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WILMERDING, PA, July 25, 2017 – Wabtec Corporation (NYSE: WAB) today reported results for the second quarter and updated its financial guidance for 2017. 
 
2017 Second Quarter
 

  • Sales were $932 million, a 29 percent increase compared to the year-ago quarter, as higher sales in the Transit Group more than offset lower sales in the Freight Group.  Transit sales increased due to the Faiveley Transport acquisition.  Freight sales were affected mainly by lower revenues from freight car and locomotive components, and a slower-than-expected ramp-up of certain projects.  Changes in foreign exchange rates reduced sales by $15 million compared to the year-ago quarter.

 

  • Income from operations was $114 million, or 12.2 percent of sales, including restructuring and transaction expenses of $9 million related to the Faiveley integration and ongoing cost-reduction activities.  Excluding these expenses, the company’s operating margin was 13.2 percent, similar to its adjusted operating margin in the first quarter of this year.

 

  • Net interest and other expense was $17 million, reflecting a higher debt balance due mainly to the Faiveley acquisition and a non-cash foreign exchange loss.  Net interest expense included a $2 million benefit related
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WILMERDING, PA, June 7, 2017 – Wabtec Corporation (NYSE: WAB) has signed a contract worth about $22 million to design, install, test and commission Positive Train Control (PTC) for the Belt Railway Company of Chicago (BRC).  
 
Under the contract, Wabtec will provide its Interoperable Electronic Train Management System (I-ETMS®) equipment for five locomotives, a back-office server, office hosting, wayside and communications design, a track database, construction, training, and system integration.  The contract is expected to be completed in 2018.   
 
Raymond T. Betler, Wabtec’s president and chief executive officer, said:  “The scope of our work on this project demonstrates the wide-ranging roles that Wabtec can play in the implementation of PTC for our customers.  We are continuing to invest worldwide in this important segment of our business.”
 
With complex interoperability requirements, BRC owns and operates about 292 miles of track, with about 27 miles of mainline track encompassed in two subdivisions: Kenton and 59th Street.  BRC’s PTC system will be fully interoperable with the PTC system being implemented by all Class 1 owners as well as Metra, Amtrak and five short-line...

WILMERDING, PA, May 18, 2017 – Wabtec Corporation (NYSE: WAB) has signed a contract worth about $40 million to design, install, test and commission Positive Train Control (PTC) for the South Florida Regional Transportation Authority (SFRTA), which operates the Tri-Rail commuter rail service.
 
Under the contract, Wabtec will provide its Interoperable Electronic Train Management System (I-ETMS®) equipment for 42 locomotives and cab cars, a back-office server, wayside communications and signals, a dispatch system, training, and system integration.  Installation is expected to be completed by the end of 2018.   
 
Raymond T. Betler, Wabtec’s president and chief executive officer, said:  “The scope of our work on this project demonstrates the wide-ranging roles that Wabtec can play in the implementation of PTC for our customers.  We are continuing to invest worldwide in this important segment of our business.”
 
Tri-Rail operates more than 70 miles of track along the east coast of Florida between Mangonia Park and the Miami Intermodal Center.  SFRTA’s PTC system will be fully interoperable with the system being implemented by all Class 1 railroads.
 
Wabtec Corporation (...

WILMERDING, PA, May 10, 2017 – Wabtec Corporation (NYSE: WAB) shareholders today elected four directors and approved other company proposals at its annual meeting in Pittsburgh.  Directors elected were:  Raymond Betler, Philippe Alfroid, Emilio Fernandez and Lee Foster, II.
 
Shareholders also ratified the appointment of Ernst & Young LLP as the company’s independent registered public accounting firm for the 2017 fiscal year, and approved proposals relating to executive and Board compensation.
 
Wabtec Corporation (www.wabtec.com) is a leading global provider of equipment, systems and value-added services for transit and freight rail.  Through its subsidiaries, the company manufactures a range of products for locomotives, freight cars and passenger transit vehicles. The company also builds new switcher and commuter locomotives, and provides aftermarket services. The company has facilities located throughout the world.

WILMERDING, PA, May 10, 2017 – Wabtec Corporation (NYSE: WAB) announced the following appointments to its management team and Board of Directors, and increased its dividend by 20 percent:
 

  • Albert J. Neupaver has been elected chairman of the company’s Board of Directors.  Neupaver served as executive chairman for the past three years and as the company’s chief executive officer from 2006 to 2014.
  • Raymond T. Betler remains president and chief executive officer and a member of the Board of Directors.  He joined Wabtec in 2008 and has served in this position since succeeding Neupaver in 2014.
  • Stéphane Rambaud-Measson has been named Wabtec’s executive vice president and chief operating officer and elected a member of the company’s Board of Directors.  Rambaud-Measson had served as Faiveley Transport’s chief executive officer and chairman of its Management Board before joining Wabtec as president and chief executive officer of the Transit Group when Wabtec acquired Faiveley in December 2016.  He will remain chief executive officer and chairman of Faiveley Transport and will continue to report to Betler.
  • Separately, Wabtec increased its regular quarterly dividend by 20 percent, to 12 cents per share from
  • ...

