$WAB
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP

2012 Form 10-K Financial Statement

#000119312513071115 Filed on February 22, 2013

View on sec.gov

Income Statement

Concept 2012 2011 Q4 2011 Q3
Revenue $2.391B $534.6M $498.8M
YoY Change 21.52% 35.97% 32.78%
Cost Of Revenue $1.697B $387.3M $351.7M
YoY Change 21.42% 40.68% 31.97%
Gross Profit $694.6M $147.3M $147.2M
YoY Change 21.76% 24.86% 34.75%
Gross Profit Margin 29.05% 27.56% 29.5%
Selling, General & Admin $245.7M $61.10M $57.68M
YoY Change -0.74% 14.42% 23.77%
% of Gross Profit 35.38% 41.47% 39.2%
Research & Development $41.31M $9.300M $9.894M
YoY Change 11.06% -4.12% 5.26%
% of Gross Profit 5.95% 6.31% 6.72%
Depreciation & Amortization $28.90M $11.10M $12.90M
YoY Change -3.34% -5.13% 32.99%
% of Gross Profit 4.16% 7.53% 8.77%
Operating Expenses $302.3M $74.80M $71.70M
YoY Change 0.86% 12.31% 22.35%
Operating Profit $392.3M $72.51M $75.45M
YoY Change 44.91% 41.07% 49.12%
Interest Expense $14.92M -$3.700M $5.293M
YoY Change -3.03% -11.9% -205.86%
% of Operating Profit 3.8% -5.1% 7.01%
Other Income/Expense, Net -$670.0K $1.100M -$1.529M
YoY Change 76.32% 83.33% -609.67%
Pretax Income $377.4M $69.80M $70.16M
YoY Change 47.8% 46.03% 53.19%
Income Tax $125.6M $23.60M $23.56M
% Of Pretax Income 33.29% 33.81% 33.58%
Net Earnings $251.7M $46.26M $46.60M
YoY Change 47.95% 49.24% 52.79%
Net Earnings / Revenue 10.53% 8.65% 9.34%
Basic Earnings Per Share $2.62 $0.96 $0.97
Diluted Earnings Per Share $2.60 $0.96 $0.96
COMMON SHARES
Basic Shares Outstanding 95.47M 47.87M shares
Diluted Shares Outstanding 96.74M 48.37M shares

Balance Sheet

Concept 2012 2011 Q4 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $216.0M $286.0M $221.0M
YoY Change -24.48% 20.68% 24.86%
Cash & Equivalents $216.0M $285.6M $221.1M
Short-Term Investments
Other Short-Term Assets $80.00M $18.37M $58.00M
YoY Change 5.26% -65.33% 9.43%
Inventory $407.0M $348.2M $325.0M
Prepaid Expenses
Receivables $390.0M $346.3M $346.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.093B $1.056B $950.0M
YoY Change 3.5% 31.64% 27.69%
LONG-TERM ASSETS
Property, Plant & Equipment $244.0M $222.0M $210.0M
YoY Change 9.91% 7.66% 3.45%
Goodwill $587.5M
YoY Change
Intangibles $372.0M
YoY Change
Long-Term Investments
YoY Change
Other Assets $40.00M $36.02M $42.00M
YoY Change 11.11% 12.57% 20.0%
Total Long-Term Assets $1.259B $1.103B $1.056B
YoY Change 14.14% 10.2% 9.77%
TOTAL ASSETS
Total Short-Term Assets $1.093B $1.056B $950.0M
Total Long-Term Assets $1.259B $1.103B $1.056B
Total Assets $2.352B $2.159B $2.006B
YoY Change 8.94% 19.74% 17.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $249.0M $244.6M $179.0M
YoY Change 1.63% 43.07% 37.69%
Accrued Expenses $221.0M $223.0M $158.0M
YoY Change -0.9% 95.61% 28.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $68.00K $40.00M
YoY Change -99.83% 0.0%
Total Short-Term Liabilities $553.0M $541.4M $454.0M
YoY Change 2.22% 55.57% 42.32%
LONG-TERM LIABILITIES
Long-Term Debt $318.0M $395.8M $366.0M
YoY Change -19.7% 3.61% -1.08%
Other Long-Term Liabilities $107.0M $13.55M $89.00M
YoY Change 7.0% -85.43% 1.14%
Total Long-Term Liabilities $425.0M $409.4M $455.0M
YoY Change -14.31% -13.82% -0.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $553.0M $541.4M $454.0M
Total Long-Term Liabilities $425.0M $409.4M $455.0M
Total Liabilities $1.075B $1.111B $995.0M
YoY Change -3.5% 23.07% 19.02%
SHAREHOLDERS EQUITY
Retained Earnings $1.054B
YoY Change
Common Stock $662.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $309.2M
YoY Change
Treasury Stock Shares 18.23M shares
Shareholders Equity $1.277B $1.045B $1.011B
YoY Change
Total Liabilities & Shareholders Equity $2.352B $2.159B $2.006B
YoY Change 8.94% 19.74% 17.58%

