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

Westinghouse Air Brake Technologies (NYSE:WAB) released its earnings results on Wednesday. The transportation company reported $1.89 earnings per share for the quarter, beating analysts’ consensus estimates of $1.49 by $0.40, Briefing.com reports. Westinghouse Air Brake Technologies had a net margin of 9.20% and a return on equity of 11.25%. The company had revenue of $2.50 billion for the quarter, compared to analysts’ expectations of $2.40 billion. During the same quarter in the previous year, the company earned $1.28 EPS. Westinghouse Air Brake Technologies’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 Trading Up 0.4 %

Shares of Westinghouse Air Brake Technologies stock traded up $0.58 during trading on Friday, hitting $163.76. The stock had a trading volume of 367,814 shares, compared to its average volume of 1,051,778. 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 12 month low of $91.89 and a 12 month high of $167.49. The stock has a market cap of $28.96 billion, a PE ratio of 31.87, a PEG ratio of 1.76 and a beta of 1.40. The firm’s fifty day simple moving average is $143.19 and its 200-day simple moving average is $127.89.

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 given a dividend of $0.20 per share. This is a boost 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 dividend on an annualized basis and a yield of 0.49%. Westinghouse Air Brake Technologies’s payout ratio is 15.63%.

Insiders Place Their Bets

In other news, EVP Nicole B. Theophilus sold 2,668 shares of the stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $140.46, for a total value of $374,747.28. Following the sale, the executive vice president now directly owns 24,792 shares in the company, valued at $3,482,284.32. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, Director Brian Hehir sold 5,470 shares of Westinghouse Air Brake Technologies stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $135.80, for a total transaction of $742,826.00. Following the completion of the sale, the director now 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 accessible through this hyperlink. Also, EVP Nicole B. Theophilus sold 2,668 shares of the stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $140.46, for a total value of $374,747.28. Following the completion of the transaction, the executive vice president now directly owns 24,792 shares in the company, valued at approximately $3,482,284.32. The disclosure for this sale can be found here. Insiders sold a total of 63,964 shares of company stock valued at $8,924,584 over the last 90 days. Insiders own 1.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on WAB shares. Susquehanna upped their price objective on Westinghouse Air Brake Technologies from $160.00 to $190.00 and gave the stock a “positive” rating in a research note on Thursday. Redburn Atlantic downgraded Westinghouse Air Brake Technologies from a “buy” rating to a “neutral” rating and set a $135.00 price target for the company. in a research note on Thursday, February 15th. TD Cowen increased their price objective on shares of Westinghouse Air Brake Technologies from $130.00 to $147.00 and gave the company a “hold” rating in a report on Thursday. Bank of America boosted their target price 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, The Goldman Sachs Group lifted their price target on shares of Westinghouse Air Brake Technologies from $138.00 to $152.00 and gave the company a “neutral” rating in a report on Tuesday, April 16th. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Westinghouse Air Brake Technologies presently has a consensus rating of “Moderate Buy” and a consensus 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.