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![Westinghouse Air Brake Technologies Corp [WAB] reports annual net loss of $825.0 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FWAB.png&w=1200&q=75)
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP [WAB] has reported a net loss of $825.0 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $9.7 billion
Based in PITTSBURGH, Pennsylvania, WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP operates in the MANUFACTURING sector.
In the annual report for the period ending December 31, 2023, Wabtec Corporation reported an increase in total net sales compared to the previous year. Net sales for the current reporting period stood at $9.677 billion, up from $8.362 billion in the same period in 2022 and $7.822 billion in 2021.
Cost of sales also increased in line with the rise in net sales. Total cost of sales for the current period was $6.733 billion, compared to $5.822 billion in 2022 and $5.453 billion in 2021, resulting in a gross profit of $2.944 billion for 2023, up from $2.540 billion in 2022 and $2.369 billion in 2021.
Operating expenses, including selling, general and administrative expenses, engineering expenses, and amortization expenses, totaled $1.678 billion in 2023, higher than the $1.529 billion in 2022 and $1.493 billion in 2021. As a result, income from operations increased to $1.266 billion in 2023 from $1.011 billion in 2022 and $876 million in 2021.
The company reported a net income of $825 million in 2023, up from $641 million in 2022 and $565 million in 2021. The net income attributable to Wabtec shareholders was $815 million in 2023, compared to $633 million in 2022 and $558 million in 2021.
In terms of earnings per share, the basic net income attributable to Wabtec shareholders was $4.54 per share in 2023, higher than $3.46 per share in 2022 and $2.96 per share in 2021. Similarly, the diluted net income attributable to Wabtec shareholders was $4.53 per share in 2023, up from $3.46 per share in 2022 and $2.96 per share in 2021.
The weighted average shares outstanding for basic and diluted earnings per share decreased from 182.2 million and 182.8 million in 2022 to 178.8 million and 179.5 million in 2023, respectively.
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