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Wabtec is a global company that operates in the transportation industry, focusing on the manufacturing and servicing of locomotives and transit vehicles. The company is divided into two main business segments: the Freight Segment and the Transit Segment, which together provide a wide range of products and services, including diesel-electric, battery, and liquid natural gas-powered locomotives, engines, and digital intelligence products like Positive Train Control equipment . Wabtec's operations span over 100 countries, with a significant portion of its sales coming from international customers .
- Freight Segment - Manufactures new and modernized locomotives, provides aftermarket parts and services, and supplies components for freight cars. Offers rail control and infrastructure products, software-enabled solutions for safety and efficiency, and services such as locomotive overhauls.
- Locomotives - Produces diesel-electric, battery, and liquid natural gas-powered locomotives.
- Aftermarket Parts and Services - Supplies parts and services for maintaining and upgrading freight locomotives.
- Rail Control and Infrastructure - Provides products and solutions for rail safety and efficiency, including software-enabled solutions.
- Transit Segment - Manufactures and services components for passenger transit vehicles, including trains and buses, and refurbishes transit vehicles.
- Passenger Transit Components - Produces and services parts for trains and buses.
- Vehicle Refurbishment - Offers refurbishment services for transit vehicles.
- Digital Intelligence Products - Develops products such as Positive Train Control equipment and railway electronics.
- Transport Intelligence and Logistics Solutions - Provides network optimization and logistics solutions for the transportation industry.
- Marine and Mining Products - Offers engines and electric motors for marine and mining applications.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Alicia Hammersmith Executive | President, Freight Services | None | President since April 2023. Former Group VP, Transit Operations at Wabtec. | |
David L. DeNinno Executive | EVP, General Counsel, and Secretary | None | General Counsel since December 2016. Former partner at K&L Gates LLP and Reed Smith LLP. | |
Eric Gebhardt Executive | EVP and Chief Technology Officer | None | CTO since October 2020. Former CTO at GE Power and GE Oil & Gas. Extensive experience in technology and innovation leadership. | |
Gina Trombley Executive | EVP, Sales & Marketing & Chief Commercial Officer - Americas | None | Joined Wabtec in September 2020. Focuses on strategy, sales, and customer engagement. Former VP at Bombardier Transportation. | |
Greg Sbrocco Executive | EVP, Global Operations | None | EVP since February 2019. Oversees manufacturing, sourcing, and supply chain. Former Global Supply Chain Leader at GE Transportation. | |
John A. Mastalerz Executive | SVP of Finance and Chief Accounting Officer | None | Joined Wabtec in 2014. Former Corporate Controller at H.J. Heinz Company. | |
John A. Olin Executive | EVP and CFO | None | CFO since October 2021. Former CFO at Harley-Davidson. Extensive experience in financial leadership and strategic change management. | |
Kyra Yates Executive | VP, Investor Relations | None | VP since March 2024. Former CFO of Wabtec's Global Operations. | |
Lillian Leroux Executive | Chief Strategy and Sustainability Officer | None | Joined Wabtec in 2017. Former President, Transit. Oversees strategy and sustainability initiatives. | |
Michael E. Fetsko Executive | President, Freight and Industrial Components | None | President since January 2017. Former executive at Bombardier Transportation. | |
Nalin Jain Executive | President, Digital Intelligence | None | President since December 2020. Former President, Global Equipment at Wabtec. | |
Nicole Theophilus Executive | EVP and Chief Administrative Officer | None | Joined Wabtec in October 2020 as CHRO, promoted to CAO in July 2024. Extensive experience in HR and administrative leadership. | |
Pascal Schweitzer Executive | President, Transit Group | None | President since April 2023. Former President, Freight Services at Wabtec. | |
Rafael Santana Executive | President and CEO | Board Member at Travelers Insurance | CEO since July 2019, joined Wabtec in February 2019. Former CEO of GE Transportation. Extensive experience in transportation and rail industries. | View Report → |
