Wabtec Reports Strong 2nd Quarter 2022 Results
08/05/2022 - 06:30 AM
Total Backlog of $23.23 Billion , Up $1.70 Billion and Up $2.27 Billion on Constant Currency Basis; Provides Strong Multi-Year Momentum
Second Quarter Reported GAAP Earnings Per Share of $0.91 ; Adjusted Earnings Per Share of $1.23 , Up 16.0%
Sales Growth of 1.8% to $2.05 Billion ; GAAP Operating Margin of 12.9% ; Adjusted Operating Margin of 16.7% , Up 1.5 pts
Closed Two Strategic Bolt-on Acquisitions and Repurchased $103 Million Shares During the Second Quarter
PITTSBURGH --(BUSINESS WIRE)--
Wabtec Corporation (NYSE: WAB) today reported second quarter 2022 GAAP earnings per diluted share of $0.91 , up 37.9% versus the second quarter of 2021. Adjusted earnings per diluted share were $1.23 , up 16.0% versus the same quarter a year ago. Second quarter sales were $2.05 billion and cash from operations was $263 million .
“The Wabtec team executed a strong quarter by delivering profitable growth, continued margin expansion and significant increase in backlog,” said Rafael Santana , Wabtec’s President and CEO. “The strength of the business and our team’s relentless focus on disciplined execution was evident in the quarterly financial results despite rising costs, continued supply chain challenges and significant unfavorable foreign currency exchange.
“We continued to progress against our long-term strategy as is evidenced by the 8% year-over-year growth in our backlog driven by strategic multi-year orders for modernizations, new locomotives and digital solutions. Looking forward, the Wabtec team is focused on delivering for our customers, executing against our value creation framework and is well-positioned to drive profitable growth. The breadth and unique capability of the Wabtec products and technologies, combined with our installed base and multi-year backlog, provides us with increasing momentum in 2022 and beyond.”
2022 Second Quarter Consolidated Results
$ in millions except earnings per share and percentages; margin change in percentage points (pts)
Second Quarter
2022
2021
Change
Net Sales
$ 2,048
$ 2,012
1.8%
GAAP Gross Margin
31.5%
28.8%
2.7 pts
Adjusted Gross Margin
31.6%
29.9%
1.7 pts
GAAP Operating Margin
12.9%
10.1%
2.8 pts
Adjusted Operating Margin
16.7%
15.2%
1.5 pts
GAAP Diluted EPS
$0.91
$0.66
37.9%
Adjusted Diluted EPS
$1.23
$1.06
16.0%
Cash Flow from Operations
$ 263
$ 223
17.9%
Operating Cash Flow Conversion
92%
89%
Sales increased compared to the year-ago quarter driven by higher Freight segment sales, partially offset by lower Transit segment sales. On a constant currency basis sales were up 5.6% .
Both GAAP and adjusted operating margin increased from last year as a result of higher sales, increased pricing, improved mix and strong productivity, partially offset by escalating costs associated with metals, transportation and labor.
GAAP and adjusted EPS increased from the year-ago quarter primarily due to higher sales and increased operating margins. GAAP EPS further benefited from lower restructuring and transaction costs.
2022 Second Quarter Freight Segment Results
Net sales $ in millions; margin change in percentage points (pts)
Second Quarter
2022
2021
Change
Net Sales
$ 1,490
$ 1,336
11.5%
GAAP Gross Margin
33.0%
30.9%
2.1 pts
Adjusted Gross Margin
33.2%
31.2%
2.0 pts
GAAP Operating Margin
15.7%
13.0%
2.7 pts
Adjusted Operating Margin
20.3%
18.5%
1.8 pts
Freight Segment sales for the second quarter were up across all product lines, with very strong growth in Equipment and Services.
Both GAAP and adjusted operating margin benefited from higher sales, favorable mix/price and operational efficiencies, partially offset by higher costs. GAAP operating margin also improved year-over-year as a result of lower restructuring and transaction costs.
