Westinghouse Air Brake Technologies Corporation [WAB] Q1 2024 Earnings Conference Call April 24, 2024 8:30 AM ET

Company Participants

Rafael Santana - President & CEO Officer
John Olin - CFO
John Mastalerz - SVP, Finance
Kyra Yates - VP, IR

Conference Call Participants

Justin Long - Stephens, Inc.
Bascome Majors - Susquehanna
Angel Castillo - Morgan Stanley
Ivan Yi - Wolfe Research
Matt Elkott - TD Cowen
Clay Williams - Goldman Sachs
James Heaney - Jefferies
Adam Roszkowski - Bank of America
Steve Barger - KeyBanc Capital Markets

Operator

Good day, and welcome to the Wabtec First Quarter 2024 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note, today's event is being recorded. I would now like to turn the conference over to Kyra Yates, Vice President of Investor Relations. Please go ahead.

Kyra Yates

Thank you, operator. Good morning, everyone, and welcome to Wabtec's first quarter 2024 earnings call. With us today are President and CEO, Rafael Santana, CFO, John Olin, and Senior Vice President of Finance, John Mastalerz. Today's Slide presentation, along with our earnings release and financial disclosures, were posted to our website earlier today, and can be accessed on the Investor Relations tab on wabteccorp.com.

Some statements we are making are forward-looking and based on our best view of the world and our business today. For more detailed risks, uncertainties and assumptions relating to our forward-looking statements, please see the disclosures in our earnings release and presentation. We will also discuss non-GAAP financial metrics and encourage you to read our disclosures and reconciliation tables carefully as you consider these metrics.

I will now turn the call over to Rafael.

Rafael Santana

Thanks, Kyra, and good morning everyone. Let's move to Slide 4. I'll start with an update on our business, my perspectives on the quarter, and progress against our long-term value-creation framework, and then John will cover the financials. Last quarter when we met, we talked about the strong momentum that we had when we exited 2023. Well, that momentum continues. Sales were $2.5 billion, which was up 13.8% versus prior year. Revenue growth was driven by strong performance, largely from the trade segment. And adjusted EPS was up 47.7% from the year ago quarter, driven by increased sales and margin expansion. Total cash flow from operations for the quarter was $334 million. The 12-month backlog was $7.7 billion, up 11%, signifying continued momentum and visibility across the business. And total multi-year backlog was $22 billion. Overall, we had a strong start to the year. The underlying strength and momentum across the business is evident. We remain confident in our ability to execute, to deliver for our customers, and to continue to make progress against our long-term growth strategies.