Wed, Jul 24, 3:45 PM (45 days ago)
For the quarter ended June 30, 2024, Westinghouse Air Brake Technologies Corporation (Wabtec) reported a 9.8% increase in net sales to $2.64 billion, driven by higher sales in both its Freight and Transit segments. Organic sales growth was $221 million, with notable increases in North American and international locomotive sales and higher aftermarket demand in the Transit segment. Gross profit rose to $874 million, reflecting improved margins from favorable mix and productivity gains. Operating expenses increased by 8.0% to $444 million, primarily due to higher sales volume and employee costs. Net income attributable to Wabtec shareholders was $289 million, up from $191 million in Q2 2023. The company maintained strong cash flow from operations at $569 million for the first six months of 2024. Wabtec continues to execute its Integration 2.0 initiative, incurring $12 million in restructuring charges this quarter. The company also repurchased $375 million in stock and issued $500 million in Senior Notes due 2034. Future uncertainties include supply chain disruptions, inflation, and geopolitical risks.