2022 Second Quarter Transit Segment Results
Net sales $ in millions; margin change in percentage points (pts)
Second Quarter
2022
2021
Change
Net Sales
$ 558
$ 676
(17.5% )
GAAP Gross Margin
27.4%
24.6%
2.8 pts
Adjusted Gross Margin
27.5%
27.3%
0.2 pts
GAAP Operating Margin
9.0%
6.7%
2.3 pts
Adjusted Operating Margin
10.3%
10.8%
(0.5 pts)
Transit segment sales for the second quarter were down versus last year primarily due to unfavorable foreign currency exchange and supply chain disruptions.
GAAP operating margin was up significantly as a result of lower restructuring and transaction costs, while adjusted operating margin was down modestly as a result of increased input costs and lower fixed cost absorption.
Backlog
Backlog $ in millions
June 30 ,
2022
2021
Change
12-Month Backlog
$ 6,566
$ 5,823
12.8%
Total Backlog
$ 23,227
$ 21,530
7.9%
At June 30, 2022 the multi-year backlog was $1.70 billion higher than June 30, 2021 due primarily to increased orders for the Freight segment. Unfavorable foreign exchange adversely impacted the total backlog by $568 million .
Cash Flow and Liquidity Summary
During the second quarter, the Company generated cash from operations of $263 million versus $223 million in the year ago period behind increased net income.
At the end of the quarter, the Company had cash and cash equivalents of $501 million and total debt of $4.21 billion . At June 30, 2022 the Company’s total available liquidity was $1.48 billion , which includes cash and cash equivalents plus $0.98 billion available under current credit facilities.
During the second quarter, the Company completed the acquisitions of Beena Vision and ARINC for $69 million , as well as repurchased $103 million of Wabtec shares.
2022 Financial Guidance
Wabtec updated its 2022 financial guidance with sales to be in a range of $8.30 billion to $8.60 billion and adjusted earnings per diluted share to be in a range of $4.70 to $5.00 versus previous guidance of $4.65 to $5.05 .
For full year 2022, Wabtec expects strong cash flow generation with operating cash flow conversion of greater than 90 percent.
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: 3578102).
About Wabtec Corporation
Wabtec Corporation (NYSE: WAB) is focused on creating transportation solutions that move and improve the world. The Company is a leading global provider of equipment, systems, digital solutions and value-added services for the freight and transit rail industries, as well as the mining, marine and industrial markets. Wabtec has been a leader in the rail industry for over 150 years and has a vision to achieve a zero-emission rail system in the U.S. and worldwide. Visit Wabtec’s website at: www.WabtecCorp.com
Information about non-GAAP Financial Information and Forward-Looking Statements
Wabtec’s earnings release and 2022 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 operating cash flow conversion. Wabtec is not presenting a quantitative reconciliation of our forecasted GAAP earnings per diluted share to forecasted adjusted earnings per diluted share as we are unable to predict with reasonable certainty and without unreasonable effort the impact and timing of restructuring-related and other charges, including acquisition-related expenses and the outcome of certain regulatory, legal and tax matters. The financial impact of these items is uncertain and is dependent on various factors, including timing, and could be material to our Consolidated Statements of Earnings. Wabtec defines EBITDA as earnings before interest, taxes, depreciation and amortization. Wabtec defines operating cash flow conversion as net cash