$WAB
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP

2012 Q2 Form 10-Q Financial Statement

#000119312512331482 Filed on August 02, 2012

View on sec.gov

Income Statement

Concept 2012 Q2 2011 Q2
Revenue $609.8M $478.9M
YoY Change 27.34% 28.01%
Cost Of Revenue $436.4M $336.2M
YoY Change 29.82% 28.94%
Gross Profit $173.4M $142.7M
YoY Change 21.5% 25.77%
Gross Profit Margin 28.44% 29.81%
Selling, General & Admin $59.16M $73.94M
YoY Change -19.99% 44.42%
% of Gross Profit 34.11% 51.8%
Research & Development $10.15M $9.132M
YoY Change 11.09% -12.19%
% of Gross Profit 5.85% 6.4%
Depreciation & Amortization $10.00M $10.00M
YoY Change 0.0% 13.64%
% of Gross Profit 5.77% 7.01%
Operating Expenses $72.56M $86.38M
YoY Change -16.0% 35.39%
Operating Profit $100.9M $56.36M
YoY Change 78.96% 13.4%
Interest Expense $3.286M $4.203M
YoY Change -21.82% -231.34%
% of Operating Profit 3.26% 7.46%
Other Income/Expense, Net $223.0K -$410.0K
YoY Change -154.39% -305.0%
Pretax Income $97.58M $52.16M
YoY Change 87.08% 11.93%
Income Tax $32.87M $15.83M
% Of Pretax Income 33.68% 30.34%
Net Earnings $64.71M $36.33M
YoY Change 78.1% 16.46%
Net Earnings / Revenue 10.61% 7.59%
Basic Earnings Per Share $0.67 $0.75
Diluted Earnings Per Share $0.67 $0.75
COMMON SHARES
Basic Shares Outstanding 47.84M shares 47.95M shares
Diluted Shares Outstanding 48.42M shares 48.46M shares

Balance Sheet

Concept 2012 Q2 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $234.0M $221.0M
YoY Change 5.88% 32.34%
Cash & Equivalents $234.1M $221.5M
Short-Term Investments
Other Short-Term Assets $19.61M $63.00M
YoY Change -68.88% 26.0%
Inventory $388.8M $311.0M
Prepaid Expenses
Receivables $442.1M $337.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.143B $932.0M
YoY Change 22.69% 27.32%
LONG-TERM ASSETS
Property, Plant & Equipment $226.7M $218.0M
YoY Change 3.99% 13.54%
Goodwill $623.9M
YoY Change
Intangibles $422.4M
YoY Change
Long-Term Investments
YoY Change
Other Assets $40.00M $40.00M
YoY Change 0.0% 53.85%
Total Long-Term Assets $1.188B $1.079B
YoY Change 10.14% 19.89%
TOTAL ASSETS
Total Short-Term Assets $1.143B $932.0M
Total Long-Term Assets $1.188B $1.079B
Total Assets $2.332B $2.011B
YoY Change 15.96% 23.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $249.5M $186.0M
YoY Change 34.12% 50.0%
Accrued Expenses $217.0M $151.0M
YoY Change 43.71% 33.63%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $43.00K $40.00M
YoY Change -99.89% 5.26%
Total Short-Term Liabilities $550.3M $456.0M
YoY Change 20.68% 47.1%
LONG-TERM LIABILITIES
Long-Term Debt $443.1M $356.0M
YoY Change 24.46% -3.78%
Other Long-Term Liabilities $14.73M $98.00M
YoY Change -84.97% 7.69%
Total Long-Term Liabilities $457.8M $454.0M
YoY Change 0.84% -1.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $550.3M $456.0M
Total Long-Term Liabilities $457.8M $454.0M
Total Liabilities $1.178B $997.0M
YoY Change 18.13% 20.41%
SHAREHOLDERS EQUITY
Retained Earnings $1.175B
YoY Change
Common Stock $662.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $327.0M
YoY Change
Treasury Stock Shares 18.29M shares
Shareholders Equity $1.151B $1.015B
YoY Change
Total Liabilities & Shareholders Equity $2.332B $2.011B
YoY Change 15.96% 23.22%

