Westinghouse Air Brake Technologies Corp.

Overview Key strengths Key risks Despite concentration in the rail markets, a diverse revenue stream between freight and transit. Slightly higher adjusted debt leverage relative to similarly rated peers. High share of aftermarket revenues provides some revenue visibility and stability compared to peers. Exposure to highly competitive and cyclical rail freight market. High entry barriers in the railway industry, including regulatory approvals. Even in the face of sluggish macroeconomic growth, Westinghouse Air Brake Technologies Corp. (Wabtec) has displayed impressive growth. While the company is narrowly focused on the cyclical rail industry, S&P Global Ratings believes its geographic diversification, its exposure to both freight and transit, as well as its balance between aftermarket and original equipment serves it well. For year-to-date

...Sales should grow to over $9 billion this year. Even in the face of sluggish macroeconomic growth, Westinghouse Air Brake Technologies Corp. (Wabtec) has displayed impressive growth. While the company is narrowly focused on the cyclical rail industry, S&P Global Ratings believes its geographic diversification, its exposure to both freight and transit, as well as its balance between aftermarket and original equipment serves it well. For year-to-date 2023, through June 30, the company's sales grew by 15.7%, with the split of growth roughly equal between goods...

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