Income from operations was a record $94 million, or 16.1% of sales, compared to 14.6% in the 2011 quarter. Earnings per diluted share were a record $1.22, up 44% from the 2011 period.
On March 31,the company had cash of $269 million and debt of $386 million. Backlog was a record $1.6 billion, 3% higher than at year-end 2011. Based on its first-quarter results and outlook for the rest of the year, Wabtec affirmed its 2012 guidance for earnings per diluted share of about $4.80, with revenues now expected to be up about 15% for the year.
Albert J. Neupaver, Wabtec’s president and chief executive officer, said: “We're off to a strong start in 2012, and we’re optimistic about our performance for the rest of the year. The global freight rail market continues to grow, with increasing demand for new freight cars and locomotives. We have also benefited from ongoing investments in our strategic growth opportunities, such as global expansion, new product development, and acquisitions. In addition, rigorous application of the Wabtec Performance System has resulted in productivity and cost improvements.”