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

Westinghouse Air Brake Technologies (NYSE:WAB) issued 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 return on equity of 11.25% and a net margin of 9.20%. The firm had revenue of $2.50 billion for the quarter, compared to analysts’ expectations of $2.40 billion. During the same quarter last year, the firm earned $1.28 earnings per share. The firm’s revenue for the quarter 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 Performance

WAB stock traded up $0.47 during midday trading on Friday, reaching $163.65. The company had a trading volume of 503,055 shares, compared to its average volume of 1,053,449. The company has a quick ratio of 0.63, a current ratio of 1.52 and a debt-to-equity ratio of 0.38. The stock has a 50 day moving average price of $143.19 and a 200 day moving average price of $127.89. Westinghouse Air Brake Technologies has a fifty-two week low of $91.89 and a fifty-two week high of $167.49. The firm has a market capitalization of $28.94 billion, a PE ratio of 31.87, a P/E/G ratio of 1.76 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. Shareholders of record on Friday, February 23rd were paid a $0.20 dividend. This is an increase from Westinghouse Air Brake Technologies’s previous quarterly dividend of $0.17. This represents a $0.80 dividend on an annualized basis 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 presently 15.63%.

Insider Buying and Selling at Westinghouse Air Brake Technologies

In other Westinghouse Air Brake Technologies news, VP David L. Deninno sold 6,607 shares of Westinghouse Air Brake Technologies stock in a transaction that occurred 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 completion of the transaction, the vice president now directly 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 accessible through this hyperlink. In other Westinghouse Air Brake Technologies news, CEO Rafael Santana sold 40,219 shares of the company’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $140.62, for a total value of $5,655,595.78. Following the transaction, the chief executive officer now owns 123,019 shares of the company’s stock, valued at $17,298,931.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP David L. Deninno sold 6,607 shares of the company’s stock in a transaction 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 completion of the transaction, the vice president now directly owns 65,535 shares in the company, 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 over the last ninety days. Company insiders own 1.10% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on WAB shares. The Goldman Sachs Group raised their price objective on Westinghouse Air Brake Technologies from $138.00 to $152.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. Susquehanna raised their price objective on Westinghouse Air Brake Technologies from $160.00 to $190.00 and gave the company a “positive” rating in a research report on Thursday. Stephens raised their price objective on Westinghouse Air Brake Technologies from $165.00 to $180.00 and gave the company an “overweight” rating in a research report on Thursday. KeyCorp raised their price objective on Westinghouse Air Brake Technologies from $155.00 to $185.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, TD Cowen lifted their target price on Westinghouse Air Brake Technologies from $130.00 to $147.00 and gave the stock a “hold” rating in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Westinghouse Air Brake Technologies currently has an average rating of “Moderate Buy” and an average target price 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.