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...
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...