ae278ffa1dd9a8504bfb94be7a669307c0a40b8cdb3db68112fe25fe446b6930

9c789b233cebb5f127bfc91225c616dfb412a4b9941642698bb890255e131a55

0dd79db6debe7de033e1d9178604234898a7acb5d7605914a03323df3cc2ca7b

e9ab11ad0674f612dc3f3f1a7adaa960094fd9af0f68a07596a1b7cda1af9e62

| Metric (USD Million) | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **Freight Segment**  | 1,669  **[0001628280-23-003617_wab4q22earningsdeckvfina.htm:10]**  | 1,566  **[0001628280-23-013053_wab1q23earningsdeckvfina.htm:4]**  | 1,708  **[0001628280-23-025856_wab-20230630.htm:34]**  | 1,890  **[0001628280-23-035033_a3q23wabearningspresenta.htm:5]**  | 1,798  **[WAB_3373223_4]**  | 1,824  **[0001628280-24-017522_a1q24pressreleaseword.htm:1]**  | 1,920  **[0001628280-24-032688_a2q24pressreleaseword.htm:1]**  | 1,930  **[0001628280-24-043347_a3q24pressreleaseword.htm:1]**  |
| **Transit Segment**  | 637  **[0001628280-23-003617_wab4q22earningsdeckvfina.htm:10]**   | 628  **[0001628280-23-013053_wab1q23earningsdeckvfina.htm:4]**   | 699  **[0001628280-23-025856_wab-20230630.htm:34]**   | 660  **[0001628280-23-035033_a3q23wabearningspresenta.htm:5]**   | 728  **[WAB_3373223_4]**   | 673  **[0001628280-24-017522_a1q24pressreleaseword.htm:1]**   | 724  **[0001628280-24-032688_a2q24pressreleaseword.htm:1]**   | 733  **[0001628280-24-043347_a3q24pressreleaseword.htm:1]**   |
| **Equipment**        | 430  **[0001628280-23-003617_wab4q22earningsdeckvfina.htm:9]**  | 393  **[0001628280-23-013053_wab1q23earningsdeckvfina.htm:4]**  | 415  **[0001628280-23-025818_a2q23wabearningspresenta.htm:4]**  | 615  **[0001628280-23-035033_a3q23wabearningspresenta.htm:5]**  | 347  **[0001628280-24-004626_wab4q23earningspresentat.htm:11]**  | 526  **[0001628280-24-017577_wab-20240331.htm:27]**  | 570  **[0001628280-24-032688_wab2q24earningspresentat.htm:5]**   | 513  **[0001628280-24-043347_a3q24pressreleaseword.htm:10]**  |
| **Components**       | 241  **[0001628280-23-003617_wab4q22earningsdeckvfina.htm:9]**  | 279  **[0001628280-23-013053_wab1q23earningsdeckvfina.htm:4]**  | 288  **[0001628280-23-025818_a2q23wabearningspresenta.htm:4]**  | 307  **[0001628280-23-035033_a3q23wabearningspresenta.htm:5]**  | 283  **[0001628280-24-004626_wab4q23earningspresentat.htm:11]**  | 293  **[0001628280-24-017577_wab-20240331.htm:27]**  | 322  **[0001628280-24-032688_wab2q24earningspresentat.htm:5]**   | 296  **[0001628280-24-043347_a3q24pressreleaseword.htm:10]**  |
| **Digital Intelligence** | 225  **[0001628280-23-003617_wab4q22earningsdeckvfina.htm:9]**  | 187  **[0001628280-23-013053_wab1q23earningsdeckvfina.htm:4]**  | 195  **[0001628280-23-025818_a2q23wabearningspresenta.htm:4]**  | 181  **[0001628280-23-035033_a3q23wabearningspresenta.htm:5]**  | 210  **[0001628280-24-004626_wab4q23earningspresentat.htm:11]**  | 176  **[0001628280-24-017577_wab-20240331.htm:27]**  | 199  **[0001628280-24-032688_wab2q24earningspresentat.htm:5]**   | 204  **[0001628280-24-043347_a3q24pressreleaseword.htm:10]**  |
| **Services**         | 773  **[0001628280-23-003617_wab4q22earningsdeckvfina.htm:9]**  | 707  **[0001628280-23-013053_wab1q23earningsdeckvfina.htm:4]**  | 810  **[0001628280-23-025818_a2q23wabearningspresenta.htm:4]**  | 787  **[0001628280-23-035033_a3q23wabearningspresenta.htm:5]**  | 958  **[0001628280-24-004626_wab4q23earningspresentat.htm:11]**  | 829  **[0001628280-24-017577_wab-20240331.htm:27]**  | 829  **[0001628280-24-032688_wab2q24earningspresentat.htm:5]**   | 917  **[0001628280-24-043347_a3q24pressreleaseword.htm:10]**  |
| **OEM (Transit)**    | N/A       | 282  **[0001628280-23-013053_wab1q23earningsdeckvfina.htm:4]**  | N/A       | N/A       | 326  **[0001628280-24-004626_wab4q23earningspresentat.htm:11]**  | 310  **[0001628280-24-017577_wab-20240331.htm:27]**  | 310  **[0001628280-24-032688_a2q24pressreleaseword.htm:10]**  | 349  **[0001628280-24-043347_a3q24pressreleaseword.htm:10]**  |
| **Aftermarket (Transit)** | N/A   | 346  **[0001628280-23-013053_wab1q23earningsdeckvfina.htm:4]**  | N/A       | N/A       | 402  **[0001628280-24-004626_wab4q23earningspresentat.htm:11]**  | 363  **[0001628280-24-017577_wab-20240331.htm:27]**  | 414  **[0001628280-24-032688_a2q24pressreleaseword.htm:10]**  | 384  **[0001628280-24-043347_a3q24pressreleaseword.htm:10]**  |

e7e2d92612da9cf9b1e06b243cc7c0eed911c9ae251c5ab53b889d2b92865777

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 **[0001628280-24-004774_wab-20231231.htm:5]**. Wabtec's operations span over 100 countries, with a significant portion of its sales coming from international customers **[0001628280-24-004774_wab-20231231.htm:48]** **[0001628280-24-043365_wab-20240930.htm:33]**.

