Latest news with #margin
Yahoo
4 days ago
- Business
- Yahoo
APP: Oppenheimer Calls AppLovin a 'Top Pick' -- Shares Jump to New High
Aug 7 - AppLovin (APP, Financial) surged more than 12% on Thursday after analysts flagged several catalysts supporting stronger revenue and margin growth in upcoming quarters. Warning! GuruFocus has detected 3 Warning Sign with APP. Oppenheimer reaffirmed its Outperform rating and $500 price target, calling AppLovin a "top pick." The firm cited rising confidence in the scale-up of e-commerce advertising, now expected to exceed 10% of total ad revenue this year. This outlook is bolstered by the Oct. 1 global rollout of AXON Ad Manager's self-service portal. Bank of America also reiterated its Buy rating, raising revenue estimates for Q4 2025 and calendar 2026. The upward revisions reflect the reactivation of e-commerce advertisers through a new referral program, broader international audience reach, and expanded availability for small and mid-sized businesses in the first half of 2026. Benchmark Equity Research maintained its Buy rating and $525 target, citing AXON-driven performance gains and geographic expansion as key growth levers. AppLovin shares traded at $438.89 in afternoon trading Thursday, marking a new 52-week high. This article first appeared on GuruFocus.
Yahoo
4 days ago
- Business
- Yahoo
APP: Oppenheimer Calls AppLovin a 'Top Pick' -- Shares Jump to New High
Aug 7 - AppLovin (APP, Financial) surged more than 12% on Thursday after analysts flagged several catalysts supporting stronger revenue and margin growth in upcoming quarters. Warning! GuruFocus has detected 3 Warning Sign with APP. Oppenheimer reaffirmed its Outperform rating and $500 price target, calling AppLovin a "top pick." The firm cited rising confidence in the scale-up of e-commerce advertising, now expected to exceed 10% of total ad revenue this year. This outlook is bolstered by the Oct. 1 global rollout of AXON Ad Manager's self-service portal. Bank of America also reiterated its Buy rating, raising revenue estimates for Q4 2025 and calendar 2026. The upward revisions reflect the reactivation of e-commerce advertisers through a new referral program, broader international audience reach, and expanded availability for small and mid-sized businesses in the first half of 2026. Benchmark Equity Research maintained its Buy rating and $525 target, citing AXON-driven performance gains and geographic expansion as key growth levers. AppLovin shares traded at $438.89 in afternoon trading Thursday, marking a new 52-week high. This article first appeared on GuruFocus. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
31-07-2025
- Business
- Yahoo
SPIE - Press release - 2025 Half-Year results
Consistent delivery of SPIE's growth modelYet another margin step-up: 2025 outlook firmed up Solid first-half results combining 40 bps margin step-up and 5.8% revenue growth Revenue: €4,979m, up +5.8% vs. H1 2024, including +3.8% growth from acquisitions and +2.4% organic growth Sequential improvement in organic growth: +2.6% in Q2, after +2.1% in Q1 Another step-up in EBITA margin: +40 bps to 6.0% in H1 2025 EBITA up +13.2% to €301m Adjusted net income: €166.6m (+5.7% vs. H1 2024) Sustained bolt-on M&A activity, reinforcing leadership in attractive markets 3 bolt-on acquisitions signed in 2025 to date, representing €96 million in annual revenue Further expansion into attractive Polish Building Solutions market and high-growth fiber optic services in Switzerland Robust pipeline on highly fragmented markets Strong financial structure, highly cash-generative model Leverage significantly reduced to 1.9x at end June 2025 from 2.4x at end June 2024 supported by outstanding working capital performance Successful €600 million sustainability-linked bond issuance in May 2025 (5-year maturity/ 3.75% coupon), reflecting SPIE's strong credit quality Anti-dilutive share buy-back implemented in Q1 for €39 million Interim cash dividend of €0.30 per share, i.e. 30% of the approved dividend for 2024, on September 18th, 2025 2025 margin outlook firmed up Strong total growth pushing revenue well above the €10 billion mark, including further organic growth and active bolt-on M&A Continued expansion of EBITA margin to at least 7.6% Gauthier Louette, Chairman & CEO, commented: 'SPIE's first-half results confirm the strengths of our model, the relevance of our strategy and the quality of our execution. Energy