Friday, January 29, 2010

Wabtec outlook: "Flat to slightly up"

Written by 

With business  expected to be "flat or slightly up," Wabtec Corp. today  issued 2010 earnings per share  guidance of $2.35-$2.50. The company had not previously issued 2010 guidance.

Wabtec also updated its 2009 guidance to $2.37-$2.41 per share on revenues of about $1.4 billion. This  guidance, which is in line with the company's previous guidance, now includes a  fourth-quarter charge of $3.9 million, or six cents per diluted share, for an arbitration ruling.

Wabtec plans to report 2009 results on Feb. 23.

"In light of very challenging economic conditions, Wabtec's 2009 performance demonstrated the strength of our diverse business model and strategic planning process, the leadership of our management team and the hard work of our employees throughout the company," said Albert J. Neupaver, Wabtec's president and chief executive officer. "In 2010, market conditions will continue to be challenging, but we expect that benefits from our restructuring actions in 2009 and other growth initiatives will offset the decline in U.S. locomotive and freight car production, and the completion of a major transit contract."