Wabtec’s first quarter sales were a record $695 million, 13% higher than the year-ago quarter, due mainly to growth in the Freight Group. Income from operations was a record $122 million, or 17.5% of sales, compared to 16.8% in the year-ago quarter. Earnings per diluted share were a record 83 cents, which was 15% higher than the year-ago quarter. As of March 31, 2014, the company had cash of $295 million and debt of $451 million.
Wabtec’s 2014 guidance is based on its first quarter results and outlook for the rest of the year, as well as its previously announced agreement to acquire Fandstan Electric Group, which is now expected to close in the second quarter.
“We’re off to a good start in 2014,” said Chairman and CEO Albert J. Neupaver. “We continue to benefit from investment in freight rail and passenger transportation projects around the world, and our diverse business model provides a framework for future growth. We will remain focused on executing our strategic growth initiatives, and on rigorous application of the Wabtec Performance System to drive productivity and cost improvements.”