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

Westinghouse Air Brake Technologies (NYSE:WAB) issued its quarterly earnings data on Wednesday. The transportation company reported $1.89 earnings per share for the quarter, topping the consensus estimate of $1.49 by $0.40, Briefing.com reports. The company had revenue of $2.50 billion during the quarter, compared to analyst estimates of $2.40 billion. Westinghouse Air Brake Technologies had a return on equity of 10.34% and a net margin of 8.42%. The firm’s revenue for the quarter was up 13.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.28 earnings per share. 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 0.4 %

Shares of NYSE WAB traded down $0.61 during mid-day trading on Thursday, hitting $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 market capitalization of $28.78 billion, a PE ratio of 36.04, a price-to-earnings-growth ratio of 1.71 and a beta of 1.40. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.20 and a quick ratio of 0.63. Westinghouse Air Brake Technologies has a 1-year low of $91.89 and a 1-year high of $167.49. The business’s 50-day simple moving average is $142.63 and its 200 day simple moving average is $127.64.

Westinghouse Air Brake Technologies Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Stockholders 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 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%.

Analyst Upgrades and Downgrades

WAB has been the subject of several analyst reports. 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. Jefferies Financial Group upgraded Westinghouse Air Brake Technologies from a “hold” rating to a “buy” rating and increased their price objective for the stock from $115.00 to $150.00 in a research report on Thursday, January 11th. Wells Fargo & Company raised their price target on Westinghouse Air Brake Technologies from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Thursday, February 15th. TD Cowen raised 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. Finally, 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. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Westinghouse Air Brake Technologies has an average rating of “Moderate Buy” and an average target price of $156.18.

Insider Activity

In other news, EVP Nicole B. Theophilus sold 2,668 shares of the stock in a transaction 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 legal filing with the SEC, which can be accessed through this hyperlink. In other Westinghouse Air Brake Technologies news, EVP Nicole B. Theophilus sold 2,668 shares of the firm’s stock in a transaction 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Brian Hehir sold 5,470 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were 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 owns 23,065 shares in the company, valued at $3,132,227. The disclosure for this sale can be found here. Over the last three months, insiders have sold 63,964 shares of company stock worth $8,924,584. Corporate 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.