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Rail News: Financials

Wabtec generates record sales, increases cash flow

With a boost from transit locomotive and locomotive component orders, Wabtec Corp. set a sales record in the fourth quarter at $294 million, a 9 percent increase year over year.

The company also increased cash flow to a record level and reduced debt. By the end of the quarter, during which Wabtec acquired Schaefer Equipment Inc. and Becorit GmbH, available cash and debt totaled $188 million and $150 million, respectively, compared with $141 million and $150 million as of Dec. 31, 2005.

For the year, net sales increased 5 percent to $1.1 billion compared with 2005. By 2006’s end, Wabtec’s multi-year backlog remained above $1 billion and rose 26 percent year over year.

“Strategically, we made progress on several fronts: completing two acquisitions, investing in future growth initiatives and gaining acceptance for new technologies, such as our Electronic Train Management System®,” said Wabtec President and Chief Executive Officer Albert Neupaver in a prepared statement. “In 2007, we expect to build on that performance with another year of revenue and earnings growth.”

Wabtec supplies various components for locomotives, freight cars and transit vehicles; builds switchers and commuter locomotives; and provides aftermarket services, including locomotive and freight-car maintenance.

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More News from 2/23/2007