non-cash Amortization expense
5.0
4.8
10.0
9.7
Transit Segment Adjusted Income from Operations
$
73.2
$
51.3
$
152.1
$
125.9
Transit Segment Adjusted Margin
10.8
%
9.6
%
11.5
%
10.8
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210729005242/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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