Wabtec Corporation
Wabtec Announces Strong 2023 Results and 2024 Guidance
Summary
Westinghouse Air Brake Technologies Corporation (Wabtec) reported robust financial results for the fourth quarter and full year of 2023. The company delivered a 9.5% increase in sales to $2.53 billion and GAAP earnings per diluted share of $1.20, up 39.5% from the prior year. Adjusted earnings per diluted share were $1.54, up 18.5%. Wabtec also provided 2024 financial guidance, expecting sales between $10.05 billion and $10.35 billion and adjusted earnings per diluted share between $6.50 and $6.90. The company announced a $1.0 billion share buyback authorization and a 17.6% increase in its quarterly dividend. Wabtec's backlog remained strong, with a 12-month backlog of $7.46 billion, up 10.3% year-over-year.
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About Wabtec Corporation
Wabtec Corporation is a leading provider of technology-based equipment and services for the global rail industry. The company, formed through the merger of Wabtec and GE Transportation, specializes in developing, manufacturing, and servicing products that enhance the safety, efficiency, and productivity of freight and transit rail. Notable offerings include locomotives, control systems, and digital solutions that contribute to the optimization of rail network management. Wabtec also delivers crucial after-market services and refurbishment for railway equipment. Serving a critical role in the logistics and transportation sector, Wabtec finds its place at the intersection of innovation and infrastructure, aiding in the smooth flow of goods and passengers over vast distances. Leveraging decades of experience, the company's solutions not only support rail safety and operation but also align with broader trends in sustainability, as rail is one of the more environmentally friendly modes of transport. Headquartered in Pittsburgh, Pennsylvania, Wabtec is a major player in the transportation equipment industry, with a global footprint that underscores its importance in the rail supply chain.
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