Sector: Industrials|Industry: Railroads|Market Cap: $33.33B|Employees: 29K
Westinghouse Air Brake Technologies Corporation, or Wabtec, is a global provider of technology-based equipment, systems, and services for the freight rail and passenger transit industries. The company manufactures locomotives, provides aftermarket parts, and offers digital solutions. Wabtec has a large installed base of locomotives and operates in over 50 countries.
Net sales increased by $303 million, or 13.8%, to $2.50 billion. Organic sales increased $262 million, attributable to both Freight and Transit Segments, while acquisitions contributed $36 million.
Cost of sales as a percentage of net sales was 67.3% compared to 69.7% for the same period last year. The improvement in gross margin is attributable to improved pricing, favorable mix between Freight and Transit segments, and slightly favorable input costs.
Net income attributable to Wabtec shareholders increased to $272 million compared to $169 million in the prior year. This increase is due to higher sales volume, improved pricing and lower interest expense.