Wabtec Files Q3 2024 10-Q Report
Ticker: WAB · Form: 10-Q · Filed: Oct 23, 2024 · CIK: 943452
Sentiment: neutral
Topics: 10-Q, quarterly-report, railroad-equipment
TL;DR
**Wabtec Q3 2024 10-Q filed. Financials updated.**
AI Summary
Westinghouse Air Brake Technologies Corp. (Wabtec) filed its Q3 2024 10-Q report on October 23, 2024, covering the period ending September 30, 2024. The company, headquartered in Pittsburgh, PA, operates in the railroad equipment industry. This filing provides financial updates for the third quarter and year-to-date performance.
Why It Matters
This report provides investors and analysts with Wabtec's latest financial performance and operational details, crucial for understanding the company's current health and future prospects in the railroad industry.
Risk Assessment
Risk Level: low — This filing is a routine quarterly report and does not indicate any unusual or elevated risks.
Key Numbers
- 20240930 — Reporting Period End (The end date for the financial data presented in this 10-Q filing.)
- 20241023 — Filing Date (The date this 10-Q report was officially submitted to the SEC.)
Key Players & Entities
- WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (company) — Filer
- WABTEC CORP (company) — Former company name
- WESTINGHOUSE AIR BRAKE CO /DE/ (company) — Former company name
- PITTSBURGH, PA (location) — Business and mailing address
- 20240930 (date) — Reporting period end date
- 20241023 (date) — Filing date
FAQ
What is the primary business of Westinghouse Air Brake Technologies Corp?
Westinghouse Air Brake Technologies Corp. operates in the railroad equipment industry, as indicated by its Standard Industrial Classification code [3743].
When was the current 10-Q report filed?
This 10-Q report was filed on October 23, 2024.
What is the fiscal year end for Westinghouse Air Brake Technologies Corp?
The company's fiscal year ends on December 31.
What was the previous name of the company?
The company was formerly known as WABTEC CORP and WESTINGHOUSE AIR BRAKE CO /DE/.
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ending September 30, 2024.
Filing Stats: 4,938 words · 20 min read · ~16 pages · Grade level 15.7 · Accepted 2024-10-23 10:26:58
Filing Documents
- wab-20240930.htm (10-Q) — 1610KB
- wabex2213q2024.htm (EX-22.1) — 5KB
- wabex3113q2024.htm (EX-31.1) — 9KB
- wabex3123q2024.htm (EX-31.2) — 10KB
- wabex3213q2024.htm (EX-32.1) — 8KB
- 0001628280-24-043365.txt ( ) — 8703KB
- wab-20240930.xsd (EX-101.SCH) — 51KB
- wab-20240930_cal.xml (EX-101.CAL) — 87KB
- wab-20240930_def.xml (EX-101.DEF) — 263KB
- wab-20240930_lab.xml (EX-101.LAB) — 703KB
- wab-20240930_pre.xml (EX-101.PRE) — 492KB
- wab-20240930_htm.xml (XML) — 1414KB
—FINANCIAL INFORMATION
PART I—FINANCIAL INFORMATION Item 1.
Financial Statements - (Unaudited)
Financial Statements - (Unaudited) 3 Condensed Consolidated Balance Sheets as of S eptember 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the nine months ended S e ptember 30, 2024 and 2023 6 Condensed Consolidated Statements of Shareholders' Equity for the three and nine months ended September 30, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 9 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 28 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 46 Item 4.
Controls and Procedures
Controls and Procedures 46
—OTHER INFORMATION
PART II—OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 47 Item 1A.
Risk Factors
Risk Factors 47 Item 2. Unregistered Sales of Equity Securities and Use of Proceed s 47 Item 4. Mine Safety Disclosures 47
Other Information
Item 5. Other Information 47 Item 6. Exhibits 48
—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 September 30, 2024 December 31, 2023 Assets Assets Cash, cash equivalents and restricted cash $ 410 $ 620 Accounts receivable 1,231 1,160 Unbilled accounts receivable 551 524 Inventories, net 2,380 2,284 Other current assets 202 267 Total current assets 4,774 4,855 Property, plant and equipment, net 1,439 1,485 Goodwill 8,786 8,780 Other intangible assets, net 2,996 3,205 Other noncurrent assets 649 663 Total noncurrent assets 13,870 14,133 Total Assets $ 18,644 $ 18,988 Liabilities and Shareholders' Equity Liabilities Accounts payable $ 1,338 $ 1,250 Customer deposits 567 804 Accrued compensation 380 341 Accrued warranty 244 220 Current portion of long-term debt 500 781 Other accrued liabilities 652 660 Total current liabilities 3,681 4,056 Long-term debt 3,517 3,288 Accrued postretirement and pension benefits 62 62 Deferred income taxes 295 318 Other long-term liabilities 798 740 Total Liabilities 8,353 8,464 Commitments and contingencies (Note 14) Equity Common stock, $ .01 par value; 500.0 shares authorized and 226.9 shares issued: 171.9 and 177.8 outstanding at September 30, 2024 and December 31, 2023, respectively 2 2 Additional paid-in capital 7,999 7,977 Treasury stock, at cost, 55.0 and 49.1 shares, at September 30, 2024 and December 31, 2023, respectively ( 3,151 ) ( 2,171 ) Retained earnings 6,007 5,269 Accumulated other comprehensive loss ( 607 ) ( 590 ) Total Westinghouse Air Brake Technologies Corporation shareholders' equity 10,250 10,487 Noncontrolling interest 41 37 Total Equity 10,291 10,524 Total Liabilities and Equity $ 18,644 $ 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 September