Westinghouse Air Brake Technologies Corp (NYSE:WAB) reported fourth-quarter FY22 net sales growth of 11.2% year-over-year to $2.31 billion, beating the consensus of $2.21 billion.

• Sales growth was driven by higher Freight segment sales, partially offset by lower Transit segment sales, and was +15.7% Y/Y on a constant currency basis.
• Adjusted EPS of $1.30 beat the consensus of $1.28.
• The gross margin declined by 300 bps to 28.9%, and the adjusted gross margin was 29.4%, down by 270 bps.
• The adjusted operating margin was 17%, down by 170 bps due to an unfavorable sales mix and increased technology spending.
• The backlog stood at $22.44 billion (+1.2% Y/Y). Wabtec generated cash from operating activities totaling $410 million versus $314 million a year ago.
• Wabtec had cash and equivalents of $541 million and total debt of $3.75 billion. 
• Buyback: The board approved a $750 million share buyback.
• Dividend: The board approved a 13% increase in the quarterly dividend to $0.17 per share. The board also declared a regular quarterly common dividend of $0.17 per share.
• FY23 Guidance: Wabtec expects sales of $8.7 billion - $9.0 billion, versus the consensus of $8.69 billion.
• WAB sees adjusted EPS of $5.15 - $5.55 versus the consensus of $5.42.