Wabtec Corporation Q1 Report 2024

Wabtec Corporation reported first quarter 2024 GAAP earnings per diluted share of $1.53, up 64.5% versus the first quarter of 2023. Adjusted earnings per diluted share were $1.89, up 47.7% versus the same quarter a year ago. First quarter sales were $2.50 billion and cash from operations was $334 million.

“The Wabtec team delivered a strong start to 2024, continuing the momentum experienced in 2023. This was evidenced by higher sales, margin expansion, and increased earnings in the quarter,” said Rafael Santana, Wabtec’s President and CEO.

“Looking ahead, we continue to see underlying customer demand for our products and solutions. Our orders pipeline and 12-month backlog continue to be strong, which provide visibility for profitable growth ahead. Our team is focused on product innovation, disciplined cost management, and relentless execution for our customers. These factors, coupled with our strong Q1 results, give us confidence to raise our full-year 2024 guidance.

Highlights

  • GAAP Earnings Per Share of $1.53, Up 64.5%; Adjusted Earnings Per Share of $1.89, Up 47.7%
  • GAAP Operating Margin at 16.5%; Adjusted Operating Margin Up 3.4 pts to 19.8%
  • Sales Growth of 13.8% to $2.50 billion; Freight Segment Sales Growth of 17.2%
  • Returned $211 million to Shareholders via Share Repurchases and Dividends
  • Raises 2024 Financial Guidance of Adjusted EPS to Between $7.00 to $7.40; Up 21.6% at the Mid-Point from 2023 (Increased from $6.50 to $6.90)

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