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WILMERDING, PA, July 11, 2018 – Wabtec Corporation (NYSE: WAB) declared its regular quarterly dividend of 12 cents per share, payable on Aug. 24, 2018 to holders of record on Aug. 10, 2018.
 
Wabtec also said it will report 2018 second quarter results before the U.S. financial markets open on July 24, 2018.  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.

Wabtec Announces New Financing Arrangements
 
WILMERDING, PA, June 13, 2018 – Wabtec Corporation (NYSE: WAB) today announced that it has entered into new financing arrangements in connection with its pending merger with GE Transportation. 
 
The new arrangements include syndication of a $2.5 billion senior unsecured bridge commitment and $400 million senior unsecured delayed draw term loan to fund the cash portion of the merger.  The new arrangements provide that the bridge commitment will be reduced by any alternative financing that Wabtec arranges prior to closing, which may include additional loans or long-term notes. In addition, the company refinanced an existing revolving credit facility with a $1.2 billion senior unsecured revolver with a five-year term, and refinanced an existing $350 million senior unsecured term loan with a three-year term loan.
 
Patrick D. Dugan, Wabtec’s executive vice president and chief financial officer, said: “With these arrangements, we have syndicated the necessary financing for the cash portion of our proposed combination with GE Transportation and improved our long-term capital structure.  We appreciate the strong support from our banks and are pleased that the syndication...

WABTEC AND GE TRANSPORTATION TO MERGE,
CREATING GLOBAL LEADER FOR RAIL EQUIPMENT, SERVICES AND SOFTWARE


Strategic Combination Will Drive Shareholder Value Creation
by Accelerating Innovation in Transportation and Logistics

•    Following the transaction, Wabtec will have approximately $8 billion in revenues, a more diversified business mix, higher margins, and approximately 15 percent cash EPS accretion in year one.
•    Both businesses are expected to benefit from the cyclical tailwinds they are experiencing as industry conditions improve. Complementary businesses and large global installed base will create additional opportunities for cross-selling, aftermarket services growth and new solutions in a rapidly evolving industry.
•    GE Transportation is positioned for a substantial rebound, with estimated adjusted EBITDA growing from about $750 million in 2018 to between $900 million and $1 billion in 2019.
•    Substantial annual run-rate synergies of $250 million and a net present value of approximately
$1.1 billion of net tax benefit will accrue to the combined company.
•    The transaction is valued at approximately $11.1 billion.  When adjusted for the net tax benefit of
$1.1 billion accruing to the combined company, the transaction value is...

WILMERDING, PA, May 15, 2018 – Wabtec Corporation (NYSE: WAB) shareholders today elected four directors and approved other company proposals at its annual meeting in Pittsburgh.  Directors elected were:  Erwan Faiveley, Linda S. Harty, Brian P. Hehir and Michael W.D. Howell.
 
Shareholders also ratified the appointment of Ernst & Young LLP as the company’s independent registered public accounting firm for the 2018 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 7, 2018 – Wabtec Corporation (NYSE: WAB) today plans to affirm the following at its Investor Day:
 

  • In 2018, revenues are expected to be about $4.1 billion, earnings per diluted share are expected to be about $3.80 excluding estimated restructuring and integration charges, operating margin is expected to be about 13.5 percent, and the company expects cash flow from operations to exceed net income for the year.
  • The company’s long-term vision is to average double-digit growth in revenues and earnings per diluted share through the business cycle, with its operating margin expected to improve about 100 basis points annually, and cash from operations expected to exceed net income annually.

 
To view the presentations from today’s Investor Day, please visit www.wabtec.com and click on “Investor Presentation” in the “Investor Relations” section.
 
This release contains forward-looking statements, such as statements regarding the company’s expectations about its 2018 results and long-term financial targets.  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...

WILMERDING, PA, April 24, 2018 – Wabtec Corporation (NYSE: WAB) today reported earnings per diluted share of 92 cents in the 2018 first quarter and affirmed its full-year guidance for revenues and earnings per diluted share. 
 
2018 First Quarter Consolidated Results

  • Sales were $1.06 billion, a 15 percent increase compared to the year-ago quarter.  Compared to the year-ago quarter, organic sales increased $35 million; sales from acquisitions increased $35 million; and changes in foreign currency exchange rates increased sales by $70 million, mainly in Transit.
  • Income from operations was $131 million including expenses of $1 million for restructuring and integration actions.  SG&A expenses increased mainly due to changes in foreign currency exchange rates and acquisitions.
  • Net interest expense was $20 million, reflecting a higher debt balance mainly due to acquisitions.
  • Other income was $2.6 million, lower than the prior year mainly due to non-cash foreign currency exchange gains in the 2017 quarter.
  • Income tax expense was $26 million for an effective tax rate of 23 percent, compared to 27.6 percent in the year-ago quarter.
  • Earnings per diluted share were 92 cents compared to 77 cents in
  • ...

WILMERDING, PA, April 19, 2018 – Wabtec Corporation (NYSE: WAB) declared its regular quarterly dividend of 12 cents per share, payable on May 25, 2018 to holders of record on May 11, 2018.

 

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 16, 2018 – Wabtec Corporation (NYSE: WAB) said it will report 2018 first quarter results before the U.S. financial markets open on Tuesday, April 24.  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, March 26, 2018 – Wabtec Corporation (NYSE: WAB) has acquired Annax, a leading supplier of Public Address and Passenger Information Systems (PAPIS) for transit vehicles. Headquartered in Germany, Annax has annual sales of about $55 million.
 
With operations in Germany, Switzerland and China, Annax provides a wide range of communication systems, intercoms, audio technologies and displays, serving both car builders and operators globally.
 
Raymond T. Betler, Wabtec’s president and chief executive officer, said: “Annax is an excellent strategic fit with our existing Electronics business.  The company’s leading-edge solutions complement Wabtec’s product portfolio and expand our capabilities with existing customers while providing opportunities in new markets.”
 
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 company has facilities located throughout the world.

WILMERDING, PA, Feb. 20, 2018 – Wabtec Corporation (NYSE: WAB) today reported results for the 2017 fourth quarter and full year, and issued 2018 financial guidance.           
 
2017 Summary
 
In the fourth quarter of 2017, Wabtec had sales of $1.08 billion and GAAP earnings per diluted share of 51 cents.  Excluding certain items related to the integration of Faiveley Transport (see discussion and reconciliation table below), the company had adjusted earnings per diluted share of 90 cents.
For the full year of 2017, Wabtec had sales of $3.88 billion and GAAP earnings per diluted share of $2.72.  Excluding certain items related to the integration of Faiveley Transport (see discussion and reconciliation table below), the company had adjusted earnings per diluted share of $3.43.
 
2018 Financial Guidance
  
In 2018, Wabtec expects sales to be about $4.1 billion and adjusted earnings per diluted share to be about $3.80 excluding expected restructuring and integration charges.  The company’s operating margin target for the full year is about 13.5 percent, and its effective tax rate for the full year is expected to...

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