Westinghouse Air Brake Technologies Corp (NYSE:WAB) Reports Financial Results for the Fourth Quarter and Full Year 2021

Westinghouse Air Brake Technologies Corp (NYSE:WAB) has released its financial results for the fourth quarter and full year 2021. The company reported total sales of $2.3 billion for the fourth quarter, representing a 12.4% increase compared to the same period last year. For the full year 2021, total sales reached $8.5 billion, a 5.6% increase compared to 2020.

Net income for the fourth quarter was $158.5 million, or $0.84 per diluted share. This marks a significant increase from the $52.7 million, or $0.28 per diluted share, reported in the fourth quarter of 2020. For the full year 2021, net income was $478.6 million, or $2.53 per diluted share, compared to $295.6 million, or $1.54 per diluted share, in 2020.

Operating income for the fourth quarter was $240.9 million, compared to $96.3 million in the same period last year. The full year 2021 operating income was $711.9 million, an increase from $519.6 million in 2020.

Cash flow from operations for the full year 2021 was reported at $689.6 million, an increase from $468.5 million in 2020. The company ended the year with a strong balance sheet, with cash and cash equivalents of $1.2 billion.

In a statement regarding the financial results, Rafael Santana, President and Chief Executive Officer of Wabtec, expressed satisfaction with the company’s performance in 2021. He attributed the strong results to the company’s focus on operational execution, new product innovation, and a resilient business model.

Looking ahead, Wabtec is optimistic about its prospects for 2022. The company expects to continue expanding its global footprint, driving operational excellence, and delivering value to its customers and shareholders.

Investors and analysts are anticipated to closely monitor Wabtec’s performance in the coming quarters as the company navigates market challenges and capitalizes on growth opportunities.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Westinghouse Air Brake Technologies’s 8K filing here.

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.