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Shares of Pittsburgh, PA-based company Westinghouse Air Brake Technologies Corporation, operating as Wabtec Corporation (WAB), have been benefiting from its consistent shareholder-friendly initiatives, as well as strength across its Freight and Transit segments. Bullish full-year 2024 earnings guidance looks encouraging and raises optimism about the stock.
The positive sentiment surrounding WAB stock is evident from the fact that the Zacks Consensus Estimate for the third quarter and full-year 2024 earnings has been revised upward in the past 60 days. The Zacks Consensus Estimate for third-quarter and full-year 2024 earnings per share (EPS) indicates growth of 9.4% and 26% from the respective 2023 figures.
The company’s long-term (three-to-five years) earnings growth rate is 16.1%, higher than its industry’s 13.4%.
Let’s delve deeper.
Solid Financial Returns for Shareholders
Highlighting its pro-investor stance, Wabtec (on Feb. 14, 2024) announced a 17.6% dividend increase, thereby raising its quarterly cash dividend from 17 cents per share to 20 cents. This quarterly dividend of 20 cents (80 cents annualized) per share gives Wabtec a 0.47% yield at the current stock price. This company’s payout ratio is 11%, with a five-year dividend growth rate of 12.34%.
Westinghouse Air Brake Technologies Corporation Dividend Yield (TTM)
Westinghouse Air Brake Technologies Corporation dividend-yield-ttm | Westinghouse Air Brake Technologies Corporation Quote
Wabtec’s bottom line has been benefiting from its consistent efforts to reward its shareholders through dividends and share buybacks. In 2022, WAB paid dividends of $111 million and repurchased shares worth $473 million. In 2023, WAB paid dividends of $123 million and repurchased shares worth $409 million. During the first six months of 2024, WAB paid dividends of $71 million and repurchased shares worth $375 million. Such shareholder-friendly moves instill investors’ confidence and positively impact the company’s bottom line.
Dividend-paying stocks provide a solid income stream and have fewer chances of experiencing wild price swings. Dividend stocks, like WAB, are safe bets for creating wealth, as the payouts generally act as a hedge against economic uncertainty like the current scenario.
Segmental Strength Boosts WAB’s Top Line
Wabtec’s top line has been benefiting from higher sales across its Freight and Transit segments. While the Freight segment benefits from growth in services and components, the transit segment gains from strong aftermarket and original equipment manufacturing sales.
WAB is expected to continue its strong performance due to strong underlying demand and a robust backlog.The ongoing summer season is expected to provide a further boost to revenues. The Zacks Consensus Estimate for WAB’s third-quarter and fourth-quarter 2024 revenues is pegged at $2.64 billion and $2.61 billion, which indicates an improvement of 3.6% and 3.2% from 2023’s actuals, respectively.
Driven by this encouraging backdrop, management raised its current-year EPS guidance. Wabtec raised 2024 EPS guidance to the range of $7.20-$7.50 from $7.00-$7.40 guided previously. The Zacks Consensus Estimate of $7.46 lies within the updated guided range.
Wabtec’s full-year revenue guidance remains unchanged in the $10.25 billion-$10.55 billion band. The Zacks Consensus Estimate of $10.39 billion lies within the guided range.
WAB’s Price Performance Soars High
Wabtec has an impressive earnings surprise history. The company's earnings outpaced the Zacks Consensus Estimate in three of the trailing four quarters (missed the mark in the remaining quarter), delivering an average surprise of 11.83%. Driven by this upbeat earnings performance and the positives mentioned above, WAB shares have gained 37.2% so far this year, outperforming its industry as well as the S&P 500, of which the company is a key member.
Additionally, WAB’s price performance so far this year compares favorably with that of other industry players like Ryder Corporation (R) and Air Lease Corporation (AL).
YTD Price Performance
Some Other Tailwinds Working in Favor of WAB Stock
We are impressed with WAB’s healthy balance sheet. The company’s cash and equivalents increased to $595 million at the end of second-quarter 2024 from $371 million at the end of second-quarter 2023. Meanwhile, the long-term debt level has decreased to $3.5 billion at the end of second-quarter 2024 from $3.4 billion in the second quarter of 2023.
Long-Term Debt to Capitalization
Wrapping Up
Given the positives surrounding the WAB stock, as highlighted throughout the write-up, we believe that investors should add WAB stock to their portfolio for healthy returns. The Zacks Rank #2 (Buy) carried by the stock supports our thesis. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
Sept 17 (Reuters) - Air Lease Corp AL.N:
AIR LEASE CORPORATION ANNOUNCES PRICING OF $300 MILLION OFFERING OF PREFERRED STOCK
AIR LEASE CORP - PRICING TODAY OF ITS PUBLIC OFFERING OF 300,000 SHARES OF 6% FIXED-RATE WITH A LIQUIDATION PREFERENCE OF $1,000.00 PER SHARE
Source text for Eikon: (Full Story)
Further company coverage: AL.N
American Airlines AAL received encouraging tidings on the labor front when the Association of Professional Flight Attendants or APFA announced that flight attendants of the airline have ratified a new five-year contract, increasing the value of their current agreement by $4.2 billion.
With 95% of eligible flight attendants casting their votes, 87% of American Airlines flight attendants voted in favor of the contract, which takes effect from Oct. 1, 2024. This contract represents a significant milestone for American Airlines flight attendants, delivering immediate wage increases of up to 20.5% and substantial retroactive pay to compensate for the time spent negotiating.
APFA National President Julie Hedrick said, “Among the many improvements, the contract includes a new sit rig for compensation for long sits between flights, and American Airlines Flight Attendants become the first unionized workgroup to lock in pay for boarding.”
In addition to offering industry-leading pay rates, the agreement provides wage increases for future years, addresses numerous quality-of-life issues and improves the rules for scheduling, rescheduling and reserving work.
The contract negotiations started in January 2020 but paused at the height of the pandemic and resumed in June 2021. The contract becomes amenable on Oct. 1, 2029.
With U.S. airlines grappling with the labor shortage, the bargaining power of various labor groups has increased as air travel demand is buoyant, having bounced back very strongly from the pandemic lows. As a result of the increased bargaining power, various labor deals have been witnessed in the airline space of late.
AAL’s Stock Price Performance
AAL is currently encountering several headwinds, ranging from high costs to escalated debt. As a result, the stock has declined 23.4% over the past six months compared to its industry’s 2.5% uptick.
AAL’s Zacks Rank
American Airlines currently carries a Zacks Rank #3 (Hold).
Stocks to Consider
Some better-ranked stocks for investors’ consideration in the Zacks Transportation sector include C.H. Robinson Worldwide CHRW and Westinghouse Air Brake Technologies WAB.
C.H. Robinson Worldwide currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. CHRW has an expected earnings growth rate of 25.2% for the current year.
The company has an impressive earnings surprise history. Its earnings outpaced the Zacks Consensus Estimate in three of the trailing four quarters and missed once, delivering an average surprise of 7.3%. Shares of CHRW have risen 14.2% in the past year.
WAB carries a Zacks Rank #2 (Buy) at present and has an expected earnings growth rate of 26% for the current year.
The company has a discouraging track record with respect to the earnings surprise, having surpassed the Zacks Consensus Estimate in three of the trailing four quarters. The average beat is 11.8%. Shares of WAB have climbed 57.4% in the past year.
Zacks Investment Research
Delta Air Lines’ DAL top line is benefiting from strong air travel demand. The airline’s proactive measures to expand and upgrade its fleet are praiseworthy. However, DAL has been grappling with weak liquidity and increased operating expenses.
Factors Favoring Delta
Delta Air Lines’ top line is bolstered by upbeat passenger volumes due to the buoyant air travel demand scenario. In the second quarter of 2024, the airline increased its capacity, measured in available seat miles, by 8% year over year. For the September quarter of 2024, management projects capacity growth of 5% to 6% and revenue growth of 2% to 4%. Corporate travel demand surged, with recent surveys showing that 90% of companies anticipate their travel volumes will either increase or remain steady in the September quarter and beyond.
DAL's efforts to expand and upgrade its network and fleet are commendable. In the June quarter, the airline delivered 11 new aircraft, including the A321neo, A220-300 and A350-900, bringing the total for the year to 18. In the June quarter of 2024, Delta announced a strategic partnership with Riyadh Air, which will enhance connectivity and premium travel options between North America, Saudi Arabia and beyond, including future service between the United States and King Khalid International Airport in Riyadh.
The airline implemented its largest-ever international summer schedule, with more than 1,700 weekly flights to 80 destinations. Delta introduced Delta Premium Select on select JFK-LAX flights starting in September. The expansion continued with Delta launching a new route from Seattle to Taipei in June, and adding two new routes between Florida and Europe in October—Tampa to Amsterdam and Orlando to London. Delta also resumed the daily nonstop service to Tel Aviv from JFK.
Delta’s commitment to rewarding its shareholders via dividends and buybacks is encouraging. In the first half of 2024, the airline announced a 50 percent increase in its quarterly dividend, beginning in the September quarter of 2024. This was the first dividend increase announced by DAL since its resumption of quarterly dividend payments last year following the COVID-19-induced hiatus. The new quarterly dividend has become 15 cents per share (annualized 60 cents per share).
Shares of Delta Air Lines have rallied 4.3% over the past six months compared with its industry’s 1.2% growth.
Delta Air Lines: Key Risks to Watch
High operating expenses are adversely impacting Delta Air Lines’ bottom line. This surge in operating expenses is driven by the increase in labor costs.
In the second quarter of 2024, labor costs, comprising salaries and benefits (accounting for 29% of the total operating expenses), rose by 10% year over year to $4 billion in the second quarter of 2024. Fuel costs remained high.
Delta Air Lines exited the second quarter of 2024 with a current ratio (a measure of liquidity) of 0.40, raising liquidity concerns. A current ratio of less than 1 indicates that the company does not have enough cash to meet its short-term obligations.
Zacks Rank
DAL currently carries a Zacks Rank #3 (Hold).
Stocks to Consider
Some better-ranked stocks for investors’ consideration in the Zacks Transportation sector include C.H. Robinson Worldwide CHRW and Westinghouse Air Brake Technologies WAB.
C.H. Robinson Worldwide currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. CHRW has an expected earnings growth rate of 25.2% for the current year.
The company has an impressive earnings surprise history. Its earnings outpaced the Zacks Consensus Estimate in three of the trailing four quarters and missed once, delivering an average surprise of 7.3%. Shares of CHRW have risen 14.2% in the past year.
WAB carries a Zacks Rank #2 (Buy) at present and has an expected earnings growth rate of 26% for the current year.
The company has a discouraging track record with respect to the earnings surprise, having surpassed the Zacks Consensus Estimate in three of the trailing four quarters. The average beat is 11.8%. Shares of WAB have climbed 57.4% in the past year.
Zacks Investment Research
JetBlue Airways’ JBLU proactive efforts to expand its network are commendable. The company’s bottom line is bolstered by its robust cost-cutting initiatives. However, weak liquidity is a major headwind.
Factors Favoring JBLU
JetBlue Airways’ commitment to enhance both domestic and international connectivity is encouraging. The airline is all set to add 20 percent more seats in New England this winter and launch service for the first time from Manchester-Boston Regional Airport in Manchester, NH.
JetBlue is advancing its cost-saving programs, boosting the company’s bottom line. The structural cost program saved an additional $45 million in the second quarter of 2024, bringing the total to $145 million. The fleet modernization has saved costs worth $83 million. In line with its cost-cutting efforts, JBLU reached agreements to defer roughly $3 billion of capital expenditure to 2030 and beyond.
Shares of JetBlue Airways have rallied 6.8% over the past 90 days compared with its industry’s 4.6% growth.
JetBlue Airways: Risks to Watch
JetBlue Airways is grappling with weak liquidity. The company exited the second quarter of 2024 with a current ratio (a measure of liquidity) of 0.54. A current ratio of less than 1 is not desirable as it indicates that the company does not have enough cash to meet its short-term debt obligations.
In the second quarter of 2024, interest expenses rose 33.2% year over year. The company’s high debt levels are concerning.
Long-term Debt to Capitalization
Zacks Rank
JBLU currently carries a Zacks Rank #3 (Hold).
Stocks to Consider
Some better-ranked stocks for investors’ consideration in the Zacks Transportation sector include C.H. Robinson Worldwide CHRW and Westinghouse Air Brake Technologies WAB.
C.H. Robinson Worldwide currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. CHRW has an expected earnings growth rate of 25.2% for the current year.
The company has an impressive earnings surprise history. Its earnings outpaced the Zacks Consensus Estimate in three of the trailing four quarters and missed once, delivering an average surprise of 7.3%. Shares of CHRW have risen 13.9% in the past year.
WAB carries a Zacks Rank #2 (Buy) at present and has an expected earnings growth rate of 26% for the current year.
The company has a discouraging track record with respect to the earnings surprise, having surpassed the Zacks Consensus Estimate in three of the trailing four quarters. The average beat is 11.8%. Shares of WAB have climbed 56.3% in the past year.
Zacks Investment Research
It doesn't matter if you're a growth, value, income, or momentum-focused investor -- building a successful investment portfolio takes skill, research, and a little bit of luck.
But how do you find the right combination of stocks? Funding your retirement, your kids' college tuition, or your short- and long-term savings goals certainly requires significant returns.
Enter the Zacks Rank.
What is the Zacks Rank?
The Zacks Rank is a unique, proprietary stock-rating model that utilizes earnings estimate revisions to help investors build a winning portfolio.
There are four main factors behind the Zacks Rank: Agreement, Magnitude, Upside, and Surprise.
Agreement is the extent to which all brokerage analysts are revising their earnings estimates in the same direction. The greater the percentage of analysts revising their estimates higher, the better chance the stock will outperform.
Magnitude is the size of the recent change in the consensus estimate for the current and next fiscal years.
Upside is the difference between the most accurate estimate, which is calculated by Zacks, and the consensus estimate.
Surprise is made up of a company's last few quarters' earnings per share surprises; companies with a positive earnings surprise are more likely to beat expectations in the future.
Each one of these factors is given a raw score that's recalculated every night, and then compiled into the Zacks Rank. Using this data, stocks are classified into five groups, ranging from "Strong Buy" to "Strong Sell."
The Power of Institutional Investors
The Zacks Rank also allows individual investors, or retail investors, to benefit from the power of institutional investors.
Institutional investors are responsible for managing the trillions of dollars invested in mutual funds, hedge funds, and investment banks. Research has shown that these investors can and do move the market due to the large amount of money they deal with, and thus, the market tends to move in the same direction as them.
In order to figure out the fair value of a company and its shares, these investors will build valuation models focused on earnings and earnings expectations. Because if you raise estimates for the bottom line, it creates a higher fair value for a company.
With these changes, institutional investors will act, usually buying stocks with rising estimates and selling those with falling estimates. An increase in earnings expectations can potentially lead to higher stock prices and bigger gains for the investor.
Since it can often take weeks, if not months, for an institutional investor to build a position (given their size), retail investors who get in at the first sign of upward earnings estimate revisions have a distinct advantage over these larger investors, and can benefit from the expected institutional buying that will follow.
Not only can the Zacks Rank help you take advantage of trends in earnings estimate revisions, but it can also provide a way to get into stocks that are highly sought after by professionals.
How to Invest with the Zacks Rank
The Zacks Rank is known for transforming investment portfolios. In fact, a portfolio of Zacks Rank #1 (Strong Buy) stocks has beaten the market in 26 of the last 32 years, with an average annual return of +25.41%.
Moreover, stocks with a new #1 (Strong Buy) ranking have some of the biggest profit potential, while those that fell to a #4 (Sell) or #5 (Strong Sell) have some of the worst.
Let's take a look at
Westinghouse Air Brake Technologies (WAB)
, which was added to the Zacks Rank #1 list on September 14, 2024.
Westinghouse Air Brake Technologies Corporation is a provider of locomotives, value-added, technology-based equipment, systems and services to the freight rail and passenger transit industries across the globe.
For fiscal 2024, four analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.20 to $7.46 per share. WAB boasts an average earnings surprise of 11.8%.
Analysts are expecting earnings to grow 26% for the current fiscal year, with revenue forecasted to rise 7.4%.
Even more impressive, WAB has gained in value over the past four weeks, up 6.1% compared to the S&P 500's gain of 3.7%.
Bottom Line
With a #1 (Strong Buy) ranking, positive trend in earnings estimate revisions, and strong market momentum, Westinghouse Air Brake Technologies should be on investors' shortlist.
If you want even more information on the Zacks Ranks, or one of our many other investing strategies, check out the Zacks Education home page.
Discover Today's Top Stocks
Our private Zacks #1 Rank List, based on our quantitative Zacks Rank stock-rating system, has more than doubled the S&P 500 since 1988. Applying the Zacks Rank in your own trading can boost your investing returns on your very next trade. See Today's Zacks #1 Rank List >>
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