Westinghouse Air Brake Technologies Corp. Files 10-Q for Q1 2024

TL;DR

<b>Westinghouse Air Brake Technologies Corp. filed its Q1 2024 10-Q report on April 24, 2024.</b>

AI Summary

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (WAB) filed a Quarterly Report (10-Q) with the SEC on April 24, 2024. Filing is a 10-Q for the period ending March 31, 2024. Company name is Westinghouse Air Brake Technologies Corp. Filed on April 24, 2024. Fiscal year ends December 31. Incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP, this filing contains several important signals. This filing provides a quarterly update on the company's financial performance and operational status. Investors and analysts can use this report to assess the company's financial health and make informed investment decisions.

Risk Assessment

Risk Level: low — WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new risks or material changes beyond routine disclosures.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand the company's performance and outlook.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-04-24 — Filing Date (Filed as of date)
• 12/31 — Fiscal Year End (Fiscal year end)
• 033-90866 — SEC File Number (SEC file number)

Key Players & Entities

• WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (company) — Filer name
• WAB (company) — Ticker symbol
• 2024-03-31 (date) — Period of report
• 2024-04-24 (date) — Filing date
• 30 ISABELLA STREET (address) — Business address
• PITTSBURGH (location) — Business address city
• PA (location) — Business address state
• DE (location) — State of incorporation

FAQ

Industry Context

Westinghouse Air Brake Technologies Corp. operates in the railroad equipment industry, manufacturing and servicing products for freight and passenger rail industries.

Regulatory Implications

The filing is a standard 10-Q, a quarterly report required by the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements (balance sheets, income statements, cash flow statements) for the quarter ended March 31, 2024.
2. Review the Management's Discussion and Analysis of Financial Condition and Results of Operations for insights into performance drivers.
3. Check for any new or updated risk factors disclosed in the filing.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-24: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first quarterly update after the year-end report.

Filing Documents

• wab-20240331.htm (10-Q) — 1168KB
• wabex2211q2024.htm (EX-21.1) — 5KB
• wabex3111q2024.htm (EX-31.1) — 9KB
• wabex3121q2024.htm (EX-31.2) — 10KB
• wabex3211q2024.htm (EX-32.1) — 8KB
• 0001628280-24-017577.txt (&nbsp;) — 7435KB
• wab-20240331.xsd (EX-101.SCH) — 50KB
• wab-20240331_cal.xml (EX-101.CAL) — 84KB
• wab-20240331_def.xml (EX-101.DEF) — 260KB
• wab-20240331_lab.xml (EX-101.LAB) — 671KB
• wab-20240331_pre.xml (EX-101.PRE) — 477KB
• wab-20240331_htm.xml (XML) — 1083KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements - (Unaudited)

Financial Statements - (Unaudited) 3 Condensed Consolidated Balance Sheets as of March 3 1 , 202 4 and December 31, 20 23 3 Condensed Consolidated Statements of Income for the three months ended March 3 1 , 202 4 and 20 23 4 Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31 , 202 4 and 20 23 5 Condensed Consolidated Statements of Cash Flows for the three months ended March 31 , 202 4 and 20 23 6 Condensed Consolidated Statements of Shareholders' Equity for the three months ended March 3 1 , 202 4 and 20 23 7 Notes to Condensed Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 36 Item 4.

Controls and Procedures

Controls and Procedures 36

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceed s 37 Item 4. Mine Safety Disclosures 37

Other Information

Item 5. Other Information 37 Item 6. Exhibits 38

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS Unaudited In millions, except par value March 31, 2024 December 31, 2023 Assets Assets Cash, cash equivalents and restricted cash $ 639 $ 620 Accounts receivable 997 1,160 Unbilled accounts receivable 544 524 Inventories, net 2,356 2,284 Other current assets 263 267 Total current assets 4,799 4,855 Property, plant and equipment, net 1,445 1,485 Goodwill 8,730 8,780 Other intangible assets, net 3,115 3,205 Other noncurrent assets 658 663 Total noncurrent assets 13,948 14,133 Total Assets $ 18,747 $ 18,988 Liabilities and Shareholders' Equity Liabilities Accounts payable $ 1,288 $ 1,250 Customer deposits 645 804 Accrued compensation 344 341 Accrued warranty 220 220 Current portion of long-term debt 3 781 Other accrued liabilities 653 660 Total current liabilities 3,153 4,056 Long-term debt 3,997 3,288 Accrued postretirement and pension benefits 62 62 Deferred income taxes 321 318 Other long-term liabilities 710 740 Total Liabilities 8,243 8,464 Commitments and contingencies (Note 14) Equity Common stock, $ .01 par value; 500.0 shares authorized and 226.9 shares issued: 176.8 and 177.8 outstanding at March 31, 2024 and December 31, 2023, respectively 2 2 Additional paid-in capital 7,967 7,977 Treasury stock, at cost, 50.1 and 49.1 shares, at March 31, 2024 and December 31, 2023, respectively ( 2,345 ) ( 2,171 ) Retained earnings 5,505 5,269 Accumulated other comprehensive loss ( 667 ) ( 590 ) Total Westinghouse Air Brake Technologies Corporation shareholders' equity 10,462 10,487 Noncontrolling interest 42 37 Total Equity 10,504 10,524 Total Liabilities and Equity $ 18,747 $ 18,988 The accompanying notes are an integral part of these statements. 3 WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME Unaudited Three Months Ended March 31, In millions, except per s

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View this 10-Q filing on SEC EDGAR