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Wabtec Reports Record Quarterly Sales and Earnings; 2Q EPS of 77 Cents, Up 15 Percent; Increases Full-Year EPS Guidance



Wabtec Reports Record Quarterly Sales and Earnings; 2Q EPS of 77 Cents, Up 15
                  Percent; Increases Full-Year EPS Guidance

PR Newswire

WILMERDING, Pa., July 25, 2013

WILMERDING, Pa., July 25, 2013 /PRNewswire/ -- Wabtec Corporation (NYSE: WAB)
today reported record results for the 2013 second quarter, including the
following:

  o Second quarter sales were a record $638 million, 5 percent higher than the
    year-ago quarter, due to strong growth in the Transit Group.
  o Income from operations was a record $113 million, or 17.6 percent of
    sales, compared to
    16.5 percent in the year-ago quarter.
  o Earnings per diluted share were a record 77 cents, which was 15 percent
    higher than the
    year-ago quarter.
  o At June 30, 2013, the company had cash of $215 million and debt of $397
    million.
  o During the quarter, Standard & Poor's and Moody's raised their credit
    ratings on Wabtec to "BBB-" and "Baa3", respectively, both of which
    constitute investment grade status.

Based on Wabtec's second quarter results and outlook for the rest of the year,
the company increased its 2013 guidance for earnings per diluted share to
$2.98-$3.03, with revenues expected to be up about 8 percent for the year.

Albert J. Neupaver, Wabtec's chairman and chief executive officer, said: 
"Through solid execution of our growth strategies and internal initiatives, we
continue to outperform the global economy, which is still experiencing a slow
recovery.  In this environment, we will maintain our focus on these efforts,
and expect to continue to benefit from our diverse business model and global
investment in our key markets.  As always, the Wabtec Performance System will
provide the framework for driving our growth strategies and our programs to
increase productivity and reduce costs."

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 AND SIX MONTHS ENDED JUNE 30, 2013 AND 2012
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
(UNAUDITED)
                        Second        Second         For the       For the
                        Quarter       Quarter        Six Months    Six Months
                        2013          2012           2013          2012
Net sales               $     638,002 $     609,820  $   1,253,512 $  
                                                                   1,193,129
Cost of sales           (445,121)     (436,393)      (877,743)     (850,321)
  Gross profit          192,881       173,427        375,769       342,808
   Gross profit as a %  30.2%         28.4%          30.0%         28.7%
of Net Sales
Selling, general and    (63,874)      (59,163)       (128,174)     (121,192)
administrative expenses
Engineering expenses    (11,280)      (10,145)       (22,614)      (20,294)
Amortization expense    (5,173)       (3,254)        (8,760)       (6,347)
  Total operating       (80,327)      (72,562)       (159,548)     (147,833)
expenses
   Operating expenses   12.6%         11.9%          12.7%         12.4%
as a % of Net Sales
     Income from        112,554       100,865        216,221       194,975
operations
      Income from
operations as a % of    17.6%         16.5%          17.2%         16.3%
Net Sales
Interest (expense)      (3,271)       (3,509)        (6,885)       (7,233)
income, net
Other income (expense), 406           223            (175)         109
net
     Income from
operations before       109,689       97,579         209,161       187,851
income taxes 
Income tax expense      (35,051)      (32,867)       (64,910)      (63,878)
      Effective tax     32.0%         33.7%          31.0%         34.0%
rate
     Net income         $             $                            $    
attributable to Wabtec  74,638        64,712         $     144,251 123,973
shareholders
Earnings Per Common
Share
Basic
     Net income         $             $              $             $          
attributable to Wabtec  0.78          0.67           1.51          1.29
shareholders
Diluted
     Net income         $             $              $             $          
attributable to Wabtec  0.77          0.67           1.49          1.28
shareholders
Weighted average shares
outstanding
       Basic            95,762        95,671         95,243        95,479
       Diluted          97,102        96,844         96,606        96,666
Sales by Segment
Freight Group           $     354,857 $     407,706  $     668,536 $    
                                                                   804,994
Transit Group           283,145       202,114        $     584,976 $    
                                                                   388,135
          Total         $     638,002 $     609,820  $   1,253,512 $  
                                                                   1,193,129

 

SOURCE Wabtec Corporation

Website: http://www.wabtec.com
Contact: Tim Wesley, Phone: 412.825.1543, E-mail: twesley@wabtec.com
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