| Item 6. | SELECTED FINANCIAL DATA |
The following table shows selected consolidated financial information of the Company and has been derived from audited financial statements. This financial information should be read in conjunction with, and is qualified by reference to, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the Consolidated Financial Statements of the Company and the Notes thereto included elsewhere in this Form 10-K.
| Year Ended December 31, | ||||||||||||||||||||
| In thousands, except per share amounts | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
| Income Statement Data | ||||||||||||||||||||
| Net sales | $ | 3,881,756 | $ | 2,931,188 | $ | 3,307,998 | $ | 3,044,454 | $ | 2,566,392 | ||||||||||
| Gross profit | 1,065,313 | 924,239 | 1,047,816 | 935,982 | 764,027 | |||||||||||||||
| Operating expenses | (644,234 | ) | (467,632 | ) | (438,962 | ) | (406,198 | ) | (319,291 | ) | ||||||||||
| Income from operations | $ | 421,079 | $ | 456,607 | $ | 608,854 | $ | 529,784 | $ | 444,736 | ||||||||||
| Interest expense, net | $ | (77,884 | ) | $ | (50,298 | ) | $ | (27,254 | ) | $ | (29,074 | ) | $ | (25,247 | ) | |||||
| Other (expense) income, net | 8,868 | 6,528 | 3,768 | 7,145 | 1,598 | |||||||||||||||
| Net income attributable to Wabtec shareholders | $ | 262,261 | $ | 304,887 | $ | 398,628 | $ | 351,680 | $ | 292,235 | ||||||||||
| Diluted Earnings per Common Share | ||||||||||||||||||||
| Net income attributable to Wabtec shareholders (1) | $ | 2.72 | $ | 3.34 | $ | 4.10 | $ | 3.62 | $ | 3.01 | ||||||||||
| Cash dividends declared per share (1) | $ | 0.44 | $ | 0.36 | $ | 0.28 | $ | 0.20 | $ | 0.13 | ||||||||||
| Fully diluted shares outstanding (1) | 96,125 | 91,141 | 97,006 | 96,885 | 96,832 | |||||||||||||||
| Balance Sheet Data | ||||||||||||||||||||
| Total assets | $ | 6,579,980 | $ | 6,581,018 | $ | 3,229,513 | $ | 3,303,841 | $ | 2,821,997 | ||||||||||
| Cash and cash equivalents | 233,401 | 398,484 | 226,191 | 425,849 | 285,760 | |||||||||||||||
| Total debt | 1,870,528 | 1,892,776 | 692,238 | 521,195 | 450,709 | |||||||||||||||
| Total equity | 2,828,532 | 2,976,825 | 1,701,339 | 1,808,298 | 1,587,167 | |||||||||||||||
| (1) | Information above for net income attributable to Wabtec shareholders, cash dividends declared per share and fully diluted shares outstanding for all periods presented reflects the two-for-one split of the Company’s common stock, which occurred on May 14, 2013. |