provided by operating activities divided by net income plus depreciation and amortization including deferred debt cost 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 impact of acquisitions by Wabtec , 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 and other expected benefits from acquisitions; 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) changes in general economic and/or industry specific conditions, including the impacts of tax and tariff programs, inflation, supply chain disruptions, foreign currency exchange, and industry consolidation; (2) changes in the financial condition or operating strategies of Wabtec’s customers; (3) unexpected costs, charges or expenses resulting from acquisitions and potential failure to realize synergies and other anticipated benefits of acquisitions, including as a result of integrating acquired targets into Wabtec ; (4) inability to retain and hire key personnel; (5) evolving legal, regulatory and tax regimes; (6) changes in the expected timing of projects; (7) a decrease in freight or passenger rail traffic; (8) an increase in manufacturing costs; (9) actions by third parties, including government agencies; (10) 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, (11) potential disruptions, instability, and volatility in global markets from the imposition of economic sanctions on Russia resulting from the invasion of Ukraine ; (12) cybersecurity and data protection risks and (13) 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, 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, 2022 AND 2021
(AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA)
(UNAUDITED)
Three Months Ended
Six Months Ended
June 30 ,
June 30 ,
2022
2021
2022
2021
Net sales
$
2,048
$
2,012
$
3,975
$
3,842
Cost of sales
(1,403
)
(1,432
)
(2,735
)
(2,728
)
Gross profit
645
580
1,240
1,114
Gross profit as a % of Net Sales
31.5
%
28.8
%
31.2
%
29.0
%
Selling, general and administrative expenses
(259
)
(263
)
(497
)
(497
)
Engineering expenses
(50
)
(42
)
(95
)
(80
)
Amortization expense
(72
)
(72
)
(145
)
(142
)
Total operating expenses
(381
)
(377
)
(737
)
(719
)
Operating expenses as a % of Net Sales
18.6
%
18.7
%
18.5
%
18.7
%
Income from operations
264
203
503
395
Income from operations as a % of Net Sales
12.9
%
10.1
%
12.7
%
10.3
%
Interest expense, net
(44
)
(45
)
(87
)
(93
)
Other income, net
7
11
11
25
Income before income taxes
227
169
427
327
Income tax expense
(58
)
(44
)
(108
)
(87
)
Effective tax rate
25.5
%
25.8
%
25.3
%
26.6
%
Net income
169
125
319
240
Less: Net income attributable to noncontrolling interest
(3
)
-
(4
)
(3
)
Net income attributable to Wabtec shareholders
$
166
$
125
$
315
$
237
Earnings Per Common Share
Basic
Net income attributable to Wabtec shareholders
$
0.91
$
0.66
$
1.71
$
1.25
Diluted
Net income attributable to Wabtec shareholders
$
0.91
$
0.66
$
1.71
$
1.25
Basic
181.9
188.6
183.2
188.5
Diluted
182.4
188.9
183.7
188.9
Segment Information
Freight Net Sales
$
1,490
$
1,336
$
2,812
$
2,519
Freight Income from Operations
$
233
$
173
$
422
$
315
Freight Operating Margin
15.7
%
13.0
%
15.0
%
12.5
%
Transit Net Sales
$
558
$
676
$
1,163
$
1,323
Transit Income from Operations
$
50
$
45
$
115
$
115
Transit Operating Margin
9.0
%
6.7
%
9.9
%
8.7
%
Backlog Information (Note: 12-month is a sub-set of total)
June 30, 2022
March 31, 2022
June 30, 2021
Freight Total
$
19,679
$
19,024
$
17,837
Transit Total
3,548
3,735
3,693
Wabtec Total
$
23,227
$
22,759
$
21,530
Freight 12-Month
$
4,821
$
4,812
$
4,098
Transit 12-Month
1,745
1,819
1,725
Wabtec 12-Month
$
6,566
$
6,631
$
5,823
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
