Oliver Jiang's questions to Westinghouse Air Brake Technologies Corp (WAB) leadership • Q2 2025
Question
Oliver Jiang, on behalf of Angel Castillo at Morgan Stanley, asked for details on international demand trends in freight and transit, the impact of geopolitics, and whether this was affecting the multi-year backlog. He also inquired about near-term capital allocation priorities.
Answer
CEO Rafael Santana described the current international and domestic project pipeline as the strongest since the GE merger and expressed confidence in continued backlog growth. CFO John Olin added that while M&A remains a focus, the near-term capital allocation priority is to reduce the net debt leverage ratio in anticipation of closing the Frauzer and Delner acquisitions.