The following is a summary of the Westinghouse Air Brake Technologies Corporation (WAB) Q1 2024 Earnings Call Transcript:
Financial Performance:
Westinghouse Air Brake Technologies Corporation reported Q1 revenue of $2.5 billion, a 13.8% increase year-over-year, largely driven by the trade segment.
The adjusted EPS saw a 47.7% increase from the previous year, driven by increased sales and margin expansion.
Operating cash flow for the quarter reached $334 million.
The 12-month backlog increased 11% to $7.7 billion, and the total multi-year backlog stood at $22 billion.
The company revised its 2024 guidance upwards to sales of $10.4 billion and an adjusted EPS of between $7 and $7.40.
The company plans to exit about $110 million in low-margin revenue, with the majority expected to be completed within the year.
Business Progress:
The demand for new locomotives, modernizations and digital technologies remains strong.
Westinghouse recently signed a $270 million strategic order for new locomotives with a large African mining customer.
The company is developing zero-emissions technology and aims to lead the decarbonization of rail with improved fuel efficiency.
The company is preparing for a transition to near-zero emissions using their current locomotive install base.
Westinghouse is developing the world's first heavy haul battery electric locomotive for a mining customer in Australia.
The company is investing in alternative energy technologies, including hydrogen-operating engines and renewable biofuels.
The company continues to improve margins and efficiency in its Transit Segment, and it aims to optimize its footprint in the future.
More details: Westinghouse Air Brake Technologies IR
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