WILMERDING, PA, April 25, 2017 – Wabtec Corporation (NYSE: WAB) today reported results for the first quarter and affirmed its financial guidance for 2017.
 
2017 First Quarter

  • During the quarter, Wabtec acquired the remaining shares of Faiveley Transport and made progress on the integration.  Also during the quarter Wabtec acquired Aero Transportation Products, a manufacturer of hatch covers and outlet gates for freight cars with annual sales of about $40 million; and announced the signing of a $97 million contract to provide signaling and communications services to TEX Rail, a new commuter rail line being developed by the Fort Worth Transportation Authority.  Following the end of the quarter, Wabtec acquired Thermal Transfer, a manufacturer of heat exchangers for industrial markets, with annual sales of about $25 million; and Semvac, a European-based manufacturer of sanitation systems for transit vehicles, with annual sales of about $15 million.
  • Sales for the first quarter were $916 million, with higher sales in the Transit Group offsetting lower sales in the Freight Group.  Transit sales increased mainly due to the Faiveley acquisition, while Freight sales were affected mainly by lower revenues from train
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WILMERDING, PA, April 12, 2017 – Wabtec Corporation (NYSE: WAB) declared its regular quarterly dividend of 10 cents per share, payable on May 26, 2017 to holders of record on May 12, 2017.
 
Wabtec also said it will report 2017 first quarter results before the U.S. financial markets open on Tuesday, April 25.  The company will conduct a conference call to discuss those results with analysts and investors at 10 a.m. the same day.  To listen to the call via webcast, please go to www.wabtec.com and click on the “Investors” and “Webcasts” tabs of the site.  An audio replay of the call will also be available by calling 412-317-0088 (passcode: 466#).
 
Wabtec Corporation (www.wabtec.com) is a leading global provider of equipment, systems and value-added services for transit and freight rail.  Through its subsidiaries, the company manufactures a range of products for locomotives, freight cars and passenger transit vehicles. The company also builds new switcher and commuter locomotives, and provides aftermarket services. The company has facilities located throughout the world.

WILMERDING, PA, April 6, 2017 – Wabtec Corporation (NYSE: WAB) has acquired Thermal Transfer Corp., a supplier of industrial heat exchangers.  The company has annual sales of about $25 million. 
 
Thermal Transfer manufactures heat exchangers and related components for a variety of industrial markets.  The majority of its sales are in the U.S. and in the aftermarket.
 
Raymond T. Betler, Wabtec’s president and chief executive officer, said:  “Thermal Transfer will be an excellent strategic fit with our existing heat exchanger products for rail and industrial markets.  The company offers a broad portfolio of heat transfer solutions for niche applications, which will enable Wabtec to diversify its product and market applications further.  In addition, Thermal Transfer’s extensive design and engineering expertise will complement our existing capabilities.”
 
Thermal Transfer focuses on providing innovative and durable products in industrial applications where high temperatures and corrosive elements are present.  The company has products installed worldwide.
 
Wabtec Corporation is a leading global provider of equipment, systems and value-added services for transit and freight rail.  Through its subsidiaries, the company manufactures a range of...

WILMERDING, PA, March 21, 2017 – Wabtec Corporation (NYSE: WAB) has completed the acquisition of the remaining shares of Faiveley Transport by implementing a mandatory squeeze-out procedure at the price of the cash tender offer, a cash payment of 100 euros for each outstanding Faiveley Transport share.  As a result, Faiveley Transport’s shares were delisted from Euronext Paris.
 
Wabtec Corporation (www.wabtec.com) is a leading global provider of equipment, systems and value-added services for transit and freight rail.  Through its subsidiaries, the company manufactures a range of products for locomotives, freight cars and passenger transit vehicles. The company also builds new switcher and commuter locomotives, and provides aftermarket services. The company has facilities located throughout the world.
 
Certain Legal Matters
 
This communication is not intended to, and does not, constitute, represent or form part of any offer, invitation or solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this press release or otherwise. The distribution of this communication in jurisdictions outside the U.S. or France may be restricted by law or...

WILMERDING, PA, March 14, 2017 – Wabtec Corporation (NYSE: WAB) has acquired Aero Transportation Products (ATP), a manufacturer of engineered freight car components.  The company has annual sales of about $40 million. 
 
ATP manufactures hatch covers and outlet gates for freight cars, which adds to Wabtec’s portfolio of engineered products.  ATP’s sales are mainly in the U.S., so it expects to benefit from Wabtec’s worldwide presence in key freight markets such as Australia and South America.
 
Raymond T. Betler, Wabtec’s president and chief executive officer, said:  “ATP's long history and commitment to delivering quality products and service to its customers, combined with Wabtec's commitment for growth, makes it a good strategic fit.  In addition, ATP’s engineering expertise, technology and proprietary designs will be a strong addition to our existing product development efforts.”
 
Wabtec Corporation is a leading global provider of equipment, systems and value-added services for transit and freight rail.  Through its subsidiaries, the company manufactures a range of products for locomotives, freight cars and passenger transit vehicles. The company also builds new switcher and commuter locomotives, and provides aftermarket services. The...

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