Westinghouse Air Brake Technologies (NYSE:WAB) Updates FY24 Earnings Guidance

Westinghouse Air Brake Technologies (NYSE:WAB) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $7.00-$7.40 for the period, compared to the consensus earnings per share estimate of $6.79. The company issued revenue guidance of $10.25-$10.55 billion, compared to the consensus revenue estimate of $10.20 billion. Westinghouse Air Brake Technologies also updated its FY 2024 guidance to 7.000-7.400 EPS.

Westinghouse Air Brake Technologies Price Performance

NYSE WAB opened at $164.36 on Friday. The firm’s fifty day simple moving average is $143.78 and its two-hundred day simple moving average is $128.14. 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 has a 12-month low of $91.89 and a 12-month high of $167.49. The firm has a market capitalization of $28.99 billion, a P/E ratio of 32.10, a P/E/G ratio of 1.73 and a beta of 1.40.

Westinghouse Air Brake Technologies (NYSE:WAB) last released its quarterly earnings results on Wednesday, April 24th. The transportation company reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.49 by $0.40. Westinghouse Air Brake Technologies had a net margin of 9.20% and a return on equity of 11.25%. The business had revenue of $2.50 billion for the quarter, compared to analyst estimates of $2.40 billion. During the same period in the previous year, the company earned $1.28 earnings per share. The business’s revenue for the quarter was up 13.9% on a year-over-year basis. Analysts forecast that Westinghouse Air Brake Technologies will post 7.32 EPS for the current fiscal year.

Westinghouse Air Brake Technologies Increases Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on WAB. The Goldman Sachs Group boosted their price objective 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. Morgan Stanley began coverage on shares of Westinghouse Air Brake Technologies in a report on Monday, January 8th. They set an overweight rating and a $137.00 price objective on the stock. Wells Fargo & Company boosted their price objective on shares of Westinghouse Air Brake Technologies from $135.00 to $150.00 and gave the company an overweight rating in a report on Thursday, February 15th. Redburn Atlantic lowered shares of Westinghouse Air Brake Technologies from a buy rating to a neutral rating and set a $135.00 price objective on the stock. in a report on Thursday, February 15th. Finally, Susquehanna boosted their price objective on shares of Westinghouse Air Brake Technologies from $160.00 to $190.00 and gave the company a positive rating in a report on Thursday. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $156.18.

Insiders Place Their Bets

In other Westinghouse Air Brake Technologies news, CEO Rafael Santana sold 40,219 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $140.62, for a total value of $5,655,595.78. Following the completion of the transaction, the chief executive officer now owns 123,019 shares in the company, valued at $17,298,931.78. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Westinghouse Air Brake Technologies news, VP David L. Deninno sold 6,607 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were 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 owns 65,535 shares in the company, valued at $8,887,201.35. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Rafael Santana sold 40,219 shares of the company’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $140.62, for a total transaction of $5,655,595.78. Following the completion of the transaction, the chief executive officer now owns 123,019 shares of the company’s stock, valued at approximately $17,298,931.78. The disclosure for this sale can be found here. Over the last quarter, insiders sold 63,964 shares of company stock worth $8,924,584. Company insiders own 1.10% of the company’s stock.

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.