Tuesday, February 21, 2012

Wabtec sets record sales for 2011

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Wabtec Corp. Tuesday reported sales of $1.97 billion and GAAP earnings per diluted share of $3.51, both records, for 2011. Non-GAAP EPS was $3.70, excluding special items disclosed in the second quarter.

For the full year, the company generated a record cash flow from operations of $249 million, or 12.7% of sales, marking the 14th straight year that cash flow from operations exceeded net income.

At year-end, Wabtec's backlog was a record $1.55 billion, 44% than a year.

In the fourth quarter, earnings per diluted share were 96 cents, 50% higher than the year-ago quarter. Sales increased 36% to a record $535 million, mainly driven by higher sales in the Freight Group. Income from operations. In the fourth quarter was $72.5 million, or 13.6% of sales, including $5.5 million of restructuring and contract charges in the Transit Group.

Wabtec also issued 2012 guidance for earnings per diluted share of about $4.30, with revenues expected to increase about 10% for the year.

"By any measure, our company finished the year strong, and we are well positioned for another record performance in 2012," said Albert J. Neupaver, Wabtec's president and CEO. "With our diversified business model,balanced growth strategies and rigorous application of the Wabtec Performance System, we will continue to drive Wabtec to take full advantage of its growth opportunities around the world."