UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported): April 22, 2015 (April 22, 2015)

 

 

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

 

 

Delaware

(State or other Jurisdiction

of Incorporation)

 

033-90866		25-1615902
(Commission File No.)		(I.R.S. Employer Identification No.)

 

1001 Air Brake Avenue Wilmerding, Pennsylvania		15148
(Address of Principal Executive Offices)		(Zip Code)

(412) 825-1000

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report.)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

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Item 2.02 Results of Operations and Financial Condition.

On April 22, 2015, Westinghouse Air Brake Technologies Corporation (the “Company”) issued a press release reporting, among other things, the Company’s 2015 first quarter results. A copy of this press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated into this Item 2.02 by reference.

In accordance with General Instruction B.2 of Form 8-K, the information furnished pursuant to this Item 2.02 in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 7.01. Regulation FD Disclosure.

On April 22, 2015, the Company issued a press release which, among other things, updated previously provided earnings guidance for fiscal year 2015. A copy of the press release is attached to this report as Exhibit 99.1 and the second paragraph discussing 2015 guidance is incorporated into this Item 7.01 by reference.

In accordance with General Instruction B.2 of Form 8-K, the information furnished pursuant to this Item 7.01 in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

 

(d)

Exhibit.

The following exhibit is furnished with this report on Form 8-K:

 

Exhibit No.		Description
99.1		Press release dated April 22, 2015

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: April 22, 2015

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EXHIBIT INDEX

 

Exhibits
99.1		Press release issued by Westinghouse Air Brake Technologies Corporation on April 22, 2015

Exhibit 99.1

 

		News Release

Wabtec Reports Record Quarterly Earnings; Increases Full-Year EPS Guidance

WILMERDING, PA, April 22, 2015 – Wabtec Corporation (NYSE: WAB) today reported record results for the 2015 first quarter, including the following:

 

•

First quarter sales were $819 million, 18 percent higher than the year-ago quarter, due to growth in the Freight Group.

 

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Income from operations was a record $148 million, or 18.1 percent of sales, compared to 17.5 percent in the year-ago quarter.

 

•

Earnings per diluted share were a record 99 cents, which was 19 percent higher than the year-ago quarter.

 

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At March 31, 2015, the company had cash of $249 million and debt of $421 million.

Based on its first quarter results and outlook for the rest of the year, Wabtec increased its 2015 guidance for earnings per diluted share to about $4.10, with revenues expected to be up about 10 percent for the year.

Raymond T. Betler, Wabtec’s president and chief executive officer, said: “With a strong first quarter, we’re off to a good start for the year. We will continue to face challenges during the year, including global economic uncertainty and foreign currency exchange headwinds, but we expect to benefit from our strong backlog, and from ongoing investment in freight rail and passenger transit projects around the world. We’re also pleased with our long-term growth prospects, which are driven by our diversified business model, balanced strategies and rigorous application of the Wabtec Performance System.”

Wabtec Corporation (www.wabtec.com) is a global provider of value-added, technology-based products and services for rail and other industrial markets.

This release contains forward-looking statements, such as statements regarding the company’s expectations about future earnings. Actual results could differ materially from the results suggested in any forward-looking statement. Factors that could cause or contribute to these material differences include, but are not limited to, an economic slowdown in the markets we serve; changes in foreign currency exchange rates; a decrease in freight or passenger rail traffic; an increase in manufacturing costs; and other factors contained in the company’s filings with the Securities and Exchange Commission. The company assumes no obligation to update these statements or advise of changes in the assumptions on which they are based.

The company will conduct a conference call with analysts and investors at 10 a.m., eastern time, today. To listen to the call via webcast, please go to www.wabtec.com and click on the “Webcasts” tab in the “Investor Relations” section.

 

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WABTEC CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2015 AND 2014

(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)

(UNAUDITED)

 

		First Quarter 2015				First Quarter 2014
Net sales		$	818,594			$	695,249
Cost of sales			(563,239	)			(485,680	)
Gross profit			255,355				209,569
Gross profit as a % of Net Sales			31.2	%			30.1	%
Selling, general and administrative expenses			(84,771	)			(70,081	)
Engineering expenses			(16,863	)			(12,946	)
Amortization expense			(5,301	)			(4,696	)
Total operating expenses			(106,935	)			(87,723	)
Operating expenses as a % of Net Sales			13.1	%			12.6	%
Income from operations			148,420				121,846
Income from operations as a % of Net Sales			18.1	%			17.5	%
Interest (expense) income, net			(4,306	)			(4,450	)
Other income (expense), net			(2,866	)			(17	)
Income from operations before income taxes			141,248				117,379
Income tax expense			(45,084	)			(37,245	)
Effective tax rate			31.9	%			31.7	%
Net income attributable to Wabtec shareholders		$	96,164			$	80,134
Earnings Per Common Share
Basic
Net income attributable to Wabtec shareholders		$	1.00			$	0.84
Diluted
Net income attributable to Wabtec shareholders		$	0.99			$	0.83
Weighted average shares outstanding
Basic			96,243				95,529
Diluted			97,385				96,805
Sales by Segment
Freight Group		$	511,887			$	385,506
Transit Group			306,707				309,743
Total		$	818,594			$	695,249