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Rail News: Financials

Wabtec sets sales record, boosts earnings in first quarter

Make it 12-straight quarterly earning gains for Wabtec Corp. Yesterday, the company reported first-quarter earnings per diluted share of 52 cents, a 27 percent increase compared with first-quarter 2006.

In addition, quarterly sales jumped 20 percent to a record $314.3 million,
the company’s multi-year backlog climbed to $1.1 billion at quarter’s end and operating expenses as a percentage of sales dropped from 16.3 percent a year ago to 14.1 percent.

“The integration of the acquisitions we made in the fourth quarter has been progressing as planned, and we continue to explore similar opportunities to invest our cash,” said Wabtec President and Chief Executive Officer Albert Neupaver in a prepared statement. “During the quarter, we also saw renewed interest from freight railroads in electronic braking, and our Electronic Train Management System® continued to gain traction.”

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 4/27/2007