WILMERDING, PA, May 23, 2016 – Wabtec Corporation (NYSE: WAB) has signed a contract worth about $21 million to design, install, test and commission Positive Train Control (PTC) for the Terminal Railroad Association of St. Louis (TRRA).
Under the contract, Wabtec will provide its Interoperable Electronic Train Management System (I-ETMS®) equipment for 17 locomotives; wayside and communications design, construction and training; and system integration. The contract is expected to be completed in 2018. Several Wabtec divisions are involved in the project: Wabtec Integrated Systems, Xorail, Wabtec Railway Electronics, Railroad Controls and Wabtec Global Services.
Raymond T. Betler, Wabtec’s president and chief executive officer, said: “The scope of our work on this project demonstrates the wide-ranging and increasing roles that Wabtec can play in the implementation of PTC for our customers. We plan to continue to invest in this important segment of our business, in the U.S. and internationally.”
TRRA owns and operates about 155 miles of track, with about 45 miles of mainline track encompassed in four subdivisions: Merchants, Illinois Transfer, MacArthur Bridge, and Eads. The remaining 110 miles consists...
WILMERDING, PA, May 11, 2016 – Wabtec Corporation (NYSE: WAB) today increased its regular quarterly dividend to 10 cents per share, from 8 cents per share. The new dividend rate will be payable initially Aug. 29, 2016 to shareholders of record Aug. 15, 2016.
Raymond T. Betler, Wabtec’s president and chief executive officer, said: “Based on our current financial performance and future outlook, the company has ample financial strength to invest in growth opportunities and to return a greater portion of our cash flow to shareholders. We intend to continue to review our policies periodically based on Wabtec’s ongoing performance and growth prospects.”
Also today, at the company’s annual meeting in Pittsburgh Wabtec shareholders elected three directors and approved other company proposals. Directors elected were: Robert J. Brooks, William E. Kassling and Executive Chairman Albert J. Neupaver.
In addition, shareholders ratified the appointment of Ernst & Young LLP as the company’s independent registered public accounting firm for the 2016 fiscal year, approved a non-binding proposal relating to executive compensation, and re-approved the 2011 Stock Incentive Plan for French law purposes.
WILMERDING, PA, May 9, 2016 – Wabtec Corporation (NYSE: WAB) has completed the acquisitions of Unitrac Railroad Materials and Pride Bodies, which provide a variety of track-related products and services. The companies have combined annual sales of about $45 million.
Raymond T. Betler, Wabtec’s president and chief executive officer, said: “Railroads in the U.S. spend up to 70 percent of their capital on infrastructure, and these acquisitions demonstrate Wabtec’s expansion in this key market. Unitrac and Pride Bodies will be a good strategic fit with our existing capabilities, which now represent more than $100 million of annual revenues.”
Based in Tennessee, Unitrac is a leading designer and manufacturer of railroad track products such as turnouts, panels and frogs. The company’s customers include Class I and short-line railroads, and transit agencies throughout North America.
Based in Ontario, Pride Bodies equips rail and utility vehicles with custom rail gear, cranes, air systems and lighting. Its custom aluminum bodies enable significantly increased payloads on heavy- and medium-duty vehicles used in rail and utility maintenance projects.
Wabtec’s acquisition of companies such as...
5/1/2016 Wabtec and Faiveley Transport Meet With European Commission; Closing Now Expected In Fourth Quarter
WILMERDING, PA, May 1, 2016 – Wabtec Corporation (NYSE: WAB) and Faiveley Transport S.A. (Euronext Paris: LEY) met with the European Commission to review the progress of the Phase 1 regulatory approval process following notification to the Commission on April 4.
Following these discussions, the European Commission indicated that it would probably conduct a further investigation (Phase 2) commencing May 12 with respect to a few product areas affected by the combination. As a result, Wabtec and Faiveley Transport have revised the timing for closing of their transaction, which is now expected to occur in the fourth quarter of 2016.
Wabtec Corporation, with nearly 13,000 employees in more than 20 countries and 2015 annual sales of about $3.3 billion, is a global provider of value-added, technology-based products and services for freight rail, passenger transit and other industrial segments. The company manufactures a range of products for locomotives, freight cars and passenger transit vehicles, new switcher and commuter locomotives and provides aftermarket services.
Faiveley Transport is a global supplier of high added value integrated systems for the railway industry. With more than...
WILMERDING, PA, April 26, 2016 – Wabtec Corporation (NYSE: WAB) today reported results for the 2016 first quarter, including the following:
- First quarter sales were $772 million, with higher sales in the Transit Group more than offset by lower sales in the Freight Group. Changes in foreign exchange rates reduced sales by about $18 million compared to the year-ago quarter.
- Income from operations was $142 million, or 18.4 percent of sales, compared to 18.1 percent in the year-ago quarter, reflecting benefits from cost-reduction initiatives.
