Breaking News

Tweet TWEET

Wabtec Reports Record Quarterly Sales and Earnings; 1Q EPS of $1.44, Up 18 Percent

  Wabtec Reports Record Quarterly Sales and Earnings; 1Q EPS of $1.44, Up 18
                                   Percent

PR Newswire

WILMERDING, Pa., April 24, 2013

WILMERDING, Pa., April 24, 2013 /PRNewswire/ --Wabtec Corporation (NYSE: WAB)
today reported record results for the 2013 first quarter, including the
following:

  oFirst quarter sales were a record $616 million, 6 percent higher than the
    year-ago quarter, due to strong growth in the Transit Group.
  oIncome from operations was a record $104 million, or 16.8 percent of
    sales, compared to 16.1 percent in the year-ago quarter.
  oEarnings per diluted share were a record $1.44, which was 18 percent
    higher than the year-ago quarter.
  oAt March 31, 2013, the company had cash of $225 million and debt of $418
    million.

Based on its first quarter results and outlook for the rest of the year,
Wabtec affirmed its 2013 guidance for earnings per diluted share of about
$5.85, with revenues expected to be up about
8-10 percent for the year.

Albert J. Neupaver, Wabtec's president and chief executive officer, said:
"We're off to a good start in 2013, even with a global economy that is slowly
recovering. Over time, as countries around the world invest in their freight
rail and passenger transportation systems, we expect to continue to benefit
from our diverse business model. We remain focused on executing our strategic
growth initiatives, and on rigorous application of the Wabtec Performance
System to drive productivity and cost improvements."

Wabtec Corporation (www.wabtec.com) is a global provider of value-added,
technology-based products and services for rail and other 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.

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

WABTEC CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2013 AND 2012
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
(UNAUDITED)
                                            First            First
                                            Quarter          Quarter
                                            2013             2012
Net sales                                   $   615,510    $   583,309
Cost of sales                               (432,622)        (413,928)
 Gross profit                              182,888          169,381
 Gross profit as a % of Net Sales         29.7%            29.0%
Selling, general and administrative         (64,300)         (62,029)
expenses
Engineering expenses                        (11,334)         (10,149)
Amortization expense                        (3,587)          (3,093)
 Total operating expenses                  (79,221)         (75,271)
 Operating expenses as a % of Net Sales   12.9%            12.9%
 Income from operations                 103,667          94,110
 Income from operations as a % of Net  16.8%            16.1%
Sales
Interest (expense) income, net              (3,614)          (3,724)
Other income (expense), net                 (581)            (114)
 Income from operations before income   99,472           90,272
taxes
Income tax expense                          (29,859)         (31,011)
 Effective tax rate                    30.0%            34.4%
 Net income attributable to Wabtec      $    69,613   $    59,261
shareholders
Earnings Per Common Share
Basic
 Net income attributable to Wabtec      $      1.46 $      1.24
shareholders
Diluted
 Net income attributable to Wabtec      $      1.44 $      1.22
shareholders
Weighted average shares outstanding
 Basic                                47,512           47,707
 Diluted                              48,286           48,341
Sales by Segment
Freight Group                               $   305,865    $   397,288
Transit Group                               309,645          186,021
 Total                             $   615,510    $   583,309





SOURCE Wabtec Corporation

Website: http://www.wabtec.com
Contact: Tim Wesley, Phone: 412.825.1543, E-mail: twesley@wabtec.com
 
Press spacebar to pause and continue. Press esc to stop.