Wabtec Delivers Strong Second Quarter 2023 Results; Raises Full-Year Guidance

• Sales Growth of 17.5% to $2.41 Billion; Freight Segment Sales Growth of 14.6% and 交通 Segment Sales Growth of 25.3%
• Second Quarter Reported GAAP Earnings Per Share of $1.06, Up 16.5%; Adjusted Earnings Per Share of $1.41, Up 14.6%
• Raised Mid-Point of Full-Year Adjusted EPS to Up 16% Year-Over-Year from Up 10%
• Expanded 矿业 Portfolio With Strategic Acquisition of L&M散热器

PITTSBURGH, 2023年7月27日 Wabtec Corporation(纽约证券交易所代码:WAB)今天公布了2023年第二季度摊薄每股GAAP收益为1美元.06, up 16.5% versus the second quarter of 2022. Adjusted earnings per diluted share were $1.41, up 14.6% versus the same quarter a year ago. Second quarter sales were $2.410亿，上升了17亿.5% versus the second quarter a year ago, driven by strong sales across the Freight and 交通 segments. The 公司 generated $115 million in operating cash flow during the second quarter 2023.

“Wabtec团队又创造了一个强劲的季度，并继续推动整个投资组合的增长势头，同时实现了两位数的每股收益增长,” said Rafael Santana, Wabtec’s President and CEO. “Our underlying business fundamentals are robust, and coupled with our relentless focus on execution, we were able to deliver for 我们的客户 and shareholders. We also leveraged our strong balance sheet by completing the strategic bolt-on acquisition of L&M散热器, while returning over $100 million to shareholders via share buybacks and dividends.

“展望未来, we’re building momentum, and the pace of our commercial activity across segments and regions is growing. 与此同时, 我们的订单储备预计将在2023年下半年及以后得到加强. These factors, 等, gives us confidence to raise our full-year 2023 guidance. Our differentiated portfolio of offerings, expansive global installed base, 多年的积压增强了我们的弹性，同时为我们的股东带来了长期的盈利增长.”

2023 Second Quarter Consolidated Results

• Sales increased 17.由于货运和运输部门的销售额增长，与去年同期相比增长了5%.
• GAAP operating margin was flat with prior year at 12.9% and adjusted operating margin was slightly lower than prior year at 16.4%. Both GAAP and adjusted operating margins benefited from lower SG&A expense as a percentage of sales and improved fixed cost absorption driven by higher sales, offset by unfavorable mix between and within segments.
• GAAP EPS and adjusted EPS increased from the year-ago quarter primarily due to higher sales, partially offset by higher interest expense.

2023 Second Quarter Freight Segment Results

• Freight segment sales for the second quarter were up across all major product lines, with very strong growth in Components, Digital Intelligence and 服务s.
• GAAP operating margin and adjusted operating margin benefited from lower SG&费用占销售额的百分比和改善的固定成本吸收，由不利的组合抵消.

2023 Second Quarter 交通 Segment Results

• 交通 segment sales for the second quarter were up 25.3% due to strong OE and aftermarket sales.
• GAAP and adjusted operating margins were up as a result of lower SG&A expense as a percentage of sales and Integration 2.0储蓄.

待办事项列表

The 公司’s multi-year backlog continues to provide strong visibility.  6月30日, 2023, the 12-month backlog was $654 million higher than June 30, 2022.  6月30日, 2023, the multi-year backlog was $796 million lower than June 30, 2022 and excluding foreign currency exchange, the multi-year backlog decreased $965 million, 下4.2%.

Cash Flow and Liquidity Summary

• During the second quarter, 运营提供的现金为1.15亿美元，而去年同期为2.63亿美元，主要是由于营运资金增加.
• At the end of the quarter, the 公司 had cash, cash equivalents and restricted cash of $371 million and total debt of $4.390亿年. 6月30日, 2023, the 公司’s total available liquidity was $1.75 billion, which includes cash and cash equivalents plus $1.38 billion available under current credit facilities.
• During the second quarter, the 公司 completed the acquisition of L&M散热器 for $223 million, repurchased $75 million of shares and paid $31 million in dividends.