June 30, 2022
December 31, 2021
In millions
Cash and cash equivalents
$
501
$
473
Receivables, net
1,422
1,477
Inventories
1,918
1,689
Other current assets
205
193
Total current assets
4,046
3,832
Property, plant and equipment, net
1,428
1,497
Goodwill
8,459
8,587
Other intangible assets, net
3,531
3,705
Other noncurrent assets
869
833
Total assets
$
18,333
$
18,454
Current liabilities
$
3,190
$
2,910
Long-term debt
3,987
4,056
Long-term liabilities - other
1,209
1,249
Total liabilities
8,386
8,215
Shareholders' equity
9,905
10,201
Noncontrolling interest
42
38
Total shareholders' equity
9,947
10,239
Total Liabilities and Shareholders' Equity
$
18,333
$
18,454
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Six Months Ended June 30 ,
2022
2021
In millions
Operating activities
Net income
$
319
$
240
Non-cash expense
238
253
Receivables
45
(29
)
Inventories
(256
)
8
Accounts Payable
185
82
Other assets and liabilities
(107
)
(39
)
Net cash provided by operating activities
424
515
Net cash used for investing activities
(117
)
(452
)
Net cash used for financing activities
(256
)
(213
)
Effect of changes in currency exchange rates
(23
)
5
Increase (decrease) in cash
28
(145
)
Cash and cash equivalents, beginning of period
473
599
Cash and cash equivalents, end of period
$
501
$
454
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 2022 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
$
2,048
$
645
$
(381
)
$
264
$
(37
)
$
(58
)
$
169
$
(3
)
$
166
$
0.91
Restructuring & Transaction costs
-
2
2
4
-
(1
)
3
-
3
$
0.02
Non-cash Amortization expense
-
-
72
72
-
(18
)
54
-
54
$
0.30
Adjusted Results
$
2,048
$
647
$
(307
)
$
340
$
(37
)
$
(77
)
$
226
$
(3
)
$
223
$
1.23
Fully Diluted Shares Outstanding
182.4
Wabtec Corporation
Reconciliation of Reported Results to Adjusted Results
(in millions)
Second Quarter Year-to-Date 2022 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
$
3,975
$
1,240
$
(737
)
$
503
$
(76
)
$
(108
)
$
319
$
(4
)
$
315
$
1.71
Restructuring & Transaction costs
-
7
4
11
-
(3
)
8
-
8
$
0.05
Non-cash Amortization expense
-
-
145
145
-
(36
)
109
-
109
$
0.59
Adjusted Results
$
3,975
$
1,247
$
(588
)
$
659
$
(76
)
$
(147
)
$
436
$
(4
)
$
432
$
2.35
Fully Diluted Shares Outstanding
183.7
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
$
580
$
(377
)
$
203
$
(34
)
$
(44
)
$
125
$
-
$
125
$
0.66
Restructuring & Transaction costs
-
21
9
30
-
(7
)
23
-
23
$
0.12
Non-cash Amortization expense
-
-
72
72
-
(19
)
53
-
53
$
0.29
Foreign Exchange Gain
-
-
-
-
(2
)
1
(1
)
-
(1
)
$
(0.01
)
Adjusted Results
$
2,012
$
601
$
(296
)
$
305
$
(36
)
$
(69
)
$
200
$
-
$
200
$
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
$
1,114
$
(719
)
$
395
$
(68
)
$
(87
)
$
240
$
(3
)
$
237
$
1.25
Restructuring & Transaction costs
-
25
20
45
-
(11
)
34
-
34
$
0.18
Non-cash Amortization expense
-
-
142
142
-
(38
)
104
-
104
$
0.55
Foreign Exchange Gain
-
-
-
-
(11
)
4
(7
)
-
(7
)
$
(0.04
)
Adjusted Results
$
3,842
$
1,139
$
(557
)
$
582
$
(79
)
$
(132
)
$
371
$
(3
)
$
368
$
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
2022 Q2 EBITDA Reconciliation
(in millions)
Reported Income
+
Other Income
+
Depreciation &
=
EBITDA
+
Restructuring &
=
Adjusted
from Operations
(Expense)
Amortization
Transaction Costs
EBITDA
Consolidated Results
$264
$7
$116
$387
$4
$391
Wabtec Corporation
2022 Q2 YTD EBITDA Reconciliation
(in millions)
Reported Income
+
Other Income
+
Depreciation &
=
EBITDA
+
Restructuring &
=
Adjusted
from Operations
(Expense)
Amortization
Transaction Costs
EBITDA
Consolidated Results
$503
$11
$237
$751
$11
$762
