Wilmerding, Pa.-based Wabtec said income from operations was a record $132 million, or 18.1%, compared with 17.6% in the second quarter of 2013. Record sales of $731 million were 15% higher than the comparable quarter of a year ago, “due to strong growth in both the Freight and Transit segments” of the corporation’s business, Wabtec said. Freight sales were up 16% and Transit sales increased 13%.
Earnings per diluted share, at 91 cents, also set a record, up 18% from a year ago, and beating Wall Street consensus estimates of 87 cents per share. During the second quarter, Wabtec repurchased 194,700 shares of company stock for $14 million.
Wabtec also reported record first-quarter results and, reviewing its performance in the first half of the year, revised its 2014 guidance, raising its expected earnings per diluted share to $3.52, up from $3.45.
Wabtec Executive Chairman Albert J. Neupaver said, "The company had a strong operating quarter, with record sales, earnings and margins, as we continued to execute our growth strategies and internal improvement initiatives. We are optimistic about our future growth prospects, given the diversity of our business model, strong global investment in transportation and infrastructure projects, and the power of our Wabtec Performance System to drive efficiency and cost reductions."
Wabtec President and CEO Raymond T. noted, "During the quarter we also completed the acquisition of Fandstan Electric Group, a leading manufacturer of pantographs and other products for rail and tram transportation, and industrial and energy markets. Fandstan Electric fits all of our strategic growth initiatives, and our integration efforts are already well under way."