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 EMPLOYMENT



Rail News Home Financials

4/26/2005



Rail News: Financials

Wabtec registers first-quarter earnings, income gains


advertisement


Today, Wabtec Corp. announced its first-quarter earnings per diluted share of 20 cents and net income of $9.2 million rose 82 percent and 100 percent, respectively, compared with first-quarter 2004.

Quarterly net sales of $244.9 million increased 30 percent primarily because of strong aftermarket and original equipment demand for locomotive and rail-car components, and the acquisition of Rütgers Rail S.p.A.’s assets. During the quarter, Wabtec also began producing locomotive modules for Electro-Motive Diesel Inc. under a contract projected to generate $50 million in revenue this year. The company will supply locomotive cabs, electronics, air-brake controls and radiators.

However, quarterly operating expenses of $39.3 million rose 9 percent compared with first-quarter 2004.

“[There are] several positive indicators in the North American freight-rail market, including continued growth in rail traffic, and strong orders for new freight cars and locomotives,” said Wabtec Chairman, President and Chief Executive Officer William Kassling in a prepared statement. “Orders for new freight cars were about 40 percent higher than in the fourth quarter of 2004, and first-quarter deliveries hit their highest level in five years.”


Contact Progressive Railroading editorial staff.

More News from 4/26/2005