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Rail News: Financials

Wabtec registers first-quarter earnings, income gains


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.”

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More News from 4/26/2005