Tuesday, October 23, 2012

Wabtec reports “strong” 3Q earnings, sales

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Wabtec Corp. early Tuesday reported third-quarter earnings per diluted share of $1.30, up 35% from 96 cents per share in the third quarter of 2011 and a penny above Wall Street consensus estimates. Net income attributable to Wabtec shareholders increased to $62.99 million from $46.60 million a year ago. The company's third-quarter sales of $588 million was up 18% from the year-ago quarter.

Wabtec's income from operations was $97 million, 28% than the 2011 third quarter. It's operating margin was 16.5% of sales, compared with 15.1% a year ago.

Wilmerding, Pa.-based Wabtec also said it recorded net income of $187 million, or $3.85 per share, for the first nine months of 2012, compared with $123.9 million, or $2.56 per share, in the compable 2011 period. Revenue for the first nine months of this year are $1.8 billion compared with $1.4 billion a year ago.

The company increased its full-year 2012 guidance for earnings per diluted share to a range of $5.13-to-$5.18, with revenue now expected to be up about 22% for the year. Wabtec's prior estimate was for earnings per diluted share of $5.10-to-$5.15, with revenue growth of about 20%.

Wabtec President and CEO Albert J. Neupaver said, "Our third quarter performance was strong, and we remain on track for a record year. We have benefited from our Wabtec Performance System improvement initiatives, diverse business model and ongoing investments in strategic growth opportunities. As the U.S. and other countries around the world invest in their freight and passenger transit infrastructure, we expect to continue to play a vital role."