美国西屋制动 2024年度报告

Forward Looking Statements Non-GAAP Financial Measures This Annual Report mentions adjusted dilutedearnings per share, which is a non-GAAP financialperformance measure. While we believe this is auseful supplemental measure for investors, it is notpresented in accordance with GAAP. Investorsshould not consider this non-GAAP measure inisolation or as a substitute for items calculated inaccordance with GAAP. In addition, thisnon-GAAP financial measure has inherent materiallimitations as a performance measure because itadds back certain expenses incurred by thecompany to GAAP diluted earnings per share,resulting in those expenses not being taken intoaccount in the non-GAAP financial measure.Because not all companies use identicalcalculations, our presentation of this non-GAAPfinancial measure may not be comparable to othersimilarly titled measures of other companies.Included below is a reconciliation table thatprovides details about how the adjusted resultrelates to the GAAP result. This Annual Report contains “forward-looking”statements as that term is defined in Section27A of the Securities Act of 1933, as amended,and Section 21E of the Securities ExchangeAct of 1934, as amended by the PrivateSecurities Litigation Reform Act of 1995. Allstatements, other than historical facts, areforward-looking statements. Forward-lookingstatements concern future circumstances andresults and other statements that are nothistorical facts and are sometimes identified bythe words “may,” “will,” “should,” “potential,”“intend,” “expect,” “endeavor,” “seek,”“anticipate,” “estimate,” “overestimate,”“underestimate,” “believe,” “could,” “project,”“predict,” “continue,” “target” or other similarwords or expressions. Forward-lookingstatements are based upon current plans,estimates, and expectations that are subject torisks, uncertainties, and assumptions. Shouldone or more of these risks or uncertaintiesmaterialize, or should underlying assumptionsprove incorrect, actual results may vary materially from those indicated or anticipatedby such forward-looking statements. Theinclusion of such statements should not beregarded as a representation that such plans,estimates, or expectations will be achieved.Important factors that could cause actualresults to differ materially from such plans,estimates, or expectations include, amongothers, risk factors as detailed from time totime in our reports filed with the Securitiesand Exchange Commission. We do notundertake any obligation to update anyforward-looking statements, whether as aresult of new information or development,future events, or otherwise, except asrequired by law. Readers are cautioned notto place undue reliance on any of theseforward-looking statements. In the enclosedAnnual Report on Form 10-K, see“Forward-Looking Statements” and “RiskFactors.” Earnings Per Share Reconciliation LETTER FROM RAFAEL SANTANA, PRESIDENT AND CEODear fellow shareholders, Reflecting on 2024, I am inspired by the strengthof Wabtec’s business, the mission-readiness of ourteams, and the value we continue to unlock andcreate for our customers and shareholders. Againstan ever-evolving macro-economic and geopoliticalbackdrop, our ability to navigate complexity, driveinnovation, and execute with discipline hasreinforced Wabtec’s leadership position whilehelping us deepen the trust we have built with ourstakeholders. we have also grown profitably - reflecting theresilience of our business model and the criticalnature of the value we help unlock for our customers. Earnings per diluted share reached $6.04 on a GAAPbasis, a 33.3% increase from 2023. On an adjustedbasis, EPS rose 27.7% to $7.56. We also madesignificant progress in our Integration 2.0 andportfolio optimization initiatives. Through disciplinedexecution, we exited the year with $87 million inrun-rate savings, at the top-end of expectations,thus setting the stage for continued efficiency gainsin 2025 and beyond. Delivering Sustainable Growth Our capital deployment strategy remains focused onmaximizing long-term shareholder value. In 2024, wereturned $1.2 billion to shareholders through sharerepurchases and dividends. Reflecting our strongperformance and confidence in Wabtec’s future, ourBoard of Directors approved a 25% increase in our2025 quarterly dividend and expanded our sharerepurchase authorization by $1.0 billion. The foundation of Wabtec’s success lies in ourvalue creation framework—one that is rooted ina resilient installed base, a world-class team,and groundbreaking technologies that addressthe evolving needs of our customers. This year,our performance demonstrated the stability of thatfoundation. We delivered record results, strength-ened our long-term outlook, and continued toenhance the value we return to our shareholders. Positioning for the Future: Our NextFive-Year Plan 2024 Financial Performance: A Record Year Three years ago, we outlined an ambitious five-yearplan to drive sustainable growth, enhance profitabili-ty, and ma