1. **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.
2. **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.
3. **Digital Intelligence Products** - Develops products such as Positive Train Control equipment and railway electronics.
4. **Transport Intelligence and Logistics Solutions** - Provides network optimization and logistics solutions for the transportation industry.
5. **Marine and Mining Products** - Offers engines and electric motors for marine and mining applications.

8c2a0666e7315940bfc1af7bcba7853f80ba8a7545ba1c423135dda1cb74ddf7

1. "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?  **[WAB_3403356_1]** "

2. "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?  **[WAB_3403356_1]** "

3. "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?  **[WAB_3403356_11]** "

4. "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**?  **[WAB_3403356_21]** **[WAB_3403356_22]** "

5. "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?  **[WAB_3403356_5]** **[WAB_3403356_11]** "

e42b984efcf57156c6926ae54413d0160d5a6157422cbd45159ad201143830cc

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: FY 2024
- **Guidance**:
  - **Adjusted EPS**: Expected to be in the range of **$7.45 to $7.65**, representing a midpoint increase of **27.5%**  **[WAB_3403356_6]** .
  - **Revenue and Cash Flow Conversion**: Greater than **90% cash conversion** for the full year  **[WAB_3403356_6]** **[WAB_3403356_5]** .
  - **Organic Growth and EPS Growth**: Mid-single-digit organic growth and double-digit EPS growth  **[WAB_3403356_6]** **[WAB_3403356_7]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  - **Adjusted EPS**: Expected to be in the range of **$7.20 to $7.50**, up 24.2% at the midpoint  **[WAB_3394095_5]** .
  - **Revenue and Cash Flow Conversion**: Greater than **90% cash conversion** for the full year  **[WAB_3394095_4]** .
  - **Organic Growth**: Mid-single-digit organic growth and double-digit EPS growth  **[WAB_3394095_5]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024
- **Guidance**:
  - **Sales**: Expected to be **$10.4 billion** at the midpoint, a **7.5% increase** from the previous year  **[WAB_3380425_6]** .
  - **Adjusted EPS**: Expected to be between **$7.00 and $7.40** per share, an increase of about **21.5%** at the midpoint  **[WAB_3380425_6]** .
  - **Cash Flow Conversion**: Greater than **90%** for the full year  **[WAB_3380425_6]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: FY 2024
- **Guidance**:
  - **Sales**: Expected to be **$10.2 billion** at the midpoint, over **5% growth** compared to the previous year  **[WAB_3373223_7]** .
  - **Adjusted EPS**: Midpoint of **$6.70 per share**, up about **13%** from the previous year  **[WAB_3373223_7]** .
  - **Cash Flow Conversion**: Greater than **90%**  **[WAB_3373223_7]** .
  - **Revenue Growth**: Higher in the first half of the year compared to the second half  **[WAB_3373223_9]** .
  - **Operating Margins**: Expected to be up versus 2023, with modestly higher margin growth in the first half  **[WAB_3373223_9]** .
  - **Integration 2.0 Savings**: Expected to ramp significantly, from **$22 million** at the end of 2023 to **$75 million to $90 million** by the end of 2025  **[WAB_3373223_19]** .
  - **Portfolio Optimization**: Exit of nonstrategic product lines, improving focus and profitability  **[WAB_3373223_6]** .

2acc9001c2f99bc2178a55276948e3ae0586d9065d80b78aa5e050156a76a9d6

1b16f766267c3e8eb34ef0bc0c6de1c2ac8966ec3a0ccb60e6b6e81e106fd877

**Annual guidance for FY 2024:**
- **Adjusted EPS**: $7.45 to $7.65  **[WAB_3403356_6]**  (no change from $7.45 to $7.65  **[WAB_3403356_6]** )  
- **Revenue Growth**: Mid-single-digit organic growth  **[WAB_3403356_6]**  (no change from mid-single-digit organic growth  **[WAB_3403356_6]** **[WAB_3403356_7]** )  
- **EPS Growth**: Double-digit EPS growth  **[WAB_3403356_6]**  (no change from double-digit EPS growth  **[WAB_3403356_6]** **[WAB_3403356_7]** )  
- **Cash Flow Conversion**: Greater than 90%  **[WAB_3403356_5]**  (no change from greater than 90%  **[WAB_3403356_6]** **[WAB_3403356_5]** )

