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Rail News: Financials

Surging freight-rail market drives Wabtec's second-quarter sales


North American rail traffic increases aren’t just boosting the top lines for freight railroads. Suppliers, too, are reaping the benefits of the rail renaissance. Witness Wabtec Corp.

In the second quarter, the company – a “provider of value-added, technology-based products and services for the rail industry,” according to a July 26 Wabtec press release -- had second-quarter net income of $15.2 million, a 68.9 percent increase compared with second-quarter 2004’s $9 million. Wabtec posted record sales of