- Westinghouse Air Brake Technologies Corp (NYSE:WAB) (Wabtec) reported first-quarter FY23 sales growth of 13.9% year-over-year to $2.19 billion, beating the consensus of $2.12 billion.
- Sales growth was driven by significantly higher Freight segment sales (+18.5% to $1.57 billion) and increased Transit segment sales (+3.8% to $628 million).
- The adjusted gross margin was 30.5%, down by 60 bps. The adjusted operating margin was 16.4%, down by 10 bps.
- At the end of the quarter, the backlog stood at $22.33 billion, down 1.9% Y/Y. The company said its multi-year backlog continues to provide “strong visibility.”
- Adjusted EPS of $1.28 (+13.3% Y/Y) topped the consensus of $1.19.
- At the end of the quarter, the company had cash and equivalents of $417 million and total debt of $4.16 billion.
- “Our differentiated portfolio of products and technologies, expansive global installed base, and multi-year backlog position us to remain highly resilient and drive long-term profitable growth for our shareholders,” said Wabtec’s President and CEO Rafael Santana.
- FY23 Guidance: Wabtec reiterated its guidance for FY23. The company expects sales of $8.70 billion – $9 billion, versus the consensus of $8.88 billion, and adjusted EPS of $5.15 – $5.55, versus the consensus of $5.38.
- It expects strong cash flow generation with operating cash flow conversion of over 90%.
- Price Action: WAB shares are trading higher by 0.24% at $101.02 in the premarket session on Wednesday.
Gold Fields FY Adj EPS $1.18 Up From $1.05 YoY, Sales $4.29B Up From $4.20B YoY
Gold Fields (NYSE:GFI) reported quarterly earnings of $1.18 per share. This is a 12.38 percent increase over earnings of $1.05 per share from the same period last year. The company reported $4.29 billion in sales this
