Progressive Railroading

Newsletter Sign Up
Stay updated on news, articles and information for the rail industry

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

View Current Digital Issue »


Rail News Home Financials


Rail News: Financials

Wabtec registers more sales, boosts earnings in 2005


Yesterday, Wabtec Corp. reported fourth-quarter earnings per diluted share of 34 cents, a 70 percent increase compared with fourth-quarter 2004 and the company’s seventh-straight quarterly earnings gain.

Quarterly net sales totaling $270 million rose 20 percent primarily because of increased freight-car and locomotive component sales and the CoFren acquisition, which closed in first-quarter 2005. Quarterly net income of $16.3 million increased 75 percent compared with fourth-quarter 2004 and Wabtec’s debt (net of cash) stood at $8 million on Dec. 31 compared with $54.9 million on Dec. 31, 2004.

In addition, operating expenses as a percentage of sales were 14.9 percent compared with 17.6 percent in fourth-quarter 2004. However, Wabtec reported a quarterly loss from discontinued operations of $1.6 million primarily from liquidating a bus door joint venture in China.

For the full year, the company reported earnings per diluted share of $1.17, up 65 percent compared with 2004. Net sales rose 26 percent to $1 billion and net income increased 77 percent to $55.8 million.

“Our balance sheet is strong and we have the financial flexibility to invest in future growth opportunities, both internally and through acquisitions,” said Wabtec Chairman William Kassling in a prepared statement. “With our multi-year backlog over $1 billion, including option orders, we are optimistic about our future prospects.”

Wabtec subsidiaries supply locomotive, freight-car and transit vehicle components; build switchers and commuter locomotives; and provide locomotive and car aftermarket services.

Contact Progressive Railroading editorial staff.

More News from 2/23/2006