During the first three months of 2024, Wabtec secured a long-term parts agreement with a customer in Asia and a multi-year order for new locomotives in Africa, demonstrating continued growth and strategic wins.

Wabtec continues to implement Integration 2.0 and Portfolio Optimization initiatives, incurring restructuring charges of $8 million and $3 million respectively, aimed at improving profitability and reducing manufacturing complexity.

On December 22, 2023, the Company purchased the remaining ownership shares of Lokomotiv Kurastyru Zauyty (“LKZ”), a locomotive manufacturing and assembly company located in Kazakhstan, at which time it became a wholly owned subsidiary of the Company.

Management is actively implementing price escalations, surcharges, and cost mitigation efforts to lessen the impact of macroeconomic volatility, demonstrating a proactive approach to managing challenges.

The Company was in compliance with all financial covenants in the 2022 Credit Agreement and the 2024 Credit Agreement as of March 31, 2024, indicating effective financial management.

Suppliers utilized the program to accelerate receipt of payment from these financial institutions for $317 million of the Company's outstanding Accounts payable as of March 31, 2024, indicating a commitment to vendor relationships.

There have been no material changes in our risk factors from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023.

During the third quarter of 2023, a competitor of the Company, Progress Rail (“Progress”), which is a Caterpillar Inc. company, sued the Company in the U.S. District Court for the District of Delaware asserting antitrust, breach of contract, unfair competition law, and misrepresentation claims.

Xorail, Inc., a wholly owned subsidiary of the Company (“Xorail”), has received notices from Denver Transit Constructors (“DTC”) alleging breach of contract related to the operating of constant warning wireless crossings, and late delivery of the Train Management & Dispatch System (“TMDS”) for the Denver Eagle P3 Project, which is owned by the Denver Regional Transit District (“RTD”).

During the first three months of 2024, Wabtec secured a long-term parts agreement with a customer in Asia and a multi-year order for new locomotives in Africa, demonstrating continued growth and strategic wins.

During the third quarter of 2023, a competitor of the Company, Progress Rail (“Progress”), which is a Caterpillar Inc. company, sued the Company in the U.S. District Court for the District of Delaware asserting antitrust, breach of contract, unfair competition law, and misrepresentation claims.

Wabtec continues to implement Integration 2.0 and Portfolio Optimization initiatives, incurring restructuring charges of $8 million and $3 million respectively, aimed at improving profitability and reducing manufacturing complexity.

Suppliers utilized the program to accelerate receipt of payment from these financial institutions for $317 million of the Company's outstanding Accounts payable as of March 31, 2024, indicating a commitment to vendor relationships.

During the first three months of 2024, Wabtec launched the next generation of railcar movers with its Shuttlewagon Commander NXT, demonstrating continued innovation.

The Board of Directors reauthorized its stock repurchase program to refresh the amount available for stock repurchases to $1 billion of the Company's outstanding shares.

During the first quarter of 2024, the Company entered in the 2024 Credit Agreement for a term loan of $225 million. Also during the first quarter of 2024, the Company issued $500 million of Senior Notes due in 2034. Proceeds from the 2034 Notes, combined with the proceeds from the term loan under the 2024 Credit Agreement and cash on hand, were utilized to redeem the outstanding amount of 2024 Notes.

The provided 10-Q filing does not contain specific details regarding ESG initiatives or progress. Further information would be needed to assess Wabtec's ESG performance.

Future macroeconomic volatility, supply chain disruptions and labor availability could cause component and raw material shortages resulting in an adverse effect on the timing of the Company's revenue and cash flows.

Transit sales increased from higher demand for Aftermarket and Original Equipment products driven by increased infrastructure investment.