2023 Financial Guidance

• Wabtec updated its 2023 financial guidance with sales expected to be in a range of $9.250亿美元到9亿美元.50 billion and adjusted earnings per diluted share to be in a range of $5.50 to $5.80.
• For full year 2023, Wabtec预计将产生现金流，运营现金流转化率超过90%.

Conference Call Information

Wabtec will host a call with analysts and investors at 8:30 a.m. 等,今天.  To listen via webcast, go to Wabtec’s new website at www.WabtecCorp.com and click on “Events & Presentations” in the “Investor Relations” section.  也, 拨打电话1-877-344-7529或1-412-317-0088(接入代码:7103421)，可获得通话的音频回放。.

关于Wabtec

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Information about non-GAAP Financial Information and Forward-Looking Statements

Wabtec的收益发布和2023年财务指导提到了某些非公认会计准则财务绩效指标, including adjusted gross profit, adjusted operating expenses, adjusted operating margin, 息税前利润, 调整后的息税前利润, adjusted effective tax rate, adjusted income tax expense, adjusted income from operations, adjusted interest and other expense, adjusted earnings per diluted share and operating cash flow conversion. 由于我们无法合理确定地预测重组相关费用和其他费用的影响和时间，因此Wabtec没有对我们预计的GAAP摊薄每股收益与调整后的摊薄每股收益进行定量调整, 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, 包括时间, and could be material to our Consolidated Statements of Earnings. Wabtec defines 息税前利润 as earnings before interest, taxes, depreciation and amortization. Adjusted 息税前利润  is further adjusted by restructuring costs. Wabtec将经营性现金流转换定义为经营活动提供的净现金除以净收入加上折旧和摊销(包括递延债务成本摊销). While Wabtec believes these are useful supplemental measures for investors, they are not presented in accordance with GAAP. k8彩乐园app官网下载 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. 除了, 本新闻稿中包含的非GAAP财务指标作为业绩指标具有固有的重大限制，因为它们将公司产生的某些费用添加到GAAP财务指标中, 导致这些费用在适用的非公认会计准则财务措施中未被考虑. Because not all companies use identical calculations, Wabtec的非公认会计准则财务指标可能无法与其他公司的其他类似指标进行比较.  包括在此发布的调节表，提供有关如何调整的结果与GAAP结果相关的详细信息.

本通讯包含1933年《迪士尼3彩乐园》第27A条中定义的“前瞻性”陈述, 修订的, and Section 21E of the Securities Exchange Act of 1934, 修订的 by the Private Securities Litigation Reform Act of 1995, including statements regarding the impact of acquisitions by Wabtec, statements regarding Wabtec’s expectations about future sales and earnings, statements regarding order pipeline expectations, statements regarding anticipated cash flow generation with operating cash flow conversion, and statements about the impact of evolving global conditions on Wabtec’s business. 所有的报表, other than historical facts, including statements regarding synergies and other expected benefits from acquisitions; statements regarding Wabtec’s plans, 目标, expectations and intentions; and statements regarding macro-economic conditions and evolving production and demand conditions; and any assumptions underlying any of the foregoing, are forward-looking statements. 前瞻性陈述涉及未来情况和结果以及其他非历史事实的陈述，有时用“可能”一词来表示,”“会,”“应该,”“潜在,”“意愿,”“希望,”“努力,”“找,”“预测,”“估计,”“高估,”“低估,”“相信,”“可以,”“项目,”“预测,”“继续,” “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, 实际结果可能与此类前瞻性陈述所显示或预期的结果存在重大差异. 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, 等, (1) changes in general economic and/or industry specific conditions, including the impacts of tax and tariff programs, 通货膨胀, supply chain disruptions, foreign currency exchange, and industry consolidation; (2) changes in the financial condition or operating strategies of Wabtec’s customers; (3) unexpected costs, 因收购而产生的费用或开支，以及可能无法实现收购的协同效应和其他预期利益, 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 severity and duration of the evolving COVID-19 pandemic and the resulting impact on the global economy and, 特别是, 我们的客户, suppliers and end-markets, (11) potential disruptions, 不稳定, and volatility in global markets from the imposition of economic sanctions on Russia resulting from the 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.