Wabtec Reports Record Quarterly Sales and Earnings; 1Q EPS of $1.44, Up 18
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
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
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
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"
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2013 AND 2012
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
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)
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%
Interest (expense) income, net (3,614) (3,724)
Other income (expense), net (581) (114)
Income from operations before income 99,472 90,272
Income tax expense (29,859) (31,011)
Effective tax rate 30.0% 34.4%
Net income attributable to Wabtec $ 69,613 $ 59,261
Earnings Per Common Share
Net income attributable to Wabtec $ 1.46 $ 1.24
Net income attributable to Wabtec $ 1.44 $ 1.22
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
Contact: Tim Wesley, Phone: 412.825.1543, E-mail: firstname.lastname@example.org
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