Wabtec Reports Record Results For 2012; Issues 2013 Earnings Guidance Of About $5.85

Wabtec Reports Record Results For 2012; Issues 2013 Earnings Guidance Of About
                                    $5.85

PR Newswire

WILMERDING, Pa., Feb. 19, 2013

WILMERDING, Pa., Feb. 19, 2013 /PRNewswire/ -- Wabtec Corporation (NYSE: WAB)
today reported record results for its 2012 fourth quarter and full-year,
including the following highlights:

  oIn the fourth quarter, earnings per diluted share were a record $1.34, 40
    percent higher than the year-ago quarter. Sales increased to a record
    $610 million, driven by higher sales in the company's Transit Group.
  oIncome from operations in the fourth quarter was $101 million, or 16.5% of
    sales, compared to $73 million, or 13.6% of sales in the year-ago fourth
    quarter.
  oFor the full year, Wabtec had sales of $2.4 billion and earnings per
    diluted share of $5.19, both records. For the full year, the company
    generated cash flow from operations of $237 million, or 9.9 percent of
    sales.
  oAt year-end, the company had cash of $216 million and debt of $317
    million.
  oDuring the fourth quarter, Wabtec repurchased 231,100 shares of its common
    stock for about $19 million. During 2012, the company repurchased 607,400
    shares for about $47 million.

Also today, Wabtec issued 2013 guidance for earnings per diluted share of
about $5.85, with revenues expected to increase 8-10 percent for the year.

Albert J. Neupaver, Wabtec's president and chief executive officer, said:
"The company's performance in 2012 was strong, and we are anticipating another
record year in 2013. The freight rail and passenger transit markets remain
compelling, as countries around the world continue to make investments to
improve and expand their transportation infrastructure. With our diversified
business model, balanced growth strategies and rigorous application of the
Wabtec Performance System, we are confident in the company's long-term growth
prospects."

Wabtec (www.wabtec.com) is a global provider of technology-based products and
services for rail and industrial markets. This release contains
forward-looking statements, such as statements regarding the company's
expectations about future earnings. Actual results could differ materially
from the results suggested in any forward-looking statement. Factors that
could cause or contribute to these material differences include, but are not
limited to, an economic slowdown in the markets we serve; a decrease in
freight or passenger rail traffic; an increase in manufacturing costs; and
other factors contained in the company's filings with the Securities and
Exchange Commission. The company assumes no obligation to update these
statements or advise of changes in the assumptions on which they are based.

Wabtec will host a call with analysts and investors at 10 a.m., eastern time,
today. To listen via webcast, go to www.wabtec.com and click on "Webcasts" in
the "Investor Relations" section.



WABTEC CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2012 AND 2011
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
(UNAUDITED)
                        Fourth      Fourth       For the        For the
                        Quarter     Quarter      Year Ended     Year Ended
                        2012        2011         2012           2011
Net sales               $         $          $  2,391,122  $  1,967,637
                        610,400     534,639
Cost of sales           (429,920)   (387,305)    (1,696,555)    (1,397,213)
 Gross profit          180,480     147,334      694,567        570,424
 Gross profit as a %  29.6%       27.6%        29.0%          29.0%
of Net Sales
Selling, general and    (64,774)    (61,099)     (245,709)      (247,534)
administrative expenses
Engineering expenses    (10,260)    (9,279)      (41,307)       (37,193)
Amortization expense    (4,984)     (4,447)      (15,272)       (14,996)
 Total operating       (80,018)    (74,825)     (302,288)      (299,723)
expenses
 Operating expenses   13.1%       14.0%        12.6%          15.2%
as a % of Net Sales
 Income from        100,462     72,509       392,279        270,701
operations
 Income from
operations as a % of    16.5%       13.6%        16.4%          13.8%
Net Sales
Interest (expense)      (3,948)     (3,766)      (14,251)       (15,007)
income, net
Other income (expense), 614         1,099        (670)          (380)
net
 Income from
operations before       97,128      69,842       377,358        255,314
income taxes
Income tax expense      (32,363)    (23,579)     (125,626)      (85,165)
 Effective tax     33.3%       33.8%        33.3%          33.4%
rate
 Net income         $        $   
attributable to Wabtec  64,765      46,263       $   251,732  $   170,149
shareholders
Earnings Per Common
Share
Basic
 Net income         $      $       $         $     
attributable to Wabtec  1.35        0.96         5.24           3.54
shareholders
Diluted
 Net income         $      $       $         $     
attributable to Wabtec  1.34        0.96         5.19           3.51
shareholders
Weighted average shares
outstanding
 Basic            47,577      47,690       47,734         47,820
 Diluted          48,341      48,268       48,371         48,329
Sales by Segment
Freight Group           $         $          $  1,501,911  $  1,210,059
                        342,258     349,330
Transit Group           268,142     185,309      $   889,211 $   757,578
 Total         $         $          $  2,391,122  $  1,967,637
                        610,400     534,639





SOURCE Wabtec Corporation

Website: http://www.wabtec.com
Contact: Tim Wesley, Wabtec Corporation, +1-412-825-1543, twesley@wabtec.com
 
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