Cashflow Statement

Concept 2012 2011 Q4 2011 Q3
OPERATING ACTIVITIES
Net Income $251.7M $46.26M $46.60M
YoY Change 47.95% 49.24% 52.79%
Depreciation, Depletion And Amortization $28.90M $11.10M $12.90M
YoY Change -3.34% -5.13% 32.99%
Cash From Operating Activities $237.4M $148.6M $34.00M
YoY Change -4.5% 47.27% -33.07%
INVESTING ACTIVITIES
Capital Expenditures $36.00M -$15.80M -$9.400M
YoY Change -5.19% 88.1% 74.07%
Acquisitions $149.9M
YoY Change 37.69%
Other Investing Activities -$148.9M -$56.80M $0.00
YoY Change 37.62% 27.35% -100.0%
Cash From Investing Activities -$184.9M -$72.50M -$9.400M
YoY Change 26.52% 36.53% -83.99%
FINANCING ACTIVITIES
Cash Dividend Paid $7.666M
YoY Change 99.17%
Common Stock Issuance & Retirement, Net $46.56M
YoY Change
Debt Paid & Issued, Net $311.5M
YoY Change 9.98%
Cash From Financing Activities -124.7M -12.90M -8.800M
YoY Change 166.74% -206.61% -8900.0%
NET CHANGE
Cash From Operating Activities 237.4M 148.6M 34.00M
Cash From Investing Activities -184.9M -72.50M -9.400M
Cash From Financing Activities -124.7M -12.90M -8.800M
Net Change In Cash -72.23M 63.20M 15.80M
YoY Change -229.71% 5.51% -302.56%
FREE CASH FLOW
Cash From Operating Activities $237.4M $148.6M $34.00M
Capital Expenditures $36.00M -$15.80M -$9.400M
Free Cash Flow $201.4M $164.4M $43.40M
YoY Change -4.38% 50.41% -22.78%

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CY2011 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2011 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
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CY2011 us-gaap Income Taxes Paid Net
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CY2011 wab Cash Paid For Acquired Businesses
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CY2011 wab Effective Income Tax Rate Reconciliation Tax Reserves
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CY2011 wab Basic Weighted Average Common Shares Outstanding And Non Vested Restricted Stock Expected To Vest
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CY2011 wab Numerator For Basic And Diluted Earnings Per Common Share
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CY2011 wab Share Based Compensation Arrangement By Share Based Payment Award Options Granted Intrinsic Value
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WAB
CY2012 dei Entity Registrant Name
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WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP
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CY2012 dei Amendment Flag
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CY2012 dei Entity Filer Category
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CY2012 dei Entity Voluntary Filers
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No
CY2012 dei Document Fiscal Year Focus
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2012
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10-K
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2012-12-31
CY2012 dei Entity Central Index Key
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CY2012 dei Entity Well Known Seasoned Issuer
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Yes
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<div> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Reclassifications</i></b> Certain prior year amounts have been reclassified, where necessary, to conform to the current year presentation.</font></p> </div>
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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P1Y
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<div> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="4%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>1.</b></font></td> <td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>BUSINESS</b></font></td> </tr> </table> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <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 2012, about 50% of the Company&#x2019;s revenues came from customers outside the U.S.</font></p> </div>
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<div> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Use of Estimates</i></b> The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from the estimates. On an ongoing basis, Management reviews its estimates based on currently available information. Changes in facts and circumstances may result in revised estimates.</font></p> </div>
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1274000
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2100000
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637000 shares
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