Thursday, October 24, 2013

Wabtec 3Q earnings, sales rise

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Wilmerding, Pa.-based Wabtec Corp. reported Thursday, Oct. 24, 2013 third-quarter earnings of $73.9 million, or 76 cents per share, up about 17% from $63 million, or 65 cents per share, in the same period a year ago. Revenue was also up 8% to $631.4 million in the quarter compared with $587.6 million in the third quarter of 2012.

Wabtec attributed much of the rise to the "strong growth in the Transit Group."

At quarter's end, Wabtec had cash of $281 million and debt of $540 million. In the quarter, Wabtec sold $250 million of 4.375% Senior Notes due 2023 and used the proceeds to repay borrowings under its revolving credit facility and for general corporate purposes, the company said.

Wabtec also noted its acquisition of Longwood Industries, a specialty rubber products manufacturer, late last month, and its acquisition of Turbonetics, a manufacturer of turbochargers.

Wabtec Chairman and CEO Albert J. Neupaver said, "Through internal initiatives and execution of our growth strategies, Wabtec continues to perform well, despite a slowly growing global economy. Thanks to our diversified business model and ongoing investment around the world in our key transportation and infrastructure markets, we remain optimistic about the company's future growth opportunities."