Westinghouse Air Brake Technologies (NYSE:WAB) Announces Earnings Results, Beats Expectations By $0.40 EPS

Westinghouse Air Brake Technologies (NYSE:WAB) announced its earnings results on Wednesday. The transportation company reported $1.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.49 by $0.40, Briefing.com reports. Westinghouse Air Brake Technologies had a return on equity of 10.34% and a net margin of 8.42%. The firm had revenue of $2.50 billion during the quarter, compared to analyst estimates of $2.40 billion. During the same period last year, the firm posted $1.28 EPS. The business’s revenue was up 13.9% compared to the same quarter last year. Westinghouse Air Brake Technologies updated its FY24 guidance to $7.00-$7.40 EPS and its FY 2024 guidance to 7.000-7.400 EPS.

Westinghouse Air Brake Technologies Trading Down 0.4 %

Westinghouse Air Brake Technologies stock traded down $0.61 during trading hours on Thursday, reaching $162.77. The company had a trading volume of 822,128 shares, compared to its average volume of 1,047,418. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.20 and a quick ratio of 0.63. The company has a 50-day moving average price of $142.63 and a 200 day moving average price of $127.64. The firm has a market cap of $28.78 billion, a price-to-earnings ratio of 36.04, a P/E/G ratio of 1.71 and a beta of 1.40. Westinghouse Air Brake Technologies has a 12-month low of $91.89 and a 12-month high of $167.49.

Westinghouse Air Brake Technologies Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were paid a $0.20 dividend. This is a boost from Westinghouse Air Brake Technologies’s previous quarterly dividend of $0.17. This represents a $0.80 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date of this dividend was Thursday, February 22nd. Westinghouse Air Brake Technologies’s payout ratio is 17.70%.

Analyst Ratings Changes

WAB has been the subject of several research reports. Wells Fargo & Company increased their price target on Westinghouse Air Brake Technologies from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Thursday, February 15th. Bank of America raised their target price on Westinghouse Air Brake Technologies from $156.00 to $162.00 and gave the stock a “buy” rating in a research note on Monday, April 15th. Morgan Stanley initiated coverage on Westinghouse Air Brake Technologies in a research report on Monday, January 8th. They set an “overweight” rating and a $137.00 price target for the company. Stephens lifted their price target on Westinghouse Air Brake Technologies from $165.00 to $180.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, Susquehanna lifted their price target on Westinghouse Air Brake Technologies from $160.00 to $190.00 and gave the company a “positive” rating in a research report on Thursday. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $156.18.

Insiders Place Their Bets

In other news, Director Brian Hehir sold 5,470 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $135.80, for a total transaction of $742,826.00. Following the transaction, the director now directly owns 23,065 shares of the company’s stock, valued at $3,132,227. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Rafael Santana sold 40,219 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $140.62, for a total transaction of $5,655,595.78. Following the transaction, the chief executive officer now directly owns 123,019 shares of the company’s stock, valued at $17,298,931.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Brian Hehir sold 5,470 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $135.80, for a total value of $742,826.00. Following the completion of the sale, the director now directly owns 23,065 shares in the company, valued at $3,132,227. The disclosure for this sale can be found here. Insiders have sold 63,964 shares of company stock valued at $8,924,584 in the last ninety days. Company insiders own 1.10% of the company’s stock.

Westinghouse Air Brake Technologies Company Profile

Westinghouse Air Brake Technologies Corporation, together with its subsidiaries, provides technology-based locomotives, equipment, systems, and services for the freight rail and passenger transit industries worldwide. It offers diesel-electric, battery, and liquid natural gas-powered locomotives; engines, electric motors, and propulsion systems; and marine and mining products.