Wimerding, Pa.-based railroad equipment supplier Wabtec Corp. said Thursday its third-quarter earnings fell 18%, due to a fall indemand for new freightcars. But its earnings of $27.3 million, or 57 cents per share, beat Wall Street analysts estimates of 56 cents per share.
Wabtec reported earnings of $33.2 million, or 68 cents per share, in the year-ago quarter. Revenue fell to $330.5 million compared with $396 million in the third quarter of 2008.
The company also updated its 2009 guidance, with revenue expected to be about 12% lower than 2008, and earnings per diluted share expected to be between $2.40 and $2.50. Previous estimates foresaw a 10% revenue decline, with earnings per share falling between $2.35 and $2.50.
In a statement, Wabtec President and CEO Albett J. Neupaver said, “Market conditions continued to be very difficult in the third quarter for our freight rail business, while the Transit Group remained stable. Even in this environment, we still improved margins and generated strong cash flow. We will continue to manage what we can in the short term, while remaining focused on our long-term strategies and growth opportunities, such as the acquisition of Unifin International.”