Cashflow Statement

Concept 2012 Q2 2011 Q2
OPERATING ACTIVITIES
Net Income $64.71M $36.33M
YoY Change 78.1% 16.46%
Depreciation, Depletion And Amortization $10.00M $10.00M
YoY Change 0.0% 13.64%
Cash From Operating Activities $29.50M $49.50M
YoY Change -40.4% 312.5%
INVESTING ACTIVITIES
Capital Expenditures -$6.300M -$5.400M
YoY Change 16.67% 58.82%
Acquisitions
YoY Change
Other Investing Activities -$88.40M -$20.40M
YoY Change 333.33% -20500.0%
Cash From Investing Activities -$94.60M -$25.90M
YoY Change 265.25% 684.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 34.30M -4.500M
YoY Change -862.22% -66.67%
NET CHANGE
Cash From Operating Activities 29.50M 49.50M
Cash From Investing Activities -94.60M -25.90M
Cash From Financing Activities 34.30M -4.500M
Net Change In Cash -30.80M 19.10M
YoY Change -261.26% -497.92%
FREE CASH FLOW
Cash From Operating Activities $29.50M $49.50M
Capital Expenditures -$6.300M -$5.400M
Free Cash Flow $35.80M $54.90M
YoY Change -34.79% 256.49%

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dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
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dei Document Type
DocumentType
10-Q
dei Document Period End Date
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2012-06-30
dei Entity Central Index Key
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dei Current Fiscal Year End Date
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dei Trading Symbol
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dei Entity Registrant Name
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WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP
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dei Entity Filer Category
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<div> <p style="margin-top:12px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>1. BUSINESS</b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">Wabtec is one of the world&#x2019;s largest providers of value-added, technology-based products and services for the global rail industry. Our products are found on virtually all U.S. locomotives, freight cars and passenger transit vehicles, as well as in more than 100 countries throughout the world. Our products enhance safety, improve productivity and reduce maintenance costs for customers, and many of our core products and services are essential in the safe and efficient operation of freight rail and passenger transit vehicles. Wabtec is a global company with operations in 19 countries. In the first six months of 2012, about 51% of the Company&#x2019;s revenues came from customers outside the U.S.</font></p> </div>
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PercentageOfNetIncomeAllocatedToCommonShareholders
0.995 pure
CY2011Q2 wab Basic Weighted Average Common Shares Outstanding And Non Vested Restricted Stock Expected To Vest
BasicWeightedAverageCommonSharesOutstandingAndNonVestedRestrictedStockExpectedToVest
48191000 shares
CY2012Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
223000
CY2012Q2 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-351000
CY2012Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
100865000
CY2012Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
436393000
CY2012Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.337 pure
CY2012Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
97579000
CY2012Q2 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
623548000
CY2012Q2 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
3254000
CY2012Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
64305000
CY2012Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
-2378000
CY2012Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.35
CY2012Q2 us-gaap Dividends Common Stock Stock
DividendsCommonStockStock
-1435000
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
64712000
CY2012Q2 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
631000
CY2012Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.33
CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48422000 shares
CY2012Q2 us-gaap Gross Profit
GrossProfit
173427000
CY2012Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
48086000
CY2012Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax
-16519000
CY2012Q2 us-gaap Segment Reporting Information Revenue
SegmentReportingInformationRevenue
609820000
CY2012Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-3509000
CY2012Q2 us-gaap Operating Expenses
OperatingExpenses
72562000
CY2012Q2 us-gaap Revenues
Revenues
609820000
CY2012Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
-1920000
CY2012Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
59163000
CY2012Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
32867000
CY2012Q2 us-gaap Undistributed Earnings
UndistributedEarnings
63270000
CY2012Q2 us-gaap Sales Revenue Net
SalesRevenueNet
609820000
CY2012Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3300000
CY2012Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
97579000
CY2012Q2 us-gaap Dividends Cash
DividendsCash
1442000
CY2012Q2 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
47735000
CY2012Q2 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
1.33
CY2012Q2 us-gaap Interest Expense
InterestExpense
3286000
CY2012Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
48086000
CY2012Q2 wab Undistributed Earnings Allocated To Common Shareholders
UndistributedEarningsAllocatedToCommonShareholders
62954000
CY2012Q2 wab Business Acquisition Pro Forma Gross Profit
BusinessAcquisitionProFormaGrossProfit
179124000
CY2012Q2 wab Numerator For Basic And Diluted Earnings Per Common Share
NumeratorForBasicAndDilutedEarningsPerCommonShare
64389000
CY2012Q2 wab Percentage Of Net Income Allocated To Common Shareholders
PercentageOfNetIncomeAllocatedToCommonShareholders
0.995 pure
CY2012Q2 wab Basic Weighted Average Common Shares Outstanding And Non Vested Restricted Stock Expected To Vest
BasicWeightedAverageCommonSharesOutstandingAndNonVestedRestrictedStockExpectedToVest
48066000 shares

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