Q2 2024 Westinghouse Air Brake Technologies Corp Earnings Call Transcript
Key Points
- Westinghouse Air Brake Technologies Corp (WAB) reported a 9.8% increase in sales for Q2 2024, driven by strong performance in the freight segment.
- Adjusted EPS was up 39% from the year-ago quarter, reflecting robust earnings growth.
- The company secured a significant $600 million multiyear order for new Tier 4 locomotives in North America.
- Internationally, WAB won a 10-year agreement in Brazil for servicing Vale's locomotive fleet and a strategic order for 15 modernizations for Pakistan Railway.
- The transit segment announced the commercial readiness of its green friction braking solution, which significantly reduces emissions and improves air quality.
- Despite the overall revenue growth, the North American railcar builds forecast for 2024 was revised down from 45,000 to 38,000 cars.
- The industry's active locomotive fleet in North America was down compared to last year's second quarter.
- Foreign currency exchange was a headwind to revenue, gross profit, and operating margin in the quarter.
- The multiyear backlog for the freight segment was down 2% from the prior year.
- The transit segment's 12-month backlog was down 5% versus a year ago, reflecting a more selective approach to order intake.
Good morning, everyone, and welcome to the Wabtec second quarter 2024 earnings conference call. (Operator Instructions) Please also note that today's event is being recorded. At this time, I'd like to turn the floor over to Kyra Yates, Vice President of Investor Relations. Ma'am, please go ahead.
Thank you, operator. Good morning, everyone, and welcome to Wabtec's second quarter 2024 earnings call. With us today are President and CEO, Rafael Santana; CFO, John Olin; and Senior Vice President of Finance, John Mastalerz. Today's slide presentation, along with our earnings release and financial disclosures were posted to our website earlier today and can be accessed on the Investor Relations tab. Some statements we are making are forward-looking and based on our best view of the world and our business today.
For more detailed risks, uncertainties and assumptions relating to our forward-looking statements, please see the disclosures in our earnings release and
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