transition and digital transformation are firmly anchored as lasting growth drivers across our markets, allowing us to confidently navigate the current geopolitical and macroeconomic uncertainty. Thanks to our core focus on margin and financial discipline, we delivered once again a double-digit increase in EBITA. We kept a steady course in terms of bolt-on M&A, with all integration processes progressing well and three new acquisitions, focused on high-growth sectors. With rock-solid fundamentals, enhanced profitability and a disciplined approach to growth, SPIE is on track to meet its firmed-up 2025 targets and to continue creating long-term value.'About SPIE SPIE is the independent European leader in multi-technical services in the areas of energy and communications. The Group's 55,000 employees are committed to the decarbonisation of the economy, supporting the energy transition and responsible digital Group achieved in 2024 consolidated revenue of €9.9 billion and consolidated EBITA of €712 million. SPIE - 2025 Half-Year results - Press ReleaseError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
30-07-2025
- Automotive
- Yahoo
Illinois Tool Works Achieves Record Q2, Boosts Outlook
Illinois Tool Works Inc. (NYSE:ITW) on Wednesday reported better-than-expected second-quarter results and raised its full-year 2025 earnings guidance. Margin expansion and disciplined execution across its diversified industrial portfolio supported record quarterly performance. The company posted second-quarter earnings of $2.58 per share, up from $2.54 a year ago and above the consensus estimate of $2.54. Revenue rose 1% year-over-year to $4.10 billion, beating estimates of $4.0 billion, as flat organic growth was offset by favorable foreign currency income for the quarter totaled $1.07 billion, and the operating margin improved by 10 basis points to 26.3%, driven by a 130 basis-point contribution from enterprise initiatives. Segment-level margin performance reached a combined 27.1%. The company achieved record-breaking second-quarter financial performance, with record EPS, operating income, and operating margin. CEO Christopher O'Herlihy said the results reflected the strength of ITW's business model and operating culture. 'I'm encouraged by the strategic progress we've made in the first half of the year,' he said. 'We're confident in our ability to navigate an uncertain environment and deliver differentiated performance through 2025 and beyond.' The company reported a varied performance across its diverse business segments, with most showing revenue growth and improved profitability. The Automotive OEM segment stood out with $845 million in revenue, up 4% year-over-year, and a significant 190 basis point increase in operating margin to 21.3%. However, regional results diverged, with North America down 7%, Europe up 1%, and China surging by 22%. View more earnings on ITW Food Equipment continued its positive trend with $680 million in revenue, a 2% increase, and a 60 basis point margin improvement to 27.7%. North American sales grew 5%, while international markets declined 5%. Test & Measurement/Electronics saw revenue rise 1% to $686 million, but operating margin contracted by 70 basis points to 22.8%. Organically, Test & Measurement fell 3%, while Electronics grew 4%. The Welding segment posted solid performance with 3% revenue growth to $479 million and a 20 basis point margin improvement to 33.1%, retaining its position as the company's highest-margin business. Conversely, Construction Products faced the toughest challenges, with revenue down 6% to $473 million. Despite this, the segment improved its operating margin by 140 basis points to 30.8%. The construction slowdown was widespread, impacting North America (-7%), Europe (-5%), and Australia/New Zealand (-10%). ITW generated $550 million in operating cash flow and $449 million in free cash flow during the quarter. The company repurchased $375 million of its stock and maintained a quarterly dividend of $1.50 per share. Cash and equivalents stood at $788 million as of June 30. Outlook Illinois Tool Works raised its 2025 GAAP EPS guidance to $10.35 to $10.55, compared with the prior range of $10.15 to $10.55 and ahead of the consensus estimate of $10.26. The company reaffirmed expectations for 1% to 3% total revenue growth, with flat to 2% organic growth and operating margins between 26% and 27%. ITW continues to expect free cash flow to exceed 100% of net income and plans to repurchase approximately $1.5 billion in shares during the year. The projected effective tax rate remains around 24%. Price Action: ITW shares were trading lower by 1.98% to $254.35 at last check Wednesday. Read Next:Image via Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? ILLINOIS TOOL WORKS (ITW): Free Stock Analysis Report This article Illinois Tool Works Achieves Record Q2, Boosts Outlook originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Yahoo
