Wilmerding, Pa.-based Wabtec Corp. Tuesday reported first-quarter net income of $30.3 million, or $0.63 per diluted share, compared with $32.6 million or $0.68 per diluted share for the comparable quarter in 2009. But earnings beat Wal lStreet consensus estimates of 59 cents a share.
Net sales for the first quarter were $364 million compared with $378 million in the comparable 2009 quarter.
Wabtec noted that it acquired Xorail LLC, a provider of signal engineering and design services, for $40 million during the quarter. The company also updated its full-year 2010 guidance for earnings, bolstering its estimate to $2.40-to-$2.50 per diluted share.
Albert J. Neupaver, Wabtec's president and CEO, said in a statement, "We're off to a good start for the year, with transit remaining stable at a high level and itsbacklog providing solid visibility. In the freight rail market, traffic volumes have continued to improve this year, and we are beginning to see a positive effect on our aftermarket businesses, although the original equipment markets remain weaker than last year.
“We are cautiously optimistic that the overall economic environment will continue to improve; as it does, we will maintain our cost discipline and cash focus through ongoing application of the Wabtec Performance System, and we will continue to invest prudently in our growth opportunities,” Neupaver said.