2/22/2011 Wabtec Reports 4Q And Full Year Results; Record Cash From Operations Of $176 Million Exceeds Net Income For 13th Straight Year; Issues 2011 Earnings Guidance Of About $2.90
WILMERDING, PA, February 22, 2011 – Wabtec Corporation (NYSE: WAB) today reported its 2010 fourth quarter and full-year results, including the following highlights:
- In the fourth quarter, earnings per diluted share were 64 cents, 28 percent higher than the year-ago quarter. Sales increased 10 percent to $393 million, driven by higher sales in the Freight Group.
- For the full year, Wabtec had earnings per diluted share of $2.56 and sales of $1.5 billion. The company generated a record cash flow from operations of $176 million, or 11.7 percent of sales, marking the 13th straight year that cash flow from operations exceeded net income.
- During the year, the company continued to improve profitability, with an operating margin of 13.5 percent in 2010, compared to 12.8 percent in 2009.
- At year-end, Wabtec’s multi-year backlog was $1.1 billion, 14 percent higher than at year-end 2009 and its highest level in more than two years. Net debt at year-end was $185 million.
Also today, Wabtec issued 2011 guidance for earnings per diluted share of about $2.90. Revenues are expected to increase about 10 percent for the year, with higher sales driven by...
WILMERDING, PA, February 11, 2011 – Wabtec Corporation (NYSE: WAB) today announced that it will report fourth quarter and year-end results before the U.S. financial markets open on Tuesday, Feb. 22. 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 “Investor Relations” 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 is a global provider of value-added, technology-based products and services for the rail and transit industry. 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.
WILMERDING, PA, Jan. 31, 2011 – Wabtec Corporation (NYSE: WAB) today announced the declaration of its regular quarterly dividend of 1 cent per share, payable on Feb. 28, 2011 to holders of record on Feb. 14, 2011.
Wabtec Corporation is a global provider of value-added, technology-based products and services for rail and other industrial markets. 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, January 5, 2011 – Wabtec Corporation (NYSE: WAB) continued to expand its presence in Brazil, the largest rail market in South America, by acquiring Adantech Industria e Comercio de Metal, a friction products company.
Adantech, with sales of about $2 million, manufactures a variety of brakes shoes and pads for subway cars, locomotives and freight cars. Founded in 2003 and based in Sao Paulo, Brazil, the company serves both transit and freight markets, primarily in the aftermarket. The acquisition closed Dec. 31, 2010.
In 2009, Wabtec established a service center in Belo Horizonte, Brazil. The center provides component repair and reconditioning services for the Brazilian market.
“With commodities such as iron ore driving its economy, Brazil is expected to continue growing at a steady pace for the foreseeable future,” said Albert J. Neupaver, Wabtec’s president and chief executive officer. “As a result, investment in the country’s freight and passenger transportation networks is growing, which offers significant potential for Wabtec.”
Wabtec Corporation is a global provider of technology-based products and services for rail and industrial markets. Through its subsidiaries, the company manufactures a range of products...