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
$11
$124
$338
$30
$368
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
$395
$25
$243
$663
$45
$708
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
SALES BY PRODUCT LINE
(UNAUDITED)
Three Months Ended June 30 ,
In millions
2022
2021
Freight Segment
Equipment
$
381
$
328
Components
234
224
Digital Electronics
164
162
Services
711
622
Total Freight Segment
$
1,490
$
1,336
Transit Segment
Original Equipment Manufacturer
$
259
$
320
Aftermarket
299
356
Total Transit Segment
$
558
$
676
Six Months Ended June 30 ,
In millions
2022
2021
Freight Segment
Equipment
$
655
$
590
Components
463
427
Digital Electronics
317
318
Services
1,377
1,184
Total Freight Segment
$
2,812
$
2,519
Transit Segment
Original Equipment Manufacturer
$
551
$
607
Aftermarket
612
716
Total Transit Segment
$
1,163
$
1,323
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 ,
2022
2021
2022
2021
In millions
Gross Profit
Income from
Operations
Gross Profit
Income from
Operations
Gross Profit
Income from
Operations
Gross Profit
Income from
Operations
Freight Segment Reported Results
$
493
$
233
$
414
$
173
$
917
$
422
$
770
$
315
Freight Segment Reported Margin
33.0
%
15.7
%
30.9
%
13.0
%
32.6
%
15.0
%
30.6
%
12.5
%
Restructuring & Transaction costs
1
1
4
7
3
3
5
14
Non-cash Amortization expense
-
67
-
67
-
135
-
132
Freight Segment Adjusted Results
$
494
$
301
$
418
$
247
$
920
$
560
$
775
$
461
Freight Segment Adjusted Margin
33.2
%
20.3
%
31.2
%
18.5
%
32.7
%
20.0
%
30.6
%
18.3
%
Transit Segment Reported Results
$
152
$
50
$
166
$
45
$
323
$
115
$
344
$
115
Transit Segment Reported Margin
27.4
%
9.0
%
24.6
%
6.7
%
27.7
%
9.9
%
26.0
%
8.7
%
Restructuring & Transaction costs
1
3
17
23
4
7
20
27
Non-cash Amortization expense
-
5
-
5
-
10
-
10
Transit Segment Adjusted Results
$
153
$
58
$
183
$
73
$
327
$
132
$
364
$
152
Transit Segment Adjusted Margin
27.5
%
10.3
%
27.3
%
10.8
%
28.1
%
11.4
%
27.6
%
11.5
%
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
RECONCILIATION OF CHANGES IN NET SALES - BY SEGMENT
(UNAUDITED)
Three Months Ended June 30 ,
In millions
Freight
Transit
Consolidated
2021 Net Sales
$
1,336
$
676
$
2,012
Acquisitions
5
1
6
Foreign Exchange
(16
)
(60
)
(76
)
Organic
165
(59
)
106
2022 Net Sales
$
1,490
$
558
$
2,048
Change ($)
154
(118
)
36
Change (%)
11.5
%
-17.5
%
1.8
%
Six Months Ended June 30 ,
Freight
Transit
Consolidated
2021 Net Sales
$
2,519
$
1,323
$
3,842
Acquisitions
44
2
46
Foreign Exchange
(20
)
(93
)
(113
)
Organic
269
(69
)
200
2022 Net Sales
$
2,812
$
1,163
$
3,975
Change ($)
293
(160
)
133
Change (%)
11.6
%
-12.1
%
3.5
%
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
2022 Q2 Cash Conversion Calculation
(in millions)
Reported Cash
÷
(Net Income
+
Depreciation &
Amortization)
=
Cash Conversion
from Operations
Consolidated Results
$263
$169
$118
92%
Wabtec Corporation
2022 Q2 YTD Cash Conversion Calculation
(in millions)
Reported Cash
÷
(Net Income
+
Depreciation &
Amortization)
=
Cash Conversion
from Operations
Consolidated Results
$424
$319
$240
76%
Wabtec Corporation
2021 Q2 Cash Conversion Calculation
(in millions)
Reported Cash
÷
(Net Income
+
Depreciation &
Amortization)
=
Cash Conversion
from Operations
Consolidated Results
$223
$125
$126
89%
Wabtec Corporation
2021 Q2 YTD Cash Conversion Calculation
(in millions)
Reported Cash
÷
(Net Income
+
Depreciation &
Amortization)
=
Cash Conversion
from Operations
Consolidated Results
$515
$240
$246
106%
View source version on businesswire.com : https://www.businesswire.com/news/home/20220805005013/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
Source: Wabtec Corporation