Westinghouse Air Brake Technologies (WAB) Q4 2022 Earnings Call Transcript

Westinghouse Air Brake Technologies Corporation (NYSE:WAB) Q4 2022 Earnings Conference Call February 15, 2023 8:30 AM ET

Company Participants

Kristine Kubacki - VP, IR

Rafael Santana - President & CEO

John Olin - EVP and CFO

John Mastalerz - VP, Finance

Conference Call Participants

Allison Poliniak-Cusic - Wells Fargo

Justin Long - Stephens Inc.

Scott Group - Wolfe Research

Unidentified Analyst - Citigroup

Saree Boroditsky - Jefferies

Jerry Revich - Goldman Sachs

Kenneth Hoexter - Bank of America Securities

Matthew Elkott - Cowen and Company

Dillon Cumming - Morgan Stanley

Steve Barger - KeyBanc Capital Markets

Operator

Good day and welcome, to the Wabtec's Fourth Quarter 2022 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions]. After today’s presentation there will be an opportunity to ask questions. [Operator Instructions]. Please note, this event is being recorded. I would now like to turn the conference over to Kristine Kubacki, Vice President of Investor Relations. Please go ahead.

Kristine Kubacki

Thank you, operator. Good morning, everyone and welcome to Wabtec's fourth quarter 2022 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 on our website earlier today and can be accessed on the Investor Relations tab on wabteccorp.com.

Some statements we're 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 Kristine and good morning everyone. Let’s move to Slide 4, I will start with an update on our business, my perspectives in the quarter, our progress against our long-term value creation framework, and then John will cover the financials. We delivered a strong fourth quarter which is evidenced by strong sales growth, an increase in adjusted earnings per share. We achieved this despite significant headwinds, including a volatile macro environment, supply chain disruptions, and negative FX. Sales were roughly $2.3 billion, which was up 11% versus prior year.