24-07-2025
- Business
- Yahoo
Wabtec Reports Second Quarter 2025 Results; Raises Adjusted EPS Guidance
GAAP Diluted Earnings Per Share of $1.96, Up 19.5%; Adjusted Diluted Earnings Per Share of $2.27, Up 15.8% GAAP Operating Margin at 17.4%; Adjusted Operating Margin Up 1.8 pts to 21.1% Strong 12-month backlog growth of 11.9%; Sales Growth of 2.3% to $2.71 billion, adversely impacted by timing of locomotive shipments Returned $94 million to Shareholders via Dividends and Share Repurchases Raises 2025 Adjusted Diluted Earnings Per Share range to $8.55 - $9.15 driven by first half performance, M&A, and focus on prudent cost management PITTSBURGH, July 24, 2025--(BUSINESS WIRE)--Wabtec Corporation (NYSE: WAB) today reported second quarter 2025 GAAP earnings per diluted share of $1.96, up 19.5% versus the second quarter of 2024. Adjusted earnings per diluted share were $2.27, up 15.8% versus the same quarter a year ago. Second quarter sales were $2.71 billion and cash from operations was $209 million. "The Wabtec team has delivered another strong quarter, highlighted by margin expansion and double digit earnings per share growth," said Rafael Santana, Wabtec's President and CEO. "With the first half of the year complete, we remain focused on executing our priorities for the second half. Demand across our end markets and our pipeline of opportunities continues to be strong, with significant activity underway in key businesses. "Alongside the strength of our core business, I am especially proud of our year to date progress on M&A. We have committed $3.5 billion to investments that are expected to create immediate value for Shareholders, with projected accretive growth profiles, higher adjusted EBITDA margins, increased adjusted EPS in the first year, and improving ROIC over time. "While the broader economic environment remains uncertain, we are committed to maintaining discipline and taking the necessary actions to achieve our goals." 2025 Second Quarter Consolidated Results Wabtec Corporation Consolidated Financial Results $ in millions except earnings per share and percentages; margin change in percentage points (pts) Second Quarter 2025 2024 Change Net Sales $ 2,706 $ 2,644 2.3 % GAAP Gross Margin 34.7 % 33.0 % 1.7 pts Adjusted Gross Margin 34.8 % 33.3 % 1.5 pts GAAP Operating Margin 17.4 % 16.3 % 1.1 pts Adjusted Operating Margin 21.1 % 19.3 % 1.8 pts GAAP Diluted EPS $ 1.96 $ 1.64 19.5 % Adjusted Diluted EPS $ 2.27 $ 1.96 15.8 % Cash Flow from Operations $ 209 $ 235 $ (26 ) Operating Cash Flow Conversion 46 % 57 % Sales increased 2.3% compared to the year-ago quarter driven by higher sales in the Transit segment partially offset by lower Equipment sales. Freight revenue was adversely impacted by lower locomotive deliveries than expected due to a supplied part issue. GAAP operating margin was higher than the prior year at 17.4%, and adjusted operating margin was higher than the prior year at 21.1%. Both GAAP and adjusted operating margins benefited from higher sales and improved gross margins. GAAP EPS and adjusted EPS increased from the year-ago quarter primarily due to higher sales, operating margin expansion and benefits from share repurchases. 2025 Second Quarter Freight Segment Results Wabtec Corporation Freight Segment Financial Results Net sales $ in millions; margin change in percentage points (pts) Second Quarter 2025 2024 Change Net Sales $ 1,919 $ 1,920 (0.1 )% GAAP Gross Margin 36.3 % 34.8 % 1.5 pts Adjusted Gross Margin 36.4 % 35.1 % 1.3 pts GAAP Operating Margin 21.6 % 20.4 % 1.2 pts Adjusted Operating Margin 25.0 % 24.1 % 0.9 pts Freight segment sales for the second quarter were largely flat compared to the year ago quarter. Services sales were up 6.0% due to higher parts sales and modernization deliveries; however, this was largely offset with the impact of lower locomotive deliveries in the quarter due to a supplied part issue and lower mining sales. These deliveries are expected to shift to the 2nd half of 2025. GAAP operating margin and adjusted operating margin benefited from improved gross margin. 