Rogerio Mendonca Executive | President, Freight Equipment | None | President since February 2021. Former President of GE Transportation in Latin America. | |
Albert J. Neupaver Board | Chairman of the Board | Board Member at Koppers Holdings Inc., Carnegie Science Center, UPMC Children’s Hospital Foundation, Heinz History Center, Carnegie Museums, Wabtec Foundation | Chairman since July 2020. Former CEO and President of Wabtec. Extensive experience in rail and transportation industries. | |
Ann R. Klee Board | Independent Director | Board Member at Sotera Health Company, Center for Climate and Energy Solutions, WGBH, Boston Harbor Now, University of Pennsylvania Carey Law School | Director since 2019. Former VP at General Electric. Recognized expert in sustainability and ESG matters. | |
Beverley Babcock Board | Independent Director | Board Member at Olin Corporation, Forte Foundation, Women Corporate Directors - Houston Chapter | Director since July 2022. Former SVP, Finance & Administration at Imperial Oil. Recognized as an Audit Committee Financial Expert. | |
Brian P. Hehir Board | Independent Director | None | Director since 2007. Former Vice Chairman of Investment Banking at Merrill Lynch. | |
Byron Foster Board | Independent Director | None | Director since 2021. President, Light Vehicle Drive Systems at Dana Incorporated. | |
Juan Perez Board | Independent Director | None | Director since January 2025. Appointed to Audit, Governance and Sustainability, and ESG Subcommittees. | |
Lee Banks Board | Independent Director | None | Director since 2020. Former Vice Chairman and President at Parker-Hannifin Corporation. | |
Linda A. Harty Board | Lead Independent Director | Board Member at Parker-Hannifin Corporation, Chart Industries, Forte Foundation | Director since 2016. Former VP, Finance & Treasurer at Medtronic. Extensive financial expertise. | |
William E. Kassling Board | Vice Chair of the Board | Board Member at Kensington Capital Acquisition Corp. V, Pittsburgh Penguins Inc., Texas Rangers, The Crosby Group, Wabtec Foundation | Director since 1990. Former CEO and Chairman of Wabtec. Extensive rail and transportation industry expertise. |
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"Given that North American carloads continued to be up but Wabtec's active locomotive fleet was largely flat compared to last year's third quarter, how do you anticipate driving growth in the North American market, and what strategies are you implementing to capitalize on this discrepancy? "
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"With the international locomotive orders pipeline being the strongest in the last five years, and significant contracts like the $2 billion MOU with KTZ in Kazakhstan, how are you managing potential risks associated with geopolitical uncertainties in these markets? "
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"Can you elaborate on the margin dynamics between your international and North American operations, given that margins vary by country and contract, and how does this variability impact your overall profitability? "
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"As you focus on digital acquisitions and expanding your digital portfolio, particularly in international markets where you see gaining momentum, how do you plan to address the softer North American market for digital products and transition to more recurring revenue streams? "
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"Despite adjusted gross margin being down modestly due to unfavorable mix, you mentioned that service revenue is expected to shift due to production planning; what steps are you taking to improve margins and stabilize service revenue amidst these fluctuations? "
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Progress Rail | A subsidiary of Caterpillar Inc., Progress Rail has sued the company in the U.S. District Court for the District of Delaware, alleging antitrust, breach of contract, unfair competition law, and misrepresentation claims. The lawsuit challenges the Wabtec-GE Transportation merger and accuses the company of monopolizing markets for long-haul freight locomotives, Tier IV long-haul freight locomotives, and energy management systems. Progress Rail seeks divestiture of GE Transportation, treble damages, and other remedies. The case is in its early stages, and the company intends to defend itself vigorously. |