3ae57d7c3a7ea88a22aeeacc2ea9375f06475a1852a86a258d57571c8b1a49d6

| Name               | Position                                                                 | Start Date       | Short Bio                                                                                                                                                                                                                                                                                                                                 |
|--------------------|--------------------------------------------------------------------------|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Rafael Santana     | President and Chief Executive Officer                                    | July 1, 2019     | Rafael Santana has been serving as the President and Chief Executive Officer of Wabtec since July 1, 2019. Before this role, he was the President and CEO of GE Transportation from November 2017 to February 2019. He joined GE in 2000 and held various global leadership roles  **[0001628280-24-004774_wab-20231231.htm:20]** **[0001140361-24-017812_ny20012397x1_def14a.htm:8]** **[0001104659-23-041902_tm2231663d2_def14a.htm:13]** .                                          |
| David L. DeNinno   | Executive Vice President, General Counsel and Secretary                   | December 2016    | David L. DeNinno was named Executive Vice President, General Counsel and Secretary of Wabtec effective December 2016. Prior to this role, he served as Senior Vice President, General Counsel and Secretary since February 2012  **[0001628280-24-004774_wab-20231231.htm:20]** .                                                                                                     |
| John A. Olin       | Executive Vice President and Chief Financial Officer                      | October 1, 2021  | John A. Olin was named Executive Vice President and Chief Financial Officer of Wabtec effective October 1, 2021. Before joining Wabtec, he served as Senior Vice President and CFO of Harley-Davidson  **[0001628280-24-004774_wab-20231231.htm:20]** **[0001628280-23-003675_wab-20221231.htm:23]** .                                                                                                                            |
| Nicole Theophilus  | Executive Vice President and Chief Human Resources Officer                | October 2020     | Nicole Theophilus was named Executive Vice President and Chief Human Resources Officer at Wabtec in October 2020. Prior to joining Wabtec, she served as Chief Human Resource Officer of West Corporation from March 2016 through February 2018  **[0001628280-24-004774_wab-20231231.htm:20]** **[0001628280-23-003675_wab-20221231.htm:23]** .                                                                                  |
| Eric Gebhardt      | Executive Vice President and Chief Technology Officer                     | October 2020     | Eric Gebhardt was named Executive Vice President and Chief Technology Officer at Wabtec in October 2020. Before joining Wabtec, he served as Managing Director of KCK-US from May 2019 through September 2020  **[0001628280-24-004774_wab-20231231.htm:21]** **[0001628280-23-003675_wab-20221231.htm:24]** .                                                                                                                     |
| Gina Trombley      | Executive Vice President, Sales & Marketing & Chief Commercial Officer - Americas | September 8, 2020 | Gina Trombley was named Executive Vice President, Sales & Marketing & Chief Commercial Officer - Americas at Wabtec, effective September 8, 2020. Prior to joining Wabtec, she served in various executive roles at Bombardier Transportation  **[0001628280-24-004774_wab-20231231.htm:21]** **[0001628280-23-003675_wab-20221231.htm:24]** .                                                                                     |
| Greg Sbrocco       | Executive Vice President, Global Operations                               | February 2019    | Greg Sbrocco was named Executive Vice President, Global Operations in February 2019. Prior to this, he served as Global Supply Chain Leader for GE Transportation since September 2014  **[0001628280-24-004774_wab-20231231.htm:21]** **[0001628280-23-003675_wab-20221231.htm:24]** .                                                                                                                                            |
| Michael E. Fetsko  | President, Freight and Industrial Components                              | January 2017     | Michael E. Fetsko was named President, Freight and Industrial Components at Wabtec effective January 2017. Prior to this role, he served as Vice President and Group Executive from January 2014  **[0001628280-24-004774_wab-20231231.htm:21]** **[0001628280-23-003675_wab-20221231.htm:24]** .                                                                                                                                |
| Alicia Hammersmith | President, Freight Services                                               | April 2023       | Alicia Hammersmith was named President, Freight Services in April 2023. Prior to this role, she served as Group Vice President, Transit Operations from 2020 to 2023  **[0001628280-24-004774_wab-20231231.htm:21]** .                                                                                                                                                               |
| Rogerio Mendonca   | President, Freight Equipment                                              | February 2021    | Rogerio Mendonca was named President, Freight Equipment at Wabtec in February 2021. Prior to this role, he served as Vice President for Baker Hughes starting in July 2017  **[0001628280-24-004774_wab-20231231.htm:21]** **[0001628280-23-003675_wab-20221231.htm:24]** .                                                                                                                                                      |
| Nalin Jain         | President, Digital Intelligence                                           | December 2020    | Nalin Jain was named President of the Digital Intelligence business at Wabtec effective December 2020. Prior to this role, he served as President, Global Equipment since May 2019  **[0001628280-24-004774_wab-20231231.htm:21]** **[0001628280-23-003675_wab-20221231.htm:24]** .                                                                                                                                              |
| Pascal Schweitzer  | President, Transit                                                        | April 2023       | Pascal Schweitzer was named President, Transit in April 2023. Prior to this role, he served as President, Freight Services from February 2019 to April 2023  **[0001628280-24-004774_wab-20231231.htm:21]** **[0001628280-24-004774_wab-20231231.htm:20]** .                                                                                                                                                                     |
| Lillian Leroux     | Chief Strategy and Sustainability Officer                                 | April 2023       | Lillian Leroux was named Chief Strategy and Sustainability Officer in April 2023. Prior to this role, he served as President, Transit from March 2019 to April 2023  **[0001628280-24-004774_wab-20231231.htm:22]** **[0001628280-24-004774_wab-20231231.htm:20]** .                                                                                                                                                             |
| John A. Mastalerz  | Senior Vice President of Finance and Chief Accounting Officer             | February 2020    | John A. Mastalerz was named Senior Vice President of Finance and Chief Accounting Officer at Wabtec in February 2020. Prior to this role, he served as Senior Vice President, Corporate Controller and Principal Accounting Officer from July 2017 to February 2020  **[0001628280-24-004774_wab-20231231.htm:22]** **[0001628280-23-003675_wab-20221231.htm:25]** .                                                              |
| Kristine Kubacki   | Vice President, Investor Relations                                        | April 2019       | Kristine Kubacki was named Vice President of Investor Relations at Wabtec in April 2019. Before joining Wabtec, she worked on Wall Street as a sell-side equity analyst covering industrials from January 2004 to April 2019  **[0001628280-24-004774_wab-20231231.htm:22]** **[0001628280-23-003675_wab-20221231.htm:25]** .                                                                                                     |

b873f1360d55a35393063c047ba86d653be05805b11ba10dbb1c09412f38e06f

| Program Details          | Program 1       |
|--------------------------|-----------------|
| Approval Date            | February 9, 2024  **[0001628280-24-043365_wab-20240930.htm:47]** **[0001628280-24-043365_wab-20240930.htm:54]**  |
| End Date/Duration        | No time limit  **[0001628280-24-043365_wab-20240930.htm:47]** **[0001628280-24-043365_wab-20240930.htm:54]**  |
| Total additional amount  | **$1 billion**  **[0001628280-24-043365_wab-20240930.htm:47]** **[0001628280-24-043365_wab-20240930.htm:54]**  |
| Remaining authorization amount | **$123 million** (as of September 30, 2024)  **[0001628280-24-043365_wab-20240930.htm:47]** **[0001628280-24-043365_wab-20240930.htm:54]**  |
| Details                  | The program allows the company to repurchase shares at any time based on market conditions, capital needs, and other factors. Purchases can be made through open market or privately negotiated transactions and may be conducted pursuant to a Rule 10b5-1 plan. The program conforms to the requirements under the 2022 Credit Agreement, the 2024 Credit Agreement, and the indentures for the Senior Notes currently outstanding.  **[0001628280-24-017577_wab-20240331.htm:38]** **[0001628280-24-043365_wab-20240930.htm:47]** **[0001628280-24-032762_wab-20240630.htm:45]**  |