2025 Second Quarter Transit Segment Results Wabtec Corporation Transit Segment Financial Results Net sales $ in millions; margin change in percentage points (pts) Second Quarter 2025 2024 Change Net Sales $ 787 $ 724 8.7 % GAAP Gross Margin 30.7 % 28.3 % 2.4 pts Adjusted Gross Margin 30.9 % 28.6 % 2.3 pts GAAP Operating Margin 13.9 % 11.3 % 2.6 pts Adjusted Operating Margin 15.2 % 12.7 % 2.5 pts Transit segment sales for the second quarter were up 8.7% driven by higher OE and aftermarket sales. GAAP and adjusted operating margins were up as a result of higher sales and improved gross margins. Backlog Wabtec Corporation Consolidated Backlog Comparison Backlog $ in millions June 30, 2025 2024 Change 12-Month Backlog $ 8,210 $ 7,334 11.9 % Total Backlog $ 21,828 $ 22,075 (1.1 )% The Company's multi-year backlog continues to provide strong visibility. At June 30, 2025, the 12-month backlog was $876 million higher than the prior year period. At June 30, 2025, the multi-year backlog was $247 million lower than the prior year period, and excluding foreign currency exchange, the multi-year backlog was $448 million lower, down 2.0%. Cash Flow and Liquidity Summary During the second quarter, cash provided by operations was $209 million versus $235 million in the year ago period partially due to higher working capital, which was affected by higher inventories due to the delay in Q2 locomotive deliveries and timing of customer deposits. At the end of the quarter, the Company had cash, cash equivalents and restricted cash of $1.50 billion and total debt of $4.78 billion. At June 30, 2025, the Company's total available liquidity was $4.09 billion, which includes cash and cash equivalents plus $2.25 billion available under current credit facilities and $350 million borrowings available under our Revolving Receivables Program. During the quarter, the Company paid $44 million in dividends and repurchased $50 million of Wabtec shares. 2025 Financial Guidance Wabtec revenue guidance was increased by $200 million at the mid-point with a range of $10.925 billion to $11.225 billion, largely reflecting the acquisition of Evident Inspection Technologies Division completed on July 1, 2025. Wabtec increased its 2025 adjusted EPS guidance range to $8.55 to $9.15, up $0.20 at the mid-point. For full year 2025, Wabtec expects operating cash flow conversion of greater than 90 percent. Forecasted GAAP Earnings Reconciliation Wabtec is not presenting a quantitative reconciliation of our forecasted GAAP earnings per diluted share to forecasted adjusted earnings per diluted share in reliance on the unreasonable efforts exemption provided under Item 10(e)(1)(i)(B) of Regulation S-K. Wabtec is unable to predict with reasonable certainty and without unreasonable effort the impact and timing of restructuring-related and other charges, including acquisition-related expenses and the outcome of certain regulatory, legal and tax matters. The financial impact of these items is uncertain and is dependent on various factors, including timing, and could be material to our Consolidated Statements of Earnings. Conference Call Information Wabtec will host a call with analysts and investors at 8:30 a.m. ET, today. To listen via webcast, go to Wabtec's website at and click on "Events & Presentations" in the "Investor Relations" section. Also, an audio replay of the call will be available by calling 1-877-344-7529 or 1-412-317-0088 (access code: 1965240). About Wabtec Wabtec Corporation (NYSE: WAB) is revolutionizing the way the world moves for future generations. The company is a leading global provider of equipment, systems, digital solutions and value-added services for the freight and transit rail industries, as well as the mining, marine and industrial markets. Wabtec has been a leader in the rail industry for over 155 years and has a vision to achieve a sustainable rail system in the U.S. and worldwide. Visit Wabtec's website at Information about non-GAAP Financial Information and Forward-Looking Statements Wabtec's earnings release and 2025 financial guidance mentions certain non-GAAP financial performance measures, including adjusted gross profit, adjusted operating expenses, adjusted operating margin, adjusted gross margin, EBITDA, adjusted EBITDA, adjusted income