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Westinghouse Air Brake Technologies (WAB)

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. 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.

Company profile

Ticker
WAB
Exchange
Website
CEO
Rafael Santana
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
WABTEC CORP, WESTINGHOUSE AIR BRAKE CO /DE/
SEC CIK
Subsidiaries
A and M Signalling Services Private Limited • Aero Transportation Products, Inc • A M Rail Group Limited • A M Signalling Design Limited • Annax GmbH • Annax Scheiz AG • Annax (Suzhou) Rail Systems Co., Ltd • Ateliers Hubert Gerken S.A. • Austbreck Pty, Ltd. • Barber Steel Foundry Corp. ...
IRS number
251615902

WAB stock data

Analyst ratings and price targets

Last 3 months

Calendar

5 Aug 22
12 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
3 Aug 22 Nicole B Theophilus Common Stock Payment of exercise Dispose F No No 91.5 308 28.18K 15,873
21 Jul 22 Beverley A Babcock Phantom Stock Common Stock Grant Acquire A No No 0 1,550 0 1,550
18 May 22 Harty Linda S Common Stock - Direct Grant Acquire A No No 0 1,817 0 12,259
18 May 22 Kassling William E Common Stock - Direct Grant Acquire A No No 0 1,817 0 76,488.2
89.7% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 757 757
Opened positions 88 140 -37.1%
Closed positions 88 87 +1.1%
Increased positions 234 219 +6.8%
Reduced positions 258 244 +5.7%
13F shares Current Prev Q Change
Total value 15.75B 15.56B +1.2%
Total shares 163.82M 169.03M -3.1%
Total puts 186.2K 328.7K -43.4%
Total calls 364.9K 1.68M -78.2%
Total put/call ratio 0.5 0.2 +160.4%
Largest owners Shares Value Change
Vanguard 19.13M $1.84B +1.2%
Wellington Management 11.97M $1.15B +0.5%
BLK Blackrock 11.96M $1.15B +0.5%
PZN Pzena Investment Management 10M $961.49M -1.2%
STT State Street 7.27M $699.3M -4.6%
BEN Franklin Resources 6.4M $615.7M -2.8%
Farallon Capital Management 4.91M $472M -21.4%
JHG Janus Henderson 4.68M $449.97M +18.9%
IVZ Invesco 3.95M $379.51M +3.1%
Geode Capital Management 3.49M $334.84M +5.0%
Largest transactions Shares Bought/sold Change
Jackson Square Partners 2.15M +2.15M NEW
Soroban Capital Partners 0 -2.15M EXIT
Norges Bank 0 -1.48M EXIT
Farallon Capital Management 4.91M -1.33M -21.4%
Alecta Pensionsforsakring, Omsesidigt 0 -975K EXIT
Sound Shore Management 0 -777.03K EXIT
JHG Janus Henderson 4.68M +743.94K +18.9%
Select Equity 2.89M +677.05K +30.6%
Beutel, Goodman & Co 2.91M -593.73K -17.0%
Bristol John W & Co 529.7K +529.7K NEW

Financial report summary

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Competition
CaterpillarKnorr-Bremse
Risks
  • RISKS RELATED TO OUR BUSINESS AND OPERATIONS
  • We are dependent upon key customers.
  • Our business operates in a highly competitive industry.
  • A failure to predict and react to customer demand could adversely affect our business.
  • We may fail to respond adequately or in a timely manner to innovative changes in new technology.
  • Our revenues are subject to cyclical variations in the railway and passenger transit markets and changes in government spending.
  • Our backlog is not necessarily indicative of the level of our future revenues.
  • Equipment failures, interruptions, delays in deliveries or extensive damage to our facilities, supply chains, distribution systems or information technology systems, could adversely affect our business.
  • Disruption of our supply chain could have an adverse impact on our business, financial condition, and results of operations.
  • We intend to pursue acquisitions, joint ventures and alliances that involve a number of inherent risks, any of which may cause us not to realize anticipated benefits.
  • The integration of our recently completed acquisitions may not result in anticipated improvements in market position or the realization of anticipated operating synergies or may take longer to realize than expected.
  • The effects of COVID-19 and other potential future public health crises, epidemics, pandemics or similar events on our business, operating results and cash flows are uncertain.
  • A growing portion of our sales may be derived from our international operations, which exposes us to certain risks inherent in doing business on an international level.
  • We may incur increased costs due to fluctuations in interest rates and foreign currency exchange rates
  • We have substantial operations located in emerging markets, and are subject to regulatory, economic, social and political uncertainties in such markets.
  • RISKS RELATED TO MACRO-ECONOMIC CONDITIONS AND POLICIES
  • Prolonged unfavorable economic and market conditions could adversely affect our business.
  • We may be exposed to raw material shortages, supply shortages and fluctuations in raw material, energy and commodity prices.
  • Changes to international trade policies, including tariffs and foreign trade restrictions, could adversely affect our business.
  • LEGAL AND REGULATORY RISKS
  • We are subject to a variety of laws and regulations, including anti-corruption laws, in various jurisdictions.
  • We are subject to a variety of environmental laws and regulations.
  • Future climate change regulation could result in increased operating costs, affect the demand for our products or affect the ability of our critical suppliers to meet our needs.
  • The occurrence of litigation in which we are, or could be, named as a defendant is unpredictable.
  • Our manufacturer’s warranties or product liability may expose us to potentially significant claims.
  • RISKS RELATED TO DATA SECURITY AND INTELLECTUAL PROPERTY
  • If we are not able to protect our intellectual property and other proprietary rights, we may be adversely affected.
  • We face cybersecurity and data protection risks relating to cyber-attacks and information technology failures that could cause loss of confidential information and other business disruptions.
  • RISKS RELATED TO HUMAN CAPITAL
  • Labor shortages and labor disputes may have a material adverse effect on our operations and profitability.
  • We rely on our management team and other key personnel.
  • RISKS RELATED TO OUR INDEBTEDNESS
  • Our indebtedness could adversely affect our financial health.
  • The indentures for our outstanding senior notes and our Credit Agreement contain various covenants that limit our management’s discretion in the operation of our businesses.
Management Discussion
  • Net sales for the three months ended June 30, 2022 increased by $36 million, or 1.8%, to $2.05 billion compared to the same period in 2021. Freight Segment organic sales increased $165 million driven primarily by Services sales from higher locomotive modernizations and a decrease in locomotive parkings. In addition, Equipment sales increased due to higher international locomotive deliveries and higher mining equipment sales, and Components sales increased due to a higher railcar build and growth in industrial end-markets. Transit Segment organic sales decreased $59 million primarily due to supply chain issues caused by the COVID-19 pandemic and the prior year exit of low margin businesses and contracts in the United

Content analysis

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Positive
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Readability
H.S. freshman Avg
New words: accomplished, ahead, assessment, counsel, incident, investigation, marine, notified, proactive, promptly, shutting, size
Removed: recur, withholding