Wabtec Files Q2 2024 10-Q
Ticker: WAB · Form: 10-Q · Filed: Jul 24, 2024 · CIK: 943452
Sentiment: neutral
Topics: 10-Q, earnings, railroad
TL;DR
Wabtec dropped its Q2 10-Q. Check financials.
AI Summary
Westinghouse Air Brake Technologies Corp. (Wabtec) filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter of 2024, detailing financial performance and operational updates. Wabtec, a company in the railroad equipment sector, is headquartered in Pittsburgh, PA.
Why It Matters
This filing provides investors and analysts with Wabtec's official financial results and operational details for the second quarter of 2024, crucial for understanding the company's current performance and future outlook.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.
Key Numbers
- 2024 Q2 — Reporting Period (Second quarter of 2024 financial performance)
- 20240630 — As of Date (Date the report was filed)
Key Players & Entities
- WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (company) — Filer
- 0000943452 (company) — Central Index Key
- Pittsburgh, PA (location) — Business Address
- 20240630 (date) — Period of Report
FAQ
What is the primary business of Westinghouse Air Brake Technologies Corp?
Westinghouse Air Brake Technologies Corp. is in the Railroad Equipment industry, SIC code 3743.
What is the fiscal year end for Wabtec?
The fiscal year end for Wabtec is December 31.
When was the company formerly known as WABTEC CORP?
The company was formerly known as WABTEC CORP until January 14, 2000.
What is the filing date of this 10-Q?
This 10-Q filing has an accession number of 0001628280-24-032762 and was filed on July 24, 2024.
What period does this 10-Q report cover?
This 10-Q report covers the period ending June 30, 2024.
Filing Stats: 4,955 words · 20 min read · ~17 pages · Grade level 16 · Accepted 2024-07-24 11:43:36
Filing Documents
- wab-20240630.htm (10-Q) — 1541KB
- wabex2212q2024.htm (EX-22.1) — 5KB
- wabex3112q2024.htm (EX-31.1) — 9KB
- wabex3122q2024.htm (EX-31.2) — 10KB
- wabex3212q2024.htm (EX-32.1) — 8KB
- 0001628280-24-032762.txt ( ) — 8583KB
- wab-20240630.xsd (EX-101.SCH) — 51KB
- wab-20240630_cal.xml (EX-101.CAL) — 85KB
- wab-20240630_def.xml (EX-101.DEF) — 263KB
- wab-20240630_lab.xml (EX-101.LAB) — 700KB
- wab-20240630_pre.xml (EX-101.PRE) — 491KB
- wab-20240630_htm.xml (XML) — 1391KB
—FINANCIAL INFORMATION
PART I—FINANCIAL INFORMATION Item 1.
Financial Statements - (Unaudited)
Financial Statements - (Unaudited) 3 Condensed Consolidated Balance Sheets as of June 3 0 , 2024 and December 31, 2023 3 Condensed Consolidated Statements of Income for the three and six months ended June 30 , 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30 , 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the six months ended June 30 , 2024 and 2023 6 Condensed Consolidated Statements of Shareholders' Equity for the three and six months ended June 3 0 , 2024 and 2023 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 27 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 44 Item 4.
Controls and Procedures
Controls and Procedures 44
—OTHER INFORMATION
PART II—OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 45 Item 1A.
Risk Factors
Risk Factors 45 Item 2. Unregistered Sales of Equity Securities and Use of Proceed s 45 Item 4. Mine Safety Disclosures 45
Other Information
Item 5. Other Information 45 Item 6. Exhibits 46
—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 June 30, 2024 December 31, 2023 Assets Assets Cash, cash equivalents and restricted cash $ 595 $ 620 Accounts receivable 1,269 1,160 Unbilled accounts receivable 532 524 Inventories, net 2,364 2,284 Other current assets 267 267 Total current assets 5,027 4,855 Property, plant and equipment, net 1,439 1,485 Goodwill 8,706 8,780 Other intangible assets, net 3,031 3,205 Other noncurrent assets 673 663 Total noncurrent assets 13,849 14,133 Total Assets $ 18,876 $ 18,988 Liabilities and Shareholders' Equity Liabilities Accounts payable $ 1,331 $ 1,250 Customer deposits 646 804 Accrued compensation 280 341 Accrued warranty 228 220 Current portion of long-term debt 503 781 Other accrued liabilities 659 660 Total current liabilities 3,647 4,056 Long-term debt 3,494 3,288 Accrued postretirement and pension benefits 61 62 Deferred income taxes 323 318 Other long-term liabilities 831 740 Total Liabilities 8,356 8,464 Commitments and contingencies (Note 14) Equity Common stock, $ .01 par value; 500.0 shares authorized and 226.9 shares issued: 175.6 and 177.8 outstanding at June 30, 2024 and December 31, 2023, respectively 2 2 Additional paid-in capital 7,981 7,977 Treasury stock, at cost, 51.3 and 49.1 shares, at June 30, 2024 and December 31, 2023, respectively ( 2,545 ) ( 2,171 ) Retained earnings 5,759 5,269 Accumulated other comprehensive loss ( 720 ) ( 590 ) Total Westinghouse Air Brake Technologies Corporation shareholders' equity 10,477 10,487 Noncontrolling interest 43 37 Total Equity 10,520 10,524 Total Liabilities and Equity $ 18,876 $ 18,988 The accompanying notes are an integral part of these statements. 3 WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME Unaudited Unaudited Three Months Ended June 30, Six Months Ended