5/11/2011 Wabtec Increases Share Buyback Authorization And Also Increases Dividend; Shareholders Approve Company Proposals At Annual Meeting
WILMERDING, PA, May 11, 2011 – Wabtec Corporation (NYSE: WAB) today announced that the company has increased its share buyback authorization to $150 million and also increased its regular quarterly dividend to 3 cents per share, from 1 cent per share. The new dividend rate will be payable initially Aug. 31, 2011 to shareholders of record Aug. 17, 2011.
The new share buyback authorization supersedes the previous authorization of $150 million, which had about $40 million remaining. The company intends to buy back shares on the open market or in negotiated or block trades. No time limit was set for the completion of the program, which qualifies under the company’s credit agreement as well as the bond indenture for its currently outstanding debt.
Albert J. Neupaver, Wabtec’s president and chief executive officer, said: “Given the company’s future outlook and track record of producing strong cash flow, we have ample financial strength to invest in growth opportunities and return a portion of our earnings to shareholders in a variety of ways. We intend to review our policies periodically and adjust them based on Wabtec’s financial...
5/9/2011 Wabtec Signs $21 Million Contract To Provide ECP Braking Equipment To Rio Tinto in Australia
WILMERDING, PA, May 9, 2011 – Wabtec Corporation (NYSE: WAB) has signed a $21 million contract with Rio Tinto, a leading international mining company, to provide electronically controlled pneumatic (ECP) braking equipment for a portion of the company’s freight cars and locomotives in Australia. The equipment will be delivered in 2011-12.
Under the contract, Wabtec will provide about 3,600 carsets of ECP equipment so that Rio Tinto can retrofit its fleet of iron ore cars, most of which currently use Wabtec’s standard pneumatic brakes. In addition, Rio Tinto will install ECP brakes on six locomotives initially, with potential for more in the future.
“The advantages of electronic braking – including significantly shorter stopping distances – have been proven in commercial use by railroads around the world,” said Albert J. Neupaver, Wabtec’s president and chief executive officer. “Rio Tinto’s investment in this technology is a further demonstration that heavy-haul railroads can deploy ECP to reduce cycle times and improve train handling, and we are pleased to be part of the project.” With standard pneumatic brake equipment, the brakes are applied and released throughout the train...
4/26/2011 Wabtec Reports Record Quarterly Sales and Earnings; 1Q EPS of 85 Cents, Up 35 Percent; Increases Full-Year EPS Guidance To $3.20-$3.30
WILMERDING, PA, April 26, 2011 –Wabtec Corporation (NYSE: WAB) today reported record results for the 2011 first quarter, including the following:
- First quarter sales were a record $455 million, 25 percent higher than the year-ago quarter, primarily due to strong growth in the Freight Group.
- ncome from operations was a record $66 million, or 14.6 percent of sales, compared to 14.1 percent in the year-ago quarter.
- Earnings per diluted share were a record 85 cents, 35 percent higher than the year-ago quarter.
- At March 31, 2011, the company had cash of $201 million and debt of $400 million.
- Backlog at the end of the first quarter was a record $1.5 billion, 39 percent higher than at year-end 2010.
Based on its first quarter results and outlook for the rest of the year, Wabtec increased its 2011 guidance for earnings per diluted share to between $3.20-$3.30, with revenues expected to be up about 15 percent for the year.
Albert J. Neupaver, Wabtec’s president and chief executive officer, said: “The company’s performance in the quarter was strong, and we’re optimistic about the rest of the...
WILMERDING, PA, April 19, 2011 –Wabtec Corporation (NYSE: WAB) today announced the declaration of its regular quarterly dividend of 1 cent per share, payable on May 31, 2011 to holders of record on May 17, 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, April 11, 2011 – Wabtec Corporation (NYSE: WAB) said its MotivePower subsidiary has signed a contract to build 22 new locomotives for CBH Group, a leading handler and transporter of grain in Australia. The locomotives are scheduled to be delivered in 2012.
Under the contract, MotivePower will build a combination of standard- and narrow-gauge locomotives that will be among the most fuel-efficient and environmentally friendly models in Australia. The locomotives will include components from a number of other Wabtec divisions.
Albert J. Neupaver, Wabtec’s president and chief executive officer, said: “This project will meet our customer’s need for more-efficient locomotives, and will position Wabtec for similar opportunities in Australia in the future. Wabtec has had a meaningful presence in Australia for 20 years, and we continue to expand our operations in this important rail market.”
Through its Wabtec Australia and FIP divisions, Wabtec offers the full complement of its products and services in Australia. The Australian market is one of the world’s largest and fastest-growing rail markets that use U.S.-style equipment and technology.
The CBH Group...
WILMERDING, PA, March 28, 2011 – Wabtec Corporation (NYSE: WAB) today said it expects 2011 first quarter earnings per diluted share to be between 77-82 cents, and the company increased its 2011 full-year earnings per diluted share guidance to between $3.15-$3.25, based on full-year revenue growth of about 15 percent. Previously, the company’s full-year guidance was for earnings per diluted share of about $2.90 and revenue growth of about 10 percent.