dd91b3333d3a9eb3caafc5935ec48a03b46d8bbddacdd1a27379c98b96f9962f

37407272b544f53dac4fb201c3e016be5c54e2082a1dad81177201cbbe7ddedd

f3d61ec0f28e9f99afd53060b7a89054d32b8b0ebd3e62699a4c1b78c9764884

| Name               | Start Date | End Date | Reason for Change |
|--------------------|------------|----------|-------------------|
| Ernst & Young LLP | 2002       | Present  | Current auditor   |

7d0b66a4dd0164ae7315721d6c125c001828f6afb7a4392008112eb243f39ab2

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

e72dd0826493526cda87e973cc267ef07a6733bac1aef7ba2b5e94c538f1e9fb

Value of multi-year Tier 4 locomotive order in North America (USD millions)

Value of multi-year locomotive order in Kazakhstan (USD millions)

Value of long-term parts agreement with a Class I railroad (USD millions)

Value of first multi-year service contract with a customer in Brazil (USD millions)

Integration 2.0 synergy target (USD millions)

Number of projected facility closures due to Integration 2.0 (count)

Number of employees impacted by Integration 2.0 (employees)

73e3a226da4fdb2619f4b74e7e74cc55256f0f6c30da609eccb6cc23c16a74e8

| Year | Amount Due (in millions) | Debt Type                     | Interest Rate (%) | % of Total Debt                                                                                     |
|----------|------------------------------|------------------------------------|------------------------|---------------------------------------------------------------------------------------------------------|
| 2024     | $500                         | 4.15% Senior Notes                | 3.9                   | 12.4% = (500 / 4,017) * 100 **[0001628280-24-043365_wab-20240930.htm:18]** **[0001628280-24-043365_wab-20240930.htm:2]**                                                             |
| 2025     | $500                         | 3.20% Senior Notes                | 3.4                   | 12.4% = (500 / 4,017) * 100 **[0001628280-24-043365_wab-20240930.htm:18]**                                                                     |
| 2026     | $750                         | 3.45% Senior Notes                | 3.5                   | 18.7% = (750 / 4,017) * 100 **[0001628280-24-043365_wab-20240930.htm:18]**                                                                     |
| 2027     | €500 (~$552)                 | 1.25% Senior Notes (EUR)          | 1.5                   | 13.7% = (552 / 4,017) * 100 **[0001628280-24-043365_wab-20240930.htm:18]**                                                                     |
| 2028     | $1,250                       | 4.70% Senior Notes                | 4.8                   | 31.1% = (1,250 / 4,017) * 100 **[0001628280-24-043365_wab-20240930.htm:18]**                                                                   |
| 2029     | $225                         | Term Loan under 2024 Credit Agreement | 6.7                   | 5.6% = (225 / 4,017) * 100 **[0001628280-24-043365_wab-20240930.htm:18]**                                                                      |
| 2034     | $500                         | 5.611% Senior Notes               | 5.7                   | 12.4% = (500 / 4,017) * 100 **[0001628280-24-043365_wab-20240930.htm:18]**                                                                     |

e195159f4e5b9f8341bacff9f353a7a3b7fe21fb9ea442bca6e737f8fa0df8ac

1. **2025 Growth Outlook**  
   **Q:** What's your preliminary guidance for 2025?  
   **A:** It's early to provide guidance, but our fundamentals are strong. We're finishing 2024 with all businesses growing. Year-to-date orders are up **double digits**, and profitability is up across the board. We expect to continue driving **mid-single-digit organic growth** and delivering **double-digit EPS growth** through our planning horizon.  **[WAB_3403356_7]** 

2. **Freight Margins Sustainability**  
   **Q:** How sustainable are current Freight margins?  
   **A:** Freight margins were strong at **24%**, up **1.8 percentage points**, driven by favorable mix and cost improvements. We benefited from higher-margin services and overhauls. While we expect mix pressure in Q4 due to a shift in production, overall margins should remain higher year-over-year but slightly down sequentially. Productivity and cost actions are supporting margins.  **[WAB_3403356_9]** 

3. **Integration 2.0 Savings**  
   **Q:** What's the progress on Integration 2.0 savings?  
   **A:** We're ahead of expectations on Integration 2.0 savings. After $22 million in savings last year, we're targeting a midpoint of **$82.5 million**, leaving a ramp of **$60 million** over 2024 and 2025. We're getting more savings earlier, contributing to raising our guidance. Most of the spending is behind us, with **$140 million** spent to date, at the low end of our range.  **[WAB_3403356_8]** 

4. **International Orders and Margins**  
   **Q:** How are international orders impacting margins?  
   **A:** International growth is strong, positively impacting revenue and margins. Margins vary by country and contract; some international business has higher margins than North America, some lower. We're seeing growth in markets like Africa, Kazakhstan, South America, and Australia, with deliveries over 2025 and 2026. We're pleased with the profitability from international markets.  **[WAB_3403356_11]** 

5. **Capital Allocation and M&A**  
   **Q:** What's your approach to M&A and capital allocation?  
   **A:** Our capital allocation strategy focuses on profitable organic growth and M&A. We have the strongest M&A pipeline we've had, targeting opportunities with high recurring revenue, bolt-ons, digital, and service-related businesses. If returns are strong, we'll act quickly; if not, we'll continue returning value to shareholders through share repurchases, as we did with **$600 million** repurchased this quarter.  **[WAB_3403356_12]** **[WAB_3403356_13]** 

6. **Transit Backlog and Margins**  
   **Q:** What's the outlook for Transit backlog and margins?  
   **A:** We're pleased with progress in Transit. Backlog grew despite focusing on higher-margin projects. We're driving simplification and improving margins, now in the **mid-teens** and expected to continue expanding. While quarterly variations may occur due to mix and project timing, we expect profit growth and sustained margin improvement. The profitability of the backlog has increased.  **[WAB_3403356_10]** 

7. **Locomotive CapEx Reductions**  
   **Q:** Are North American customers reducing locomotive CapEx?  
   **A:** We're seeing mixed dynamics in North America, with continued demand for new locomotives and modernizations. While some customers may adjust CapEx plans, railroads are investing in reliability, efficiency, and cost improvements, not necessarily for carload growth. We're positive about innovation opportunities to help customers improve operating ratios and service levels.  **[WAB_3403356_14]** 

8. **Working Capital Management**  
   **Q:** What's driving improvements in receivables and cash flow?  
   **A:** Cash flow is strong, with **$1.1 billion** year-to-date, up over **100%** versus last year. Receivables are up **6.5%**, while revenue is up **9.1%**, reflecting good working capital management. We utilized **$95 million** in securitizations this quarter, benefiting cash flow. We're effectively managing receivables to match company growth.  **[WAB_3403356_15]** **[WAB_3403356_16]** 

9. **Regulatory Outlook (EPA Regulations)**  
   **Q:** How are EPA regulations impacting your strategy?  
   **A:** EPA definitions validate our strategy of making engines fuel-agnostic, capable of running on alternative fuels like hydrogen and biofuels. Liquid hydrogen internal combustion engines are classified as near-zero or zero emissions. This supports our commitment to providing best-in-class products to help customers achieve decarbonization goals across regions.  **[WAB_3403356_20]** 

10. **Digital Business Performance**  
    **Q:** What's the outlook for the Digital business internationally?  
    **A:** We're seeing growth in our Digital business, especially internationally, with products like PTC and KinetiX gaining momentum. We're transforming the business toward more recurring revenues rather than one-time sales. While North America remains softer, international markets are adopting our digital solutions faster, driven by regulations and efficiency needs.  **[WAB_3403356_22]** 

9382948286f4583aa219232d204a51c15076d84832cc0505acb059e3fca69312

- **Wabtec is targeting a multibillion-dollar opportunity** in international markets, especially in Positive Train Control (PTC) orders outside of North America, indicating significant growth potential.  **[WAB_3394095_25]**
- The company has **good momentum from lean initiatives and productivity cost actions**, which are expected to **expand margins ahead**, contributing to profitability growth.  **[WAB_3394095_15]**
- **Despite mixed signals in North America, Wabtec secured a significant order in Q2** and continues to innovate with modernization programs like the EVO product, leading to sustained customer demand and revenue growth.  **[WAB_3394095_11]**

5168a01fbc2ab69cc27e388d09d578810ed364e182c298a79472c6637c373aa7

1. **Margin Outlook**  
   **Q:** Why are margins lower in second half?  
   **A:** Margins benefited from favorable mix in the first half, but this mix will become a headwind in the second half, leading to margins below **18%**. The first half also had strong absorption that won't be present in the back half.  **[WAB_3394095_7]** **[WAB_3394095_14]** **[WAB_3394095_18]** 

2. **Large Locomotive Order**  
   **Q:** Details on the $600M Tier 4 order?  
   **A:** We received a **$600-plus million** Tier 4 locomotive order, one of the largest in a while. It's included in the Q2 backlog and will be executed between **2025 and 2026**, highlighting the strength of our international pipeline.  **[WAB_3394095_6]** 

3. **Cash Flow and Capital Allocation**  
   **Q:** Outlook for cash flow and capital allocation?  
   **A:** First-half cash flow is robust, up **$469 million** year-over-year due to improved working capital. We're expecting over **90%** cash conversion and will prioritize M&A and share buybacks to return value to shareholders.  **[WAB_3394095_9]** 

4. **M&A Pipeline**  
   **Q:** Update on M&A opportunities?  
   **A:** Our M&A pipeline is as robust as ever. We're being opportunistic, focusing on driving higher **ROIC** and faster profitable growth.  **[WAB_3394095_8]** 

5. **Market Outlook**  
   **Q:** How is customer demand evolving?  
   **A:** International markets show strong demand with significant orders, reflecting a strong pipeline into **2026 and 2027**. North America is mixed and customer-specific, with investments tied to value and fleet modernization needs.  **[WAB_3394095_10]** **[WAB_3394095_11]** 

6. **Digital Segment Growth**  
   **Q:** What are prospects for digital business?  
   **A:** The digital business is a **multibillion-dollar** opportunity. We're highly penetrated in North America but see significant international growth potential, despite current softness driven by discretionary OpEx in the U.S.  **[WAB_3394095_13]** **[WAB_3394095_24]** **[WAB_3394095_25]** 

7. **Backlog and Order Book**  
   **Q:** Is backlog growth sustainable?  
   **A:** We have strong coverage looking 12 months ahead, with a solid pipeline of opportunities extending into **2026 and 2027**. While backlog may vary quarter to quarter, overall dynamics are positive.  **[WAB_3394095_6]** **[WAB_3394095_20]** 

8. **Regulatory Impacts**  
   **Q:** Effect of Chevron case on customers?  
   **A:** While regulatory uncertainties exist post-Chevron ruling, we've not seen a significant change in customer behavior. We're continuing robust conversations about fleet needs.  **[WAB_3394095_17]** **[WAB_3394095_19]** 

9. **Market Share Gains**  
   **Q:** Are market share gains sustainable?  
   **A:** We've gained market share due to availability during supply disruptions, and much of that share is sticking. This reflects the value and full service we provide to customers.  **[WAB_3394095_19]** 

10. **Transit Margins**  
    **Q:** Outlook for transit margins?  
    **A:** We expect the transit business to grow **3–5%**, with improved margins from disciplined order intake and higher profitability in the backlog, despite variations quarter to quarter.  **[WAB_3394095_23]** **[WAB_3394095_26]** 

9c392a98f53aa1ed896a73faa762f2d4e1116c4bf6adf3dbe983324533bc2531

1. **Freight Margins Outlook**  
   **Q:** What drove freight margins between Q3 and Q4, and what's the 2024 outlook?  
   **A:** Management explained that the perceived decline from Q3 to Q4 was due to seasonality. Company margins were up **1.7%**, with Freight segment margins increasing by **2.3 percentage points** in Q4.  **[WAB_3373223_8]**  They expect both Freight and Transit segments to grow revenue and margins in 2024.  **[WAB_3373223_8]** 

2. **Revenue Growth Guidance vs. Backlog**  
   **Q:** Why is revenue growth guidance at 5% when the backlog is up 10%?  
   **A:** Despite a **10%** increase in backlog, the conservative 5% revenue growth guidance accounts for factors like low North American carloads, increased parking, and a decline in freight car builds.  **[WAB_3373223_10]** **[WAB_3373223_21]**  The company aims to overdeliver, with improved backlog coverage extending beyond 2024.  **[WAB_3373223_10]** 

3. **Mods and New Locomotives Growth**  
   **Q:** Will mods and new locomotive orders continue double-digit growth in 2024?  
   **A:** Yes, both mods and new locomotives are expected to grow faster than average revenue in 2024.  **[WAB_3373223_17]**  Strong growth is anticipated, supported by recent orders and the oldest fleet on record, creating opportunities domestically and internationally.  **[WAB_3373223_17]** **[WAB_3373223_15]** 

4. **California Regulations Impact**  
   **Q:** How might California's new locomotive regulations affect demand?  
   **A:** The regulatory outcome is uncertain, but Wabtec is well-positioned.  **[WAB_3373223_13]**  Their entire installed base can utilize bio and renewable fuels, and they are testing alternative fuels like hydrogen.  **[WAB_3373223_13]**  Regulatory changes are not included in current guidance, so any impact would be a tailwind.  **[WAB_3373223_13]** 

5. **Capital Allocation and Share Buybacks**  
   **Q:** How will cash flow be used between repurchases and M&A in 2024?  
   **A:** The company will prioritize M&A over share repurchases if strategic opportunities exist; otherwise, excess cash will go to buybacks.  **[WAB_3373223_24]**  They have a new **$1 billion** share repurchase authorization, and the guidance includes expected use of cash for share buybacks and M&A in 2024.  **[WAB_3373223_24]** 

6. **Integration 2.0 and Cost Savings**  
   **Q:** What's the expected impact of Integration 2.0 on cost savings?  
   **A:** Integration 2.0 is progressing well, with a run rate of **$22 million** in savings exiting 2023.  **[WAB_3373223_19]**  They expect to exit 2025 with a run rate of **$75 million to $90 million** in savings, implying significant ramp-up over the next two years.  **[WAB_3373223_19]** **[WAB_3373223_26]** 

7. **International vs. Domestic Growth and Margins**  
   **Q:** How does international growth compare to domestic, and what's the margin impact?  
   **A:** Stronger international growth is expected, especially beyond 2024, driven by a robust pipeline.  **[WAB_3373223_20]**  Margins are project-dependent, but faster growth in new locomotives and mods may create headwinds.  **[WAB_3373223_20]** 

8. **Digital Intelligence Business Outlook**  
   **Q:** What's the outlook for the digital intelligence segment?  
   **A:** While North American demand is softer due to discretionary OpEx cuts, the pipeline remains strong internationally and in digital mining solutions.  **[WAB_3373223_18]**  Entering the railcar telematics market, a **multibillion-dollar** opportunity with **1.6 million** freight cars, is expected to propel growth.  **[WAB_3373223_18]** 

9. **North American Rail Volumes Impact**  
   **Q:** How could declining North American rail volumes affect service revenue?  
   **A:** Muted carload expectations are included in guidance.  **[WAB_3373223_28]**  Continued customer investments in productivity and cost reductions are expected to offset potential volume declines, keeping the active fleet stable.  **[WAB_3373223_28]** 

10. **Cash Flow and CapEx Expectations**  
    **Q:** Is 2% of sales a sustainable CapEx rate, and how does it affect free cash flow?  
    **A:** CapEx is expected to remain around **2%** of sales over the investment horizon.  **[WAB_3373223_14]**  This supports strong free cash flow conversion, with operating cash flow over **90%** of net income.  **[WAB_3373223_14]** 

0f81eb0dc423cbd45ef847aa2136e38e7f28c740bd6d93971f1ea68d1970f022

1. **Freight Margin Outlook**  
   **Q:** Will freight margins remain high rest of the year?  
   **A:** Management expects freight margins to be up but **not to the same extent** as in Q1.  **[WAB_3380425_7]**  Factors boosting Q1 margins—like operational execution leading to increased productivity  **[WAB_3380425_7]** , favorable mix that will turn unfavorable in the back half  **[WAB_3380425_7]** , and absorption from **17.2% revenue growth** in the Freight segment  **[WAB_3380425_7]** —won't repeat later in the year. Additionally, lapping a one-time investment added about **one-third of the margin benefit**.  **[WAB_3380425_7]**  Overall, margins are building from prior guidance, but some aspects will bring them down in the back half.  **[WAB_3380425_7]** 

2. **Impact of New Regulations**  
   **Q:** How will proposed locomotive regulations affect business?  
   **A:** The outcome of the California Air Resources Board's proposed regulations remains **fluid**.  **[WAB_3380425_8]**  Wabtec is well-positioned to support customers under all outcomes with best-in-class products offering **lowest emissions and fuel consumption**.  **[WAB_3380425_8]**  The EPA's recent standards classify liquid hydrogen for internal combustion engines as **zero emissions**, allowing their installed base to use hydrogen and aiding in transitioning to near-zero emissions with **reversible solutions**.  **[WAB_3380425_8]** 

3. **Revenue and Margin Growth Expectations**  
   **Q:** How do you view margin growth in the second half?  
   **A:** The significant majority of revenue and profit growth will be in the **first half** due to locomotive and modernization deliveries being up about **30%**.  **[WAB_3380425_9]**  In the back half, deliveries will be down slightly, shifting revenue into the first half.  **[WAB_3380425_9]**  While margins will be favorable in the first half, they will be **less so in the back half** due to mix and absorption factors.  **[WAB_3380425_9]**  Overall, management expects revenue and margin growth for the year, but at a more tempered level in the second half.  **[WAB_3380425_9]** 

4. **Capital Allocation Plans**  
   **Q:** Will you increase share buybacks or dividends?  
   **A:** With a strong balance sheet and expected free cash flow, Wabtec will prioritize **M&A** if they find accretive strategic opportunities.  **[WAB_3380425_11]**  If not, they will return excess cash to shareholders through **share repurchases**.  **[WAB_3380425_11]**  They feel good about the start of the year with **$175 million** repurchased and are looking to return all excess cash to shareholders throughout the year.  **[WAB_3380425_11]** 

5. **Alternative Fuels and Decarbonization**  
   **Q:** How are alternative fuels impacting demand?  
   **A:** Customers value transitioning to products that significantly reduce carbon emissions.  **[WAB_3380425_10]**  Wabtec's engines are prepared to use **renewable diesel and biofuels**, and they're progressing on incorporating **hydrogen**.  **[WAB_3380425_10]**  They're delivering hybrid units and the first heavy haul **battery-electric locomotive**.  **[WAB_3380425_10]**  The company is well-positioned to support customers' transitions, positively impacting order patterns and expectations.  **[WAB_3380425_10]** 

6. **Long-term Margin Targets**  
   **Q:** Are you revising long-term margin expansion targets?  
   **A:** Despite strong margin performance in Q1, management maintains their long-term targets of **mid-single-digit revenue growth** and **double-digit EPS growth**.  **[WAB_3380425_18]**  They continue to see opportunities to drive profitable growth through lean initiatives, integration progress, and portfolio optimization.  **[WAB_3380425_18]** 

7. **Cost Savings Update**  
   **Q:** What's the progress on cost savings targets?  
   **A:** Wabtec has realized **$120–$125 million** of the expected **$135–$165 million** in cost reductions, with **$22 million** in run-rate savings as of 2023.  **[WAB_3380425_19]**  They are ramping up to **$75–$90 million** in run-rate savings by 2025, with most projects approved and in execution.  **[WAB_3380425_19]**  Savings are expected to escalate over the next two years.  **[WAB_3380425_19]** 

8. **Transit Segment Growth**  
   **Q:** Is operational improvement in transit complete?  
   **A:** There is continued opportunity to drive profitable growth in transit.  **[WAB_3380425_15]**  While pleased with overall progress, significant work continues to simplify the footprint and improve margins.  **[WAB_3380425_15]**  Management is committed to expanding margins and being selective in opportunities.  **[WAB_3380425_15]**  Long-term, they expect sustainable sales growth in the range of **3% to 5%**.  **[WAB_3380425_16]** 

9. **Pricing Trends**  
   **Q:** How are pricing trends affecting margins?  
   **A:** Pricing was **up slightly** in the quarter, and costs were slightly favorable, which helped provide a little margin improvement.  **[WAB_3380425_12]** 

10. **Hydrogen Adoption Timeline**  
    **Q:** Will hydrogen locomotives be operational in 5 years?  
    **A:** Wabtec expects hydrogen to be tested, and with government support, there could be corridors introducing hydrogen as an alternative fuel into internal combustion engines.  **[WAB_3380425_22]**  Full utilization of hydrogen, such as with fuel cells, is further out and **not expected in the near or midterm**.  **[WAB_3380425_22]** 

11. **Impact of Regulatory Changes on Backlog**  
    **Q:** Will new regulations affect modernization orders?  
    **A:** Customer-specific choices may arise, but management does **not expect cancellations**.  **[WAB_3380425_21]**  There may be more consideration towards newer technology that can utilize alternative fuels, providing customers with flexibility to transition over time.  **[WAB_3380425_21]** 

12. **Locomotive Market Share**  
    **Q:** Why is Wabtec's fleet up when industry is down?  
    **A:** Wabtec's investments have positioned their fleets to offer the **most fuel-efficient engines**, reliable performance, and digital solutions like Trip Optimizer.  **[WAB_3380425_13]**  This leads to customers increasingly choosing Wabtec locomotives, validating their strategy and product differentiation.  **[WAB_3380425_13]** 

13. **Revenue Discontinuation to Optimize Margins**  
    **Q:** What's the status of exiting low-margin revenue?  
    **A:** Wabtec is moving forward with exiting approximately **$110 million** of low-margin revenue.  **[WAB_3380425_14]**  The majority will be removed this year, with some shifting into next year.  **[WAB_3380425_14]**  This action makes the midpoint of their new guidance effectively higher.  **[WAB_3380425_14]** 

14. **Alternative Fuel Economics**  
    **Q:** What are the economics of using alternative fuels?  
    **A:** Uptake varies globally based on availability and subsidies.  **[WAB_3380425_17]**  Wabtec's strategy is to offer **engines agnostic to fuel types**, providing flexibility to customers.  **[WAB_3380425_17]**  They support customers in transitioning with reversible technology and are developing zero-emission technologies, though widespread adoption and economics are still maturing.  **[WAB_3380425_17]** 

15. **Second Quarter Margin Expectations**  
    **Q:** Will freight margin expansion continue in Q2?  
    **A:** Management expects the second quarter to be strong, but **not at the same level** of revenue or margin growth as Q1.  **[WAB_3380425_20]**  Growth will be present but at a tempered level, with first-half performance being stronger due to production shifts and favorable mix.  **[WAB_3380425_20]**  Back-half growth will be more moderate.  **[WAB_3380425_20]** 

bef1327366d193fdaadba6017c8092f07eeace7e27738b3cf96fc1f79259e860

- **Margin Pressure in Second Half:** The company anticipates operating margins will decrease to below **18%** in the second half from **19.3%** in the first half due to unfavorable mix and lower absorption.  **[WAB_3394095_9]**
- **Slowing Revenue and Profit Growth:** Management expects revenue and profit growth to moderate in the second half compared to the first half, indicating a potential slowdown in the company's growth trajectory.  **[WAB_3394095_15]**
- **Uncertainty in Transit Margins:** Executives did not provide specific guidance on transit margins for the fourth quarter, which historically have seen a sizable step-up, suggesting potential concerns about sustaining past margin improvements.  **[WAB_3394095_3]**

5b68fc14f9f82cca14005e4ad7cd35e22b51325b9f5efaad4a223f1b5b339c9b

- **Anticipated increased demand for new locomotives due to regulatory changes and alternative fuel capabilities**: Management expects that potential regulatory changes will encourage customers to invest in **newer technology**, particularly locomotives capable of using **alternative fuels**, which could boost demand for Wabtec's offerings.  **[WAB_3380425_21]**
- **Continued margin improvement opportunities in the Transit segment**: The company is actively working to **simplify its footprint** and improve operations in the Transit business, offering significant potential to **drive profitable growth** and **expand margins**.  **[WAB_3380425_15]** **[WAB_3380425_16]**
- **Progress ahead of plan on cost-saving initiatives**: Wabtec is making substantial progress on its **Integration 2.0** initiative, already achieving **$120 million to $125 million** towards the expected **$135 million to $165 million** cost savings, and is on track to realize **$75 million to $90 million in run-rate savings by 2025**, enhancing profitability.  **[WAB_3380425_19]**

233e713b57ddf927237b38b6d4c6fc04a4d9946055d94e2625d818015b150ab3

- **Wabtec has the strongest pipeline of opportunities in the last 5 years**, with a **strong backlog** and significant global demand for new locomotives, modernizations, and digital technologies, as customers invest in solutions to drive reliability, productivity, safety, and fuel efficiency.  **[WAB_3373223_12]**
- **International markets are showing stronger growth**, with a **strong pipeline of deals** converting into backlog, positioning the company for **long-term strength beyond 2024**, particularly in locomotives and mining equipment.  **[WAB_3373223_20]** **[WAB_3373223_30]**
- **The fundamentals for the business are strong**, with the portfolio well positioned to provide customers significant payback amidst aging fleets and strong global drivers in mining, transit, digital, and overall freight. **Emission regulations serve as a tailwind**, improving backlog coverage beyond 2024 and positioning Wabtec to deliver ahead of long-term guidance.  **[WAB_3373223_10]**

b41be93e3f8966fba8e77c88f3ea848c85e04e1a6c495f2e6e0e9e1e3053501f

- **Wabtec anticipates revenue and margin growth to slow down significantly in the second half of 2024 compared to the first half**.  **[WAB_3380425_20]**  They expect a step down in revenue growth and margin growth due to less favorable mix and production shifts.
- **The Transit segment continues to face margin pressures due to high input costs and unfavorable mix**, with operational improvements still ongoing.  **[WAB_3380425_15]** **[WAB_3380425_11]**  The company expects variations in margins quarter-to-quarter and acknowledges that significant work remains to simplify the footprint and sustain margins.
- **Exiting $110 million of low-margin revenue could negatively impact top-line growth**, as the majority of this revenue will be removed in 2024.  **[WAB_3380425_14]**  While this may improve margins, it reduces overall sales growth, and some of the revenue exit will extend into next year as they work through exit strategies for different product lines.

18967d16f696d678d849a16f4f029ad696d17cf6acce169567f287154d9d63f1

- **Strong International Growth and Backlog**: Wabtec is experiencing continued international growth with projects in key markets like **Africa, Kazakhstan, South America, and Australia**, with discussions for locomotive deliveries extending into **2028**, indicating sustained demand and a robust pipeline.  **[WAB_3403356_12]**
- **Expansion of Digital Offerings and Recurring Revenue**: The company is expanding its digital portfolio internationally, moving from **one-time sales to more recurring revenues** in products like **PTC, Trip Optimizer, and kinetics solutions**, driving efficiency and productivity gains.  **[WAB_3403356_12]** **[WAB_3403356_22]**
- **Strategic Focus on High Recurring Revenue Streams and M&A**: Wabtec is focusing on maximizing returns through opportunistic **M&A in digital areas and near-in adjacencies** like mining, preferring **high recurring revenue streams and digital services**, supported by a strong pipeline of opportunities.  **[WAB_3403356_21]**

fe71c085388ae1209fc9b2ad7265cad3bf987e1187a1ab9618f9e9f06fe1496a

- **Softness in the North American market may impact growth prospects**, as Wabtec continues to see a softer market domestically, relying more on international momentum to drive growth.  **[WAB_3403356_22]**
- **Expected double-digit decline in Q4 services revenue** due to the timing reversal of modernizations and overhauls, which could negatively affect overall financial performance.  **[WAB_3403356_4]**
- **Potential plateauing of the North American locomotive replacement cycle**, with some customers stretching out or reducing locomotive capital expenditures, indicating that future growth may be more dependent on international markets, which could carry additional risks.  **[WAB_3403356_14]**

0027e542567b087b84f1b125e194dbf99693388c69abb0a2e1d417fc30054ee9

- Wabtec expects **mix headwinds in 2024** due to faster growth in lower-margin equipment businesses like new locomotives and modernizations, which may pressure overall margins.  **[WAB_3373223_16]**
- Despite a **10% increase in backlog**, Wabtec's **revenue growth guidance is only 5%** for 2024, lower than the **16% revenue growth** achieved last year, partly due to expected declines in North American freight car builds and continued low carloads.  **[WAB_3373223_10]**
- The **Digital Intelligence segment** experienced a **6.7% decline in sales** in Q4, driven by **lower revenues in the North American market** due to softer demand and discretionary OpEx cuts, indicating weakness in a high-margin segment.  **[WAB_3373223_4]** **[WAB_3373223_18]**

5079adf50bbbc6db4dab956f8525ebfaa3b02872ce0023326be1d9d900ac12e9

Westinghouse Air Brake Technologies Corp (WAB)

Financials