tax expense, adjusted income from operations, adjusted interest and other expense, adjusted net income, adjusted earnings per diluted share and operating cash flow conversion. Wabtec defines EBITDA as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is further adjusted by restructuring costs. Wabtec defines operating cash flow conversion as net cash provided by operating activities divided by net income plus depreciation and amortization including deferred debt cost amortization. While Wabtec believes these are useful supplemental measures for investors, they are not presented in accordance with GAAP. Investors should not consider non-GAAP measures in isolation or as a substitute for net income, cash flows from operations, or any other items calculated in accordance with GAAP. In addition, the non-GAAP financial measures included in this release have inherent material limitations as performance measures because they add back certain expenses incurred by the Company to GAAP financial measures, resulting in those expenses not being taken into account in the applicable non-GAAP financial measure. Because not all companies use identical calculations, Wabtec's presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. Included in this release are reconciliation tables that provide details about how adjusted results relate to GAAP results. This communication contains "forward-looking" statements as that term is defined in Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. All statements, other than historical facts, including statements regarding Wabtec's plans, objectives, expectations and intentions; Wabtec's expectations about future sales, earnings and cash conversion; Wabtec's expectations for evolving global industry, market and macro-economic conditions and their impact on Wabtec's business; synergies and other expected benefits from Wabtec's acquisitions; Wabtec's expectations for production and demand conditions; and any assumptions underlying any of the foregoing, are forward-looking statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words "may," "will," "should," "potential," "intend," "expect," "endeavor," "seek," "anticipate," "estimate," "overestimate," "underestimate," "believe," "could," "project," "predict," "continue," "target" or other similar words or expressions. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) changes in general economic and/or industry specific conditions, including the impacts of significant recent shifts in trade policies (including the imposition of tariffs and retaliatory tariff measures) as well as tax programs, inflation, supply chain disruptions, foreign currency exchange and industry consolidation and market reactions to these factors; (2) changes in the financial condition or operating strategies of Wabtec's customers; (3) unexpected costs, charges or expenses resulting from acquisitions and potential failure to realize synergies and other anticipated benefits of acquisitions, including as a result of integrating acquired targets into Wabtec; (4) inability to retain and hire key personnel; (5) evolving legal, regulatory and tax regimes; (6) changes in the expected timing of projects; (7) a decrease in freight or passenger rail traffic; (8) an increase in manufacturing costs; (9) actions by third parties, including government agencies; (10) the impacts of epidemics, pandemics or similar public health crises on the global economy and, in particular, our customers, suppliers and end-markets, (11) potential disruptions, instability and volatility in global markets as a result of global military action, acts of terrorism or armed conflict, including Russia's invasion of Ukraine; (12) cybersecurity and data protection risks and (13) other risk factors as detailed from time to time in Wabtec's reports filed with the SEC, including Wabtec's annual report on Form 10-K, periodic quarterly reports on Form 10-Q, current reports on Form 8-K and other documents filed with the SEC. The foregoing list of important factors is not exclusive. Any forward-looking statements speak only as of the date of this communication. Wabtec does not undertake any obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements. WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024 (AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA) (UNAUDITED) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Net sales $ 2,706 $ 2,644 $ 5,316 $ 5,141 Cost