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

Westinghouse Air Brake Technologies (NYSE:WAB) released its quarterly earnings data on Wednesday. The transportation company reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.49 by $0.40, Briefing.com reports. Westinghouse Air Brake Technologies had a return on equity of 11.25% and a net margin of 9.20%. The firm had revenue of $2.50 billion during the quarter, compared to analysts’ expectations of $2.40 billion. During the same quarter last year, the firm earned $1.28 earnings per share. The business’s revenue for the quarter was up 13.9% on a year-over-year basis. 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 Price Performance

Shares of WAB traded down $0.09 on Friday, hitting $163.09. The company’s stock had a trading volume of 195,572 shares, compared to its average volume of 1,049,208. The company has a market capitalization of $28.84 billion, a PE ratio of 31.87, a PEG ratio of 1.76 and a beta of 1.40. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.52 and a quick ratio of 0.63. Westinghouse Air Brake Technologies has a fifty-two week low of $91.89 and a fifty-two week high of $167.49. The company has a 50 day moving average price of $143.19 and a 200 day moving average price of $127.89.

Westinghouse Air Brake Technologies Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were issued a $0.20 dividend. This is an increase from Westinghouse Air Brake Technologies’s previous quarterly dividend of $0.17. This represents a $0.80 annualized dividend and a dividend yield of 0.49%. The ex-dividend date of this dividend was Thursday, February 22nd. Westinghouse Air Brake Technologies’s payout ratio is presently 15.63%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Susquehanna boosted their price target on Westinghouse Air Brake Technologies from $160.00 to $190.00 and gave the stock a “positive” rating in a research report on Thursday. TD Cowen boosted their price target on Westinghouse Air Brake Technologies from $130.00 to $147.00 and gave the stock a “hold” rating in a research report on Thursday. Morgan Stanley started coverage on Westinghouse Air Brake Technologies in a research note on Monday, January 8th. They issued an “overweight” rating and a $137.00 price objective on the stock. The Goldman Sachs Group lifted their price objective on Westinghouse Air Brake Technologies from $138.00 to $152.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Finally, KeyCorp lifted their price objective on Westinghouse Air Brake Technologies from $155.00 to $185.00 and gave the stock an “overweight” rating in a research note 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, Westinghouse Air Brake Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $156.18.

Insider Transactions at Westinghouse Air Brake Technologies

In other news, VP David L. Deninno sold 6,607 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $135.61, for a total value of $895,975.27. Following the transaction, the vice president now directly owns 65,535 shares of the company’s stock, valued at approximately $8,887,201.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Westinghouse Air Brake Technologies news, 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 transaction of $742,826.00. Following the transaction, the director now owns 23,065 shares of the company’s stock, valued at approximately $3,132,227. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP David L. Deninno sold 6,607 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $135.61, for a total transaction of $895,975.27. Following the sale, the vice president now owns 65,535 shares of the company’s stock, valued at approximately $8,887,201.35. 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 three months. 1.10% of the stock is owned by corporate insiders.

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.