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WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (WAB)
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| Income Statement |
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| Standardized | As Reported |
Annual | Quarterly | TTM |
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| In millions, except per share items | Jun-30-23 | Jun-30-22 | Mar-31-22 | Dec-31-21 | Sep-30-21 | Jun-30-21 | Mar-31-21 | Dec-31-20 |
| | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K |
| Net sales: | | | | | | | | |
| Total net sales | 2,407.0 | 2,048.0 | 1,927.0 | 2,072.6 | 1,906.9 | 2,012.0 | 1,830.0 | 2,023.6 |
| Total net sales growth | 17.5% | 1.8% | 5.3% | 2.4% | 2.2% | 15.8% | -5.2% | -14.6% |
| Cost of sales: | | | | | | | | |
| Total cost of sales | -1,684.0 | -1,403.0 | -1,332.0 | -1,420.2 | -1,304.6 | -1,432.0 | -1,296.0 | -1,518.2 |
| Gross profit | 723.0 | 645.0 | 595.0 | 652.4 | 602.3 | 580.0 | 534.0 | 505.4 |
| Gross margin | 30.0% | 31.5% | 30.9% | 31.5% | 31.6% | 28.8% | 29.2% | 25.0% |
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| Operating expenses: | | | | | | | | |
| Selling, general and administrative expenses | 285.0 | 259.0 | 238.0 | 263.5 | 269.0 | 263.0 | 234.0 | 235.1 |
| Engineering expenses | 53.0 | 50.0 | 45.0 | 52.5 | 43.8 | 42.0 | 38.0 | 38.3 |
| Amortization expense | 73.0 | 72.0 | 73.0 | 72.3 | 72.5 | 72.0 | 70.0 | 70.4 |
| Total operating expenses | 411.0 | 381.0 | 356.0 | 388.3 | 385.3 | 377.0 | 342.0 | 343.8 |
| Income from operations | 312.0 | 264.0 | 239.0 | 264.1 | 217.0 | 203.0 | 192.0 | 161.6 |
| Operating margin | 13.0% | 12.9% | 12.4% | 12.7% | 11.4% | 10.1% | 10.5% | 8.0% |
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| Other income and expenses: | | | | | | | | |
| Interest expense, net | -55.0 | -44.0 | -43.0 | -42.3 | -42.2 | -45.0 | -48.0 | -48.7 |
| Other income, net | 2.0 | 7.0 | 4.0 | 13.0 | 0.5 | 11.0 | 14.0 | 5.2 |
| Income before income taxes | 259.0 | 227.0 | 200.0 | 234.8 | 175.3 | 169.0 | 158.0 | 118.1 |
| Income tax expense | -66.0 | -58.0 | -50.0 | -41.5 | -43.5 | -44.0 | -43.0 | -31.6 |
| Net income | 193.0 | 169.0 | 150.0 | 193.3 | 131.8 | 125.0 | 115.0 | 86.5 |
| Less: Net income attributable to noncontrolling interest | -2.0 | -3.0 | -1.0 | -3.1 | -1.2 | | -3.0 | 1.0 |
| Net income attributable to Wabtec shareholders | 191.0 | 166.0 | 149.0 | 190.2 | 130.6 | 125.0 | 112.0 | 87.5 |
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| Basic | | | | | | | | |
| Net income attributable to Wabtec shareholders (in dollars per share) | $1.06 | $0.91 | $0.80 | $1.01 | $0.69 | $0.66 | $0.59 | $0.47 |
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| Diluted | | | | | | | | |
| Net income attributable to Wabtec shareholders (in dollars per share) | $1.06 | $0.91 | $0.80 | $1.01 | $0.69 | $0.66 | $0.59 | $0.46 |
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| Weighted average shares outstanding | | | | | | | | |
| Basic (in shares) | 178.9 | 181.9 | 184.5 | 187.7 | 187.6 | 188.6 | 188.5 | 189.9 |
| Diluted (in shares) | 179.4 | 182.4 | 185.0 | 188.1 | 188.0 | 188.9 | 188.9 | 190.4 |
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