- Earnings per diluted share were $1.02. Excluding expenses of about 3 cents per diluted share related to the pending acquisition of Faiveley Transport, earnings per diluted share were $1.05.
- In the quarter, the company generated cash from operations of $76 million. At March 31, 2016, the company had cash of $263 million, an additional $213 million of cash held in escrow for the Faiveley Transport acquisition, and debt of $802 million.
- In the first quarter, Wabtec repurchased 1.95 million shares of its common stock for about $134 million, or about $69 per share. The company has about $216 million remaining under its current ...
WILMERDING, PA, April 19, 2016 – Wabtec Corporation (NYSE: WAB) declared its regular quarterly dividend of 8 cents per share, payable on May 27, 2016 to holders of record on May 13, 2016.
Wabtec also said it will report 2016 first quarter results before the U.S. financial markets open on Tuesday, April 26. 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 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, April 14, 2016 – Wabtec Corporation (NYSE: WAB) has signed a contract worth about $30 million to provide equipment and services for a Positive Train Control (PTC) system for the Northern Indiana Commuter Transportation District (NICTD). The contract is with Parsons Transportation Group (PTG) which will execute the role of System Integrator.
Under the contract, Wabtec will provide its Interoperable Electronic Train Management System (I-ETMS®) equipment, TMDS® Dispatch and Back Office Systems that will include interfaces to the traction power system, wayside design, training and related services. The contract is expected to be completed in 2018. NICTD’s PTC system will be fully interoperable with the PTC system being implemented by Metra.
Raymond T. Betler, Wabtec’s president and chief executive officer, said: “We have worked with Parsons for several years to develop and design various commuter PTC programs, and we are pleased to work with them on this implementation. Wabtec continues to demonstrate a unique and industry-leading ability to assist customers meet their PTC requirements.”
NICTD owns and operates a commuter rail service from South Bend, Ind., to Chicago, Ill.,...
3/2/2016 Wabtec Delivers First Tier 4 Commuter Locomotive; Signs $97 Million Contract To Build 16 More
WILMERDING, PA, March 2, 2016 – Wabtec Corporation (NYSE: WAB) said its MotivePower subsidiary has delivered a prototype locomotive to Metrolinx, an agency of the Province of Ontario and the regional transportation authority for the Greater Toronto and Hamilton Area (GTHA). This is the first commuter locomotive delivered in North America certified to meet the latest Tier 4 emissions standards, as set by the U.S. Environmental Protection Agency (EPA).
MotivePower has also signed a $97 million contract with Metrolinx to build an additional 16 Tier 4 locomotives that will be based on a similar platform and include AC propulsion. Delivery is expected to begin in 2017.
Raymond T. Betler, president and chief executive officer of Wabtec, said: “MotivePower has a long history of building commuter locomotives for the North American market. This model demonstrates our ability to provide the latest technology, in keeping with our mission to help customers improve their safety, productivity and efficiency.”
The prototype locomotive, originally built by MotivePower about five years ago, was repowered with new engines to meet the Tier 4 emission standards. The technology reduces...
WILMERDING, PA, February 18, 2016 – Wabtec Corporation (NYSE: WAB) today reported record results for 2015, including the following:
- Sales for the fourth quarter increased to $833 million, as higher sales in the Freight Group more than offset lower sales in the Transit Group. Changes in foreign exchange rates reduced sales by about $27 million compared to the year-ago quarter.
- Income from operations in the fourth quarter was $151 million or 18.2% of sales, compared to $137 million or 16.7% of sales in the year-ago fourth quarter.
- In the fourth quarter, earnings per diluted share were a record $1.05, 11 percent higher than the year-ago quarter.
- For the full year, Wabtec had sales of $3.3 billion, income from operations of $608 million or 18.4% of sales, and earnings per diluted share of $4.10, all of which were records. For the full year, the company generated cash flow from operations of $448 million, which exceeded net income of $399 million.
- At year-end, the company had cash of $226 million, an additional $203 million of cash held in escrow for the planned acquisition of Faiveley Transport, and debt of ...
WILMERDING, PA, February 10, 2016 – Wabtec Corporation (NYSE: WAB) said it repurchased about 4.6 million shares of its common stock for about $365 million during the fourth quarter of 2015. The company also said its Board of Directors yesterday approved a new share buyback authorization for up to $350 million worth of its stock. This new buyback authorization supersedes the previous authorization of $350 million, which had about $33 million remaining.
For the full year of 2015, Wabtec repurchased about 4.9 million shares for about $388 million.
The company intends to continue to buy back shares from time to time on the open market, or in negotiated or block trades. As with previous authorizations, no time limit was set for the completion of the program, which is permitted under the company’s credit agreement and bond indenture.
Albert J. Neupaver, Wabtec’s executive chairman, said: “We’re pleased that our Board of Directors continues to express strong confidence in the company’s long-term growth prospects and its ongoing ability to generate strong cash flow.”
Wabtec Corporation is a global provider of...