Westinghouse Air Brake Technologies (NYSE:WAB) Updates FY 2024 Earnings Guidance

Westinghouse Air Brake Technologies (NYSE:WAB) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 7.000-7.400 for the period, compared to the consensus earnings per share estimate of 6.790. The company issued revenue guidance of $10.3 billion-$10.6 billion, compared to the consensus revenue estimate of $10.2 billion. Westinghouse Air Brake Technologies also updated its FY24 guidance to $7.00-$7.40 EPS.

Westinghouse Air Brake Technologies Price Performance

Shares of NYSE:WAB traded up $14.90 during midday trading on Wednesday, reaching $163.38. 3,725,337 shares of the company were exchanged, compared to its average volume of 1,049,914. The stock has a market cap of $28.89 billion, a PE ratio of 36.15, a price-to-earnings-growth ratio of 1.68 and a beta of 1.40. The business’s fifty day moving average is $142.63 and its two-hundred day moving average is $127.64. Westinghouse Air Brake Technologies has a one year low of $91.89 and a one year high of $167.49. The company has a current ratio of 1.20, a quick ratio of 0.63 and a debt-to-equity ratio of 0.31.

Westinghouse Air Brake Technologies (NYSE:WAB) last posted its earnings results on Wednesday, February 14th. The transportation company reported $1.54 earnings per share for the quarter, missing analysts’ consensus estimates of $1.58 by ($0.04). Westinghouse Air Brake Technologies had a net margin of 8.42% and a return on equity of 10.34%. The business had revenue of $2.53 billion during the quarter, compared to analysts’ expectations of $2.48 billion. During the same period last year, the business posted $1.30 earnings per share. The company’s revenue for the quarter was up 9.5% compared to the same quarter last year. As a group, analysts predict that Westinghouse Air Brake Technologies will post 6.73 earnings per share for the current year.

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 paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.49%. This is a positive change from Westinghouse Air Brake Technologies’s previous quarterly dividend of $0.17. The ex-dividend date was Thursday, February 22nd. Westinghouse Air Brake Technologies’s payout ratio is presently 17.70%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. TD Cowen increased their target price on Westinghouse Air Brake Technologies from $125.00 to $130.00 and gave the stock a market perform rating in a research note on Thursday, February 15th. Redburn Atlantic downgraded shares of Westinghouse Air Brake Technologies from a buy rating to a neutral rating and set a $135.00 target price on the stock. in a research note on Thursday, February 15th. Susquehanna lifted their price target on shares of Westinghouse Air Brake Technologies from $150.00 to $160.00 and gave the company a positive rating in a research note on Thursday, February 15th. KeyCorp raised their price objective on Westinghouse Air Brake Technologies from $133.00 to $155.00 and gave the stock an overweight rating in a report on Thursday, February 15th. Finally, Stephens upped their target price on Westinghouse Air Brake Technologies from $153.00 to $155.00 and gave the stock an overweight rating in a report on Thursday, February 15th. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $146.91.

Insiders Place Their Bets

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 shares were sold at an average price of $140.46, for a total transaction of $374,747.28. Following the transaction, the executive vice president now directly owns 24,792 shares of the company’s stock, valued at approximately $3,482,284.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP David L. Deninno sold 6,607 shares of the firm’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 sale, the vice president now owns 65,535 shares in the company, valued at approximately $8,887,201.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Nicole B. Theophilus sold 2,668 shares of the business’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $140.46, for a total transaction of $374,747.28. Following the transaction, the executive vice president now owns 24,792 shares in the company, valued at $3,482,284.32. The disclosure for this sale can be found here. Insiders have sold a total of 63,964 shares of company stock valued at $8,924,584 over the last quarter. 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.