of sales (1,768 ) (1,770 ) (3,478 ) (3,452 ) Gross profit 938 874 1,838 1,689 Gross profit as a % of Net Sales 34.7 % 33.0 % 34.6 % 32.8 % Selling, general and administrative expenses (347 ) (316 ) (654 ) (597 ) Engineering expenses (50 ) (57 ) (96 ) (105 ) Amortization expense (69 ) (71 ) (142 ) (145 ) Total operating expenses (466 ) (444 ) (892 ) (847 ) Operating expenses as a % of Net Sales 17.2 % 16.8 % 16.8 % 16.5 % Income from operations 472 430 946 842 Income from operations as a % of Net Sales 17.4 % 16.3 % 17.8 % 16.4 % Interest expense, net (46 ) (49 ) (92 ) (96 ) Other income, net 24 4 22 2 Income before income taxes 450 385 876 748 Income tax expense (111 ) (94 ) (210 ) (180 ) Effective tax rate 24.8 % 24.5 % 24.0 % 24.1 % Net income 339 291 666 568 Less: Net income attributable to noncontrolling interest (3 ) (2 ) (8 ) (7 ) Net income attributable to Wabtec shareholders $ 336 $ 289 $ 658 $ 561 Earnings Per Common Share Basic Net income attributable to Wabtec shareholders $ 1.96 $ 1.64 $ 3.84 $ 3.18 Diluted Net income attributable to Wabtec shareholders $ 1.96 $ 1.64 $ 3.84 $ 3.17 Basic 170.6 175.4 170.6 176.0 Diluted 171.2 176.0 171.2 176.6 Segment Information Freight Net Sales $ 1,919 $ 1,920 $ 3,820 $ 3,744 Freight Income from Operations $ 415 $ 391 $ 835 $ 759 Freight Operating Margin 21.6 % 20.4 % 21.9 % 20.3 % Transit Net Sales $ 787 $ 724 $ 1,496 $ 1,397 Transit Income from Operations $ 109 $ 82 $ 199 $ 156 Transit Operating Margin 13.9 % 11.3 % 13.3 % 11.2 % Backlog Information (Note: 12-month is a sub-set of total) June 30, 2025 March 31, 2025 June 30, 2024 Freight Total $ 17,136 $ 17,851 $ 17,929 Transit Total 4,692 4,451 4,146 Wabtec Total $ 21,828 $ 22,302 $ 22,075 Freight 12-Month $ 6,024 $ 6,069 $ 5,504 Transit 12-Month 2,186 2,127 1,830 Wabtec 12-Month $ 8,210 $ 8,196 $ 7,334 WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) June 30, 2025 December 31, 2024 In millions Cash, cash equivalents and restricted cash $ 1,499 $ 715 Receivables, net 1,999 1,702 Inventories, net 2,571 2,314 Other current assets 285 212 Total current assets 6,354 4,943 Property, plant and equipment, net 1,476 1,447 Goodwill 8,936 8,710 Other intangible assets, net 2,889 2,934 Other noncurrent assets 736 668 Total assets $ 20,391 $ 18,702 Current liabilities $ 3,606 $ 3,792 Long-term debt 4,784 3,480 Long-term liabilities - other 1,156 1,297 Total liabilities 9,546 8,569 Shareholders' equity 10,801 10,091 Noncontrolling interest 44 42 Total shareholders' equity 10,845 10,133 Total Liabilities and Shareholders' Equity $ 20,391 $ 18,702 WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Six Months Ended June 30, 2025 2024 In millions Operating activities Net income $ 666 $ 568 Non-cash expense 219 246 Receivables (243 ) (146 ) Inventories (180 ) (120 ) Accounts Payable 74 93 Other operating activities (136 ) (72 ) Net cash provided by operating activities 400 569 Net cash used for investing activities (98 ) (57 ) Net cash provided by (used for) financing activities 454 (523 ) Effect of changes in currency exchange rates 28 (14 ) Increase (decrease) in cash 784 (25 ) Cash, cash equivalents and restricted cash, beginning of period 715 620 Cash, cash equivalents and restricted cash, end of period $ 1,499 $ 595 Set forth below is the calculation of the non-GAAP performance measures included in this press release. We believe that these measures provide useful supplemental information to assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec's reported results prepared in accordance with GAAP. Wabtec Corporation Reconciliation of Reported Results to Adjusted Results (in millions) Second Quarter 2025 Actual Results Gross Operating Income from Interest & Noncontrolling Wabtec Net Sales Profit Expenses Operations Other Exp Tax Net Income Interest Net Income EPS Reported Results $ 2,706 $ 938 $ (466 ) $ 472 $ (22 ) $ (111 ) $ 339 $ (3 ) $ 336 $ 1.96 Restructuring and Portfolio Optimization costs - 3 3 6 - (2 ) 4 - 4 $ 0.02 Transaction costs - - 25 25 (32 ) 4 (3 ) - (3 ) $ (0.02 ) Non-cash Amortization expense - - 69 69 - (17 ) 52 - 52 $ 0.31 Adjusted Results $ 2,706 $ 941 $ (369 ) $ 572 $ (54 ) $ (126 ) $ 392 $ (3 ) $ 389 $ 2.27 Fully Diluted Shares Outstanding 171.2 Wabtec Corporation Reconciliation of Reported Results to Adjusted Results (in millions) Second Quarter Year-to-Date 2025 Actual Results Gross Operating Income from Interest & Noncontrolling Wabtec Net Sales