Albert J. Neupaver, Wabtec’s president and chief executive officer, said: “Our financial performance in the first quarter and for the year will exceed our initial expectations due to several factors: The strength of the U.S. freight rail market, especially demand for new freight cars; recent contract bookings for significant projects and others we expect to announce soon; ongoing progress in implementing our growth strategies; and the benefits of continuous improvement initiatives through the Wabtec Performance System.”
Recently, the company booked a $165 million contract to implement a train control project in Brazil and a $27 million contract to provide train control equipment in the U.S. The company expects its multi-year backlog to be...
3/22/2011 Wabtec Signs $27 Million Contract To Provide Train Control Equipment, Services For Metrolink
WILMERDING, PA, March 22, 2011 – Wabtec Corporation (NYSE: WAB) has signed a $27 million contract with Parsons to provide equipment and services for the implementation of Positive Train Control (PTC) at Metrolink, a commuter rail agency that serves Southern California. Parsons was awarded a contract in 2010 to manage and implement PTC across Metrolink’s 512-mile system.
Wabtec will provide its Vital Electronic Train Management System (V-ETMS®), including its Commlink® and Train Trax™ products, for 109 cab cars and locomotives. In addition, Wabtec will provide back office engineering and systems integration support, as well as enhanced locomotive simulators. The project represents the first use of interoperable PTC equipment in the transit industry under the U.S. Rail Safety Improvement Act of 2008, and Metrolink’s goal is to have PTC implemented system-wide by the end of 2012, three years ahead of the federal mandate. The Metrolink system will be fully interoperable with PTC systems being implemented by Class I railroads.
“We’re pleased to be working with Metrolink, Parsons and other industry suppliers on this important project,” said Albert J. Neupaver, Wabtec’s president and chief executive officer....
WILMERDING, PA, March 8, 2012 – Wabtec Corporation (NYSE: WAB), has signed a contract to provide components for 130 new passenger cars being built for Amtrak by CAF USA, Inc. (part of the CAF Group), a railcar builder with manufacturing facilities in New York state. The cars are expected to be delivered from 2013-14. Amtrak has an option to purchase an additional 70 cars from CAF.
Wabtec will be providing braking equipment, door operating systems, sanitation systems, springs, draft gears and HVAC equipment for the base order of 130 cars, and expects to provide the same components if the option for the 70 additional cars is exercised.
Albert J. Neupaver, president and chief executive officer of Wabtec, said: “These vehicles will augment and in some cases replace Amtrak’s current Viewliner fleet of Sleeper, Diner, Baggage and Bag/Dorm cars, which are currently between 20 and 40 years old. We’re pleased to be working with CAF on this important project to modernize Amtrak’s fleet.”
Wabtec Corporation is a global provider of technology-based products and services for rail and industrial markets. Through its subsidiaries,...
3/2/2011 Wabtec’s Xorail Unit Signs $165 Million Contract To Design, Install Train Control For MRS In Brazil
WILMERDING, PA, March 2, 2011 – Xorail Inc., a subsidiary of Wabtec Corporation (NYSE: WAB), has signed a $165 million contract to design and install Communications-Based Train Control for MRS Logistica, which operates the Southeastern Federal Railroad Network in Brazil. Under the contract, Xorail will provide turnkey project management; design and installation of signaling, communications and train dispatch equipment; and on-board electronic equipment for 500 locomotives and 50 auxiliary vehicles. The project is scheduled to be completed in 2013. “This train control project represents Xorail’s entry into the growing rail market in Brazil, and a significant expansion of Wabtec’s presence in the region,” said Albert J. Neupaver, Wabtec’s president and chief executive officer. “We’re pleased to be leading this important technology deployment, which will enable MRS Logistica to increase capacity, safety and efficiency throughout its network.”
Brazil is the sixth-largest freight rail market in the world, and Wabtec has expanded its activities there in recent years. In 2009, Wabtec opened a service center in MRS Logistica’s Belo Horizonte maintenance shop to provide aftermarket products and services. Wabtec recently acquired Adantech, a Brazilian-based manufacturer of friction products. MRS...
WILMERDING, PA, Feb. 28, 2011 –Wabtec Corporation (NYSE: WAB) has acquired Brush Traction Group, a UK-based provider of locomotive overhauls, services and aftermarket components, for about $31 million. With facilities in Loughborough, England and Kilmarnock, Scotland, the company has annual sales of about $55 million. Wabtec expects the transaction to be accretive in the first year.
Brush Traction overhauls and maintains a variety of locomotives, including those used in Eurotunnel and high-speed UK service, for leasing companies and transit authorities. The company also provides traction motors, electrical control systems, wheelsets and other locomotive components.
“This acquisition strengthens our position as a leading aftermarket service provider in the UK,” said Albert J. Neupaver, Wabtec’s president and chief executive officer. “With its focus on the locomotive aftermarket, Brush Traction is a strategic complement to our Wabtec Rail unit in Doncaster, England, which offers mainly transit car refurbishment. The company has expertise in high-speed rail, strong engineering capabilities, a highly skilled work force and a long-standing reputation for quality.”
Wabtec Corporation is a global provider of value-added, technology-based products and services for rail and...