Knorr-Bremse AG | A German air brake producer, Knorr-Bremse AG, competes with the company through its subsidiary, New York Air Brake Company, in North America. It is also the main competitor outside North America, although not in every product line or geography. The company competes with Knorr-Bremse in areas such as freight and passenger transit service and repair, as well as original equipment manufacturing. |
Amsted Rail Company, Inc. | A subsidiary of Amsted Industries Corporation, Amsted Rail Company, Inc. is one of the principal competitors in the North American OEM market. |
Electro-Motive Diesel | Owned by a subsidiary of Caterpillar, Electro-Motive Diesel is the primary competitor for locomotives. |
CRRC Corporation Limited | A China-based manufacturer of rolling stock, CRRC Corporation Limited competes with the company in certain product lines and geographies. Depending on the product line and geography, the company may also compete with its customers, including CRRC. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Evident's Inspection Technologies | 2025 | Wabtec’s planned acquisition of Evident's Inspection Technologies division is valued at $1.78 billion (about $1.68 billion after tax benefits) and will be financed through cash, a revolving credit facility, and an additional term loan; it aims to expand the Digital Intelligence business by adding advanced automated inspection capabilities and predictive maintenance solutions, with completion expected by the end of the first half of 2025. |
L&M Radiator, Inc. | 2023 | Completed in the second quarter of 2023, this acquisition, valued at approximately $223–245 million, enhances Wabtec’s portfolio in premium heat transfer solutions for the mining sector, adds expected sales of $130 million, and includes recognition of significant goodwill and intangible assets. |
Beena Vision | 2022 | Acquired in the second quarter of 2022 as part of a combined purchase worth $69 million (with ARINC), Beena Vision was targeted to expand Wabtec's digital business portfolio and contribute to the growth of the Digital Electronics segment. |
ARINC | 2022 | Also completed in the second quarter of 2022, ARINC was acquired with Beena Vision for a combined $69 million deal, strengthening Wabtec’s digital business capabilities and contributing to revenue growth in the Digital Electronics segment. |
Recent press releases and 8-K filings for WAB.
- The company filed an 8-K report on April 23, 2025 for the Q1 2025 period, detailing key events and compliance updates.
- The filing includes financial statements and exhibits, notably the Amended and Restated Credit Agreement with multiple lenders.
- Detailed lender commitments and credit facility structures are provided, underscoring the company’s adherence to stipulated credit covenants.
- Q1 2025 results: Delivered $2.61B in sales with GAAP EPS of $1.88 and adjusted EPS of $2.28, reflecting solid growth driven by the Freight and Transit segments
- Updated 2025 guidance: Revised to a midpoint adjusted EPS range of $8.35–$8.95 (up $0.10) and maintained revenue expectations at $10.725B–$11.025B, underpinned by enhanced cost controls and integration initiatives
- Strong liquidity & capital allocation: Q1 cash flow reached $191M, with liquidity at $2.54B, alongside $98M in share repurchases and a 25% increase in dividends
- Improved operating margins: GAAP margins climbed to 18.2% and adjusted margins to 21.7%, bolstered by higher sales and improved gross margins
- Robust business demand: Achieved a 12‑month backlog of $8.2B, reflecting continued market strength
- Background Transformation: Wabtec, originally known for its railcar components, has evolved through major acquisitions—doubling in size in late 2016 and again after merging with GE—to become a consolidated entity with a global installed base of 23,000 locomotives.
- Revised 5-Year Guidance: The company has refreshed its outlook with plans for mid-single digit revenue growth, over 350 basis points in margin expansion, and double-digit EPS growth, having already achieved previous 5-year targets in just 3 years.
- Integration and Cost Synergies: Emphasis is placed on operational improvements through Integration 2.0 and the newly announced Integration 3.0, which target further cost savings and enhanced revenue synergies, including a recent move to shed low-margin, non-core assets.
- Capital Allocation and Strategic M&A: A disciplined capital strategy is highlighted with a focus on maintaining a strong balance sheet, executing strategic acquisitions—including a $1.8 billion deal for Evident Inspection Technologies and a $1 billion transaction for Dellner Couplers—and returning excess cash to shareholders through buybacks.