Profit Expenses Operations Other Exp Tax Net Income Interest Net Income EPS Reported Results $ 5,316 $ 1,838 $ (892 ) $ 946 $ (70 ) $ (210 ) $ 666 $ (8 ) $ 658 $ 3.84 Restructuring and Portfolio Optimization costs - 6 9 15 - (4 ) 11 - 11 $ 0.06 Transaction costs - - 35 35 (32 ) 2 5 - 5 $ 0.03 Non-cash Amortization expense - - 141 141 - (34 ) 107 - 107 $ 0.62 Adjusted Results $ 5,316 $ 1,844 $ (707 ) $ 1,137 $ (102 ) $ (246 ) $ 789 $ (8 ) $ 781 $ 4.55 Fully Diluted Shares Outstanding 171.2 Set forth below is the calculation of the non-GAAP performance measures included in this press release. We believe that these measures provide useful supplemental information to assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec's reported results prepared in accordance with GAAP. Wabtec Corporation Reconciliation of Reported Results to Adjusted Results (in millions) Second Quarter 2024 Actual Results Gross Operating Income from Interest & Noncontrolling Wabtec Net Sales Profit Expenses Operations Other Exp Tax Net Income Interest Net Income EPS Reported Results $ 2,644 $ 874 $ (444) $ 430 $ (45) $ (94) $ 291 $ (2) $ 289 $ 1.64 Restructuring and Portfolio Optimization costs - 6 4 10 (4) (2) 4 - 4 $ 0.02 Non-cash Amortization expense - - 70 70 - (17) 53 - 53 $ 0.30 Adjusted Results $ 2,644 $ 880 $ (370) $ 510 $ (49) $ (113) $ 348 $ (2) $ 346 $ 1.96 Fully Diluted Shares Outstanding 176.0 Wabtec Corporation Reconciliation of Reported Results to Adjusted Results (in millions) Second Quarter Year-to-Date 2024 Actual Results Gross Operating Income from Interest & Noncontrolling Wabtec Net Sales Profit Expenses Operations Other Exp Tax Net Income Interest Net Income EPS Reported Results $ 5,141 $ 1,689 $ (847) $ 842 $ (94) $ (180) $ 568 $ (7) $ 561 $ 3.17 Restructuring and Portfolio Optimization costs - 12 8 20 (4) (4) 12 - 12 $ 0.07 Non-cash Amortization expense - - 143 143 - (34) 109 - 109 $ 0.61 Adjusted Results $ 5,141 $ 1,701 $ (696) $ 1,005 $ (98) $ (218) $ 689 $ (7) $ 682 $ 3.85 Fully Diluted Shares Outstanding 176.6 Set forth below is the calculation of the non-GAAP performance measures included in this press release. We believe that these measures provide useful supplemental information to assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec's reported results prepared in accordance with GAAP. Wabtec Corporation Reconciliation of Reported Results to Adjusted Results (in millions) Fourth Quarter Year-to-Date 2024 Actual Results Gross Operating Income from Interest & Noncontrolling Wabtec Net Sales Profit Expenses Operations Other Exp Tax Net Income Interest Net Income EPS Reported Results $ 10,387 $ 3,366 $ (1,757) $ 1,609 $ (199) $ (343) $ 1,067 $ (11) $ 1,056 $ 6.04 Restructuring and Portfolio Optimization costs - 37 33 70 (4) (16) 50 - 50 $ 0.28 Non-cash Amortization expense - - 288 288 - (70) 218 - 218 $ 1.24 Adjusted Results $ 10,387 $ 3,403 $ (1,436) $ 1,967 $ (203) $ (429) $ 1,335 $ (11) $ 1,324 $ 7.56 Fully Diluted Shares Outstanding 174.8 Wabtec Corporation Reconciliation of Reported Results to Adjusted Results (in millions) Fourth Quarter Year-to-Date 2023 Actual Results Gross Operating Income from Interest & Noncontrolling Wabtec Net Sales Profit Expenses Operations Other Exp Tax Net Income Interest Net Income EPS Reported Results $ 9,677 $ 2,944 $ (1,678) $ 1,266 $ (174) $ (267) $ 825 $ (10) $ 815 $ 4.53 Restructuring and Portfolio Optimization costs - 38 41 79 - (17) 62 - 62 $ 0.34 Gain on LKZ Investment - - - - (35) - (35) - (35) $ (0.19) Non-cash Amortization expense - - 298 298 - (74) 224 - 224 $ 1.24 Adjusted Results $ 9,677 $ 2,982 $ (1,339) $ 1,643 $ (209) $ (358) $ 1,076 $ (10) $ 1,066 $ 5.92 Fully Diluted Shares Outstanding 179.5 Set forth below is the calculation of the non-GAAP performance measures included in this press release. We believe that these measures provide useful supplemental information to assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec's reported results prepared in accordance with GAAP. Wabtec Corporation 2025 Q2 EBITDA Reconciliation (in millions) Reported Income + Other Income + Depreciation & = EBITDA + Restructuring & = Adjusted from Operations (Expense) Amortization Transaction Costs EBITDA Consolidated Results $472 $24 $115 $611 ($3) $608 Wabtec Corporation 2025 Q2 YTD EBITDA Reconciliation (in millions) Reported Income + Other Income + Depreciation & = EBITDA + Restructuring & = Adjusted from Operations (Expense) Amortization