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 results on Wednesday. The transportation company reported $1.89 EPS for the quarter, topping 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 business had revenue of $2.50 billion during the quarter, compared to analysts’ expectations of $2.40 billion. During the same quarter in the prior year, the business earned $1.28 earnings per share. The company’s quarterly 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 Stock Down 0.3 %

Shares of NYSE:WAB traded down $0.43 during mid-day trading on Thursday, hitting $162.95. 913,264 shares of the company traded hands, compared to its average volume of 1,048,395. Westinghouse Air Brake Technologies has a 52-week low of $91.89 and a 52-week high of $167.49. The firm’s 50 day simple moving average is $142.63 and its 200 day simple moving average is $127.64. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.63 and a current ratio of 1.20. The firm has a market cap of $28.81 billion, a P/E ratio of 36.04, a PEG ratio of 1.71 and a beta of 1.40.

Westinghouse Air Brake Technologies Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were issued a dividend of $0.20 per share. 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 was Thursday, February 22nd. Westinghouse Air Brake Technologies’s dividend payout ratio (DPR) is presently 17.70%.

Insider Buying and Selling at Westinghouse Air Brake Technologies

In other Westinghouse Air Brake Technologies news, EVP Nicole B. Theophilus sold 2,668 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $140.46, for a total transaction of $374,747.28. Following the completion of the sale, the executive vice president now owns 24,792 shares in the company, valued at approximately $3,482,284.32. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, EVP Nicole B. Theophilus sold 2,668 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $140.46, for a total transaction of $374,747.28. Following the completion of the transaction, the executive vice president now owns 24,792 shares in the company, valued at approximately $3,482,284.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP David L. Deninno sold 6,607 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $135.61, for a total value of $895,975.27. Following the transaction, 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 sold a total of 63,964 shares of company stock worth $8,924,584 in the last 90 days. 1.10% of the stock is owned by corporate insiders.

Analyst Ratings Changes

WAB has been the subject of several research analyst reports. Morgan Stanley initiated coverage on Westinghouse Air Brake Technologies in a research report on Monday, January 8th. They issued an “overweight” rating and a $137.00 price objective for the company. Stephens increased their price objective on Westinghouse Air Brake Technologies from $165.00 to $180.00 and gave the stock an “overweight” rating in a research report on Thursday. Susquehanna increased their price objective on Westinghouse Air Brake Technologies from $160.00 to $190.00 and gave the stock a “positive” rating in a research report on Thursday. The Goldman Sachs Group increased their price objective on Westinghouse Air Brake Technologies from $138.00 to $152.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. Finally, Redburn Atlantic lowered Westinghouse Air Brake Technologies from a “buy” rating to a “neutral” rating and set a $135.00 target price on the stock. in a report on Thursday, February 15th. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $156.18.

About Westinghouse Air Brake Technologies

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.