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Mar 31, 2023
Wabtec Q1 2023 Earnings Report
Wabtec reported a strong start to the year with double-digit percentage increase in earnings per share.
Key Takeaways
Wabtec reported strong first quarter 2023 results, with sales growth of 13.9% to $2.19 billion and adjusted earnings per share up 13.3% to $1.28. The company returned $209 million to shareholders via dividends and share repurchases and has strong visibility from a $22.3 billion multi-year backlog.
Sales increased 13.9% compared to the year-ago quarter driven by significantly higher Freight segment sales and increased Transit segment sales. On a constant currency basis, consolidated sales were up 16.8%.
GAAP operating margin was slightly higher than prior year at 12.6% and adjusted operating margin was slightly lower at 16.4%.
GAAP EPS and adjusted EPS increased from the year-ago quarter primarily due to higher sales, partially offset by higher interest expense.
Cash used for operations was $25 million versus cash provided from operations of $161 million in the year ago period due primarily to higher working capital.
Wabtec
Wabtec
Wabtec Revenue by Segment
Revenue by Segment
Freight Revenue
CapyFin.comTransit Revenue
CapyFin.com Forward Guidance
Wabtec’s 2023 financial guidance continues with sales expected to be in a range of $8.7 billion to $9.0 billion and adjusted earnings per diluted share to be in a range of $5.15 to $5.55. For full year 2023, Wabtec expects strong cash flow generation with operating cash flow conversion of greater than 90 percent.
Revenue & Expenses
Visualization of income flow from segment revenue to net income