Transaction Costs EBITDA Consolidated Results $946 $22 $234 $1,202 $14 $1,216 Wabtec Corporation 2024 Q2 EBITDA Reconciliation (in millions) Reported Income + Other Income + Depreciation & = EBITDA + Restructuring = Adjusted from Operations (Expense) Amortization Costs EBITDA Consolidated Results $430 $4 $116 $550 $5 $555 Wabtec Corporation 2024 Q2 YTD EBITDA Reconciliation (in millions) Reported Income + Other Income + Depreciation & = EBITDA + Restructuring = Adjusted from Operations (Expense) Amortization Costs EBITDA Consolidated Results $842 $2 $238 $1,082 $13 $1,095 WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION SALES BY PRODUCT LINE (UNAUDITED) Three Months Ended June 30, In millions 2025 2024 Freight Segment Equipment $ 546 $ 570 Components 401 414 Digital Intelligence 191 199 Services 781 737 Total Freight Segment $ 1,919 $ 1,920 Transit Segment Original Equipment Manufacturer $ 353 $ 310 Aftermarket 434 414 Total Transit Segment $ 787 $ 724 Six Months Ended June 30, In millions 2025 2024 Freight Segment Equipment $ 1,022 $ 1,096 Components 782 798 Digital Intelligence 372 375 Services 1,644 1,475 Total Freight Segment $ 3,820 $ 3,744 Transit Segment Original Equipment Manufacturer $ 675 $ 620 Aftermarket 821 777 Total Transit Segment $ 1,496 $ 1,397 WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS - BY SEGMENT (UNAUDITED) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 In millions Gross Profit Income fromOperations Gross Profit Income fromOperations Gross Profit Income fromOperations Gross Profit Income fromOperations Freight Segment Reported Results $ 697 $ 415 $ 669 $ 391 $ 1,382 $ 835 $ 1,294 $ 759 Freight Segment Reported Margin 36.3 % 21.6 % 34.8 % 20.4 % 36.2 % 21.9 % 34.6 % 20.3 % Restructuring and Portfolio Optimization costs 2 1 5 5 4 4 8 8 Transaction costs - 1 - - - 1 - - Non-cash Amortization expense - 63 - 66 - 128 - 134 Freight Segment Adjusted Results $ 699 $ 480 $ 674 $ 462 $ 1,386 $ 968 $ 1,302 $ 901 Freight Segment Adjusted Margin 36.4 % 25.0 % 35.1 % 24.1 % 36.3 % 25.3 % 34.8 % 24.1 % Transit Segment Reported Results $ 241 $ 109 $ 205 $ 82 $ 456 $ 199 $ 395 $ 156 Transit Segment Reported Margin 30.7 % 13.9 % 28.3 % 11.3 % 30.5 % 13.3 % 28.3 % 11.2 % Restructuring and Portfolio Optimization costs 1 5 1 5 2 11 4 12 Non-cash Amortization expense - 6 - 4 - 13 - 9 Transit Segment Adjusted Results $ 242 $ 120 $ 206 $ 91 $ 458 $ 223 $ 399 $ 177 Transit Segment Adjusted Margin 30.9 % 15.2 % 28.6 % 12.7 % 30.7 % 14.9 % 28.6 % 12.7 % WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION RECONCILIATION OF CHANGES IN NET SALES - BY SEGMENT (UNAUDITED) Three Months Ended June 30, In millions Freight Transit Consolidated 2024 Net Sales $ 1,920 $ 724 $ 2,644 Acquisitions 18 9 27 Foreign Exchange (11 ) 22 11 Organic (8 ) 32 24 2025 Net Sales $ 1,919 $ 787 $ 2,706 Change ($) (1 ) 63 62 Change (%) -0.1 % 8.7 % 2.3 % Six Months Ended June 30, Freight Transit Consolidated 2024 Net Sales $ 3,744 $ 1,397 $ 5,141 Acquisitions 33 17 50 Foreign Exchange (37 ) 5 (32 ) Organic 80 77 157 2025 Net Sales $ 3,820 $ 1,496 $ 5,316 Change ($) 76 99 175 Change (%) 2.0 % 7.1 % 3.4 % Set forth below is the calculation of the non-GAAP performance measures included in this press release. We believe that these measures provide useful supplemental information to assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec's reported results prepared in accordance with GAAP. Wabtec Corporation 2025 Q2 Cash Conversion Calculation (in millions) Reported Cash ÷ (Net Income + Depreciation & Amortization) = Cash Conversion from Operations Consolidated Results $209 $339 $117 46% Wabtec Corporation 2025 Q2 YTD Cash Conversion Calculation (in millions) Reported Cash ÷ (Net Income + Depreciation & Amortization) = Cash Conversion from Operations Consolidated Results $400 $666 $237 44% Wabtec Corporation 2024 Q2 Cash Conversion Calculation (in millions) Reported Cash ÷ (Net Income + Depreciation & Amortization) = Cash Conversion from Operations Consolidated Results $235 $291 $118 57% Wabtec Corporation 2024 Q2 YTD Cash Conversion Calculation (in millions) Reported Cash ÷ (Net Income + Depreciation & Amortization) = Cash Conversion from Operations Consolidated Results $569 $568 $241 70% View source version on Contacts Wabtec Investor Contact Kyra Yates / / 817-349-2735 Wabtec Media Contact Tim Bader / / 682-319-7925 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
