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

Westinghouse Air Brake Technologies (NYSE:WAB) issued its quarterly earnings results on Wednesday. The transportation company reported $1.89 earnings per share 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 11.25% and a net margin of 9.20%. The company had revenue of $2.50 billion during the quarter, compared to the consensus estimate of $2.40 billion. During the same period in the previous year, the firm posted $1.28 EPS. Westinghouse Air Brake Technologies’s revenue 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 Trading Up 0.2 %

Shares of WAB traded up $0.34 on Friday, reaching $163.52. 398,865 shares of the company’s stock were exchanged, compared to its average volume of 1,052,099. The business has a 50 day moving average price of $143.19 and a two-hundred day moving average price of $127.89. The stock has a market capitalization of $28.91 billion, a P/E ratio of 31.87, a price-to-earnings-growth ratio of 1.76 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. The company has a current ratio of 1.52, a quick ratio of 0.63 and a debt-to-equity ratio of 0.38.

Westinghouse Air Brake Technologies Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Shareholders 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. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $0.80 annualized dividend and a yield of 0.49%. Westinghouse Air Brake Technologies’s dividend payout ratio is currently 15.63%.

Insiders Place Their Bets

In other Westinghouse Air Brake Technologies news, VP David L. Deninno sold 6,607 shares of the business’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $135.61, for a total value of $895,975.27. Following the completion of the transaction, the vice president now directly owns 65,535 shares of the company’s stock, valued at $8,887,201.35. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, EVP Nicole B. Theophilus sold 2,668 shares of the firm’s stock in a transaction dated Friday, March 15th. The shares were 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 transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP David L. Deninno sold 6,607 shares of the stock in a transaction 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 owns 65,535 shares in the company, valued at approximately $8,887,201.35. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 63,964 shares of company stock worth $8,924,584. Insiders own 1.10% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on WAB shares. The Goldman Sachs Group boosted their price objective on shares of 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. KeyCorp upped their target price on Westinghouse Air Brake Technologies from $155.00 to $185.00 and gave the company an “overweight” rating in a research report on Thursday. Jefferies Financial Group raised shares of Westinghouse Air Brake Technologies from a “hold” rating to a “buy” rating and increased their price target for the stock from $115.00 to $150.00 in a research report on Thursday, January 11th. Bank of America lifted their price objective on shares of Westinghouse Air Brake Technologies from $156.00 to $162.00 and gave the stock a “buy” rating in a report on Monday, April 15th. Finally, Stephens increased their price target on Westinghouse Air Brake Technologies from $165.00 to $180.00 and gave the stock an “overweight” rating in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company 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.