WAB - Why Wabtec Shares Are Moving Higher Today | Benzinga
Westinghouse Air Brake Technologies Corporation (NYSE: WAB) (Wabtec) shares are trading higher after the company reported beat-and-raise third-quarter FY23 results.
WAB reported sales growth of 22.5% Y/Y to $2.55 billion, beating the consensus of $2.40 billion.
Sales growth was driven by significantly higher Freight segment sales (+23.4%) and increased Transit segment sales (+20%).
Adjusted gross margin expanded 10 basis points to 31.5%, and the adjusted operating margin was 17.9%, up 150 basis points.
At the end of the quarter, the total backlog stood at ...