Westinghouse Air Brake Technologies Corporation's (WAB) CEO Rafael Santana on Q2 2022 Results - Earnings Call Transcript

Westinghouse Air Brake Technologies Corporation (NYSE:WAB) Q2 2022 Earnings Conference Call August 5, 2022 8:30 AM ET

Company Participants

Kristine Kubacki - VP of IR

Rafael Santana - President and CEO

John Olin - CFO

Conference Call Participants

Justin Long - Stephens, Inc.

Eli Winski - Citigroup

Matt Elkott - Cowen and Company

Ivan Yi - Wolfe Research

Rob Wertheimer - Melius Research

Saree Boroditsky - Jefferies, LLC

Nathan Ho - Bank of America Merrill Lynch

Jerry Revich - Goldman Sachs

Dillon Cumming - Morgan Stanley

Operator

Good day and welcome to the Wabtec Second Quarter 2022 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Kristine Kubacki, Vice President, Investor Relations. Please go ahead.

Kristine Kubacki

Thank you, operator. Good morning, everyone and welcome to Wabtec's second 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'll start with an update on our business, my perspectives on the second quarter, progress on our long-term value framework, and then John will cover the financials.

We delivered a strong second quarter, which is evidenced by another quarter of adjusted margin expansion of 1.5 percentage points and adjusted earnings per share growth of 16%. More importantly, we continued our progress against our long-term strategies, as evidenced by a significant expansion in the total backlog.

Sales were roughly $2 billion, which was up modestly versus prior year. Revenue was driven by strong performance in the freight segment, but partially offset by lower year-over-year revenue in the transit segment. Excluding foreign currency exchange, consolidated revenues would have grown by roughly 5.5%.