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 EPS guidance of 7.000-7.400 for the period, compared to the consensus EPS 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 Stock Up 10.0 %

Shares of NYSE WAB traded up $14.90 during trading hours on Wednesday, hitting $163.38. The stock had a trading volume of 3,725,337 shares, compared to its average volume of 1,049,914. The company has a market capitalization of $28.89 billion, a P/E ratio of 36.15, a P/E/G ratio of 1.68 and a beta of 1.40. The firm’s 50-day moving average price is $142.63 and its two-hundred day moving average price is $127.64. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.63 and a current ratio of 1.20. Westinghouse Air Brake Technologies has a 52 week low of $91.89 and a 52 week high of $167.49.

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

Westinghouse Air Brake Technologies Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were given 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 annualized dividend and a dividend yield of 0.49%. The ex-dividend date of this dividend was Thursday, February 22nd. Westinghouse Air Brake Technologies’s dividend payout ratio (DPR) is currently 17.70%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on WAB shares. Susquehanna raised their target price on Westinghouse Air Brake Technologies from $150.00 to $160.00 and gave the company a positive rating in a report on Thursday, February 15th. TD Cowen increased their price target on shares of Westinghouse Air Brake Technologies from $125.00 to $130.00 and gave the company a market perform rating in a report on Thursday, February 15th. The Goldman Sachs Group boosted their price objective on shares of Westinghouse Air Brake Technologies from $138.00 to $152.00 and gave the stock a neutral rating in a report on Tuesday, April 16th. Bank of America lifted their target price on Westinghouse Air Brake Technologies from $156.00 to $162.00 and gave the stock a buy rating in a research report on Monday, April 15th. Finally, Stephens upped their price target on Westinghouse Air Brake Technologies from $153.00 to $155.00 and gave the company an overweight rating in a report on Thursday, February 15th. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $146.91.

Insiders Place Their Bets

In related news, VP David L. Deninno sold 6,607 shares of the stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $135.61, for a total transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP David L. Deninno sold 6,607 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $135.61, for a total transaction of $895,975.27. Following the completion of the sale, the vice president now directly owns 65,535 shares of the company’s stock, valued at approximately $8,887,201.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Brian Hehir sold 5,470 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $135.80, for a total value of $742,826.00. Following the completion of the transaction, the director now directly owns 23,065 shares in the company, valued at approximately $3,132,227. The disclosure for this sale can be found here. Insiders sold 63,964 shares of company stock worth $8,924,584 over the last three months. 1.10% of the stock is currently owned by corporate insiders.

Westinghouse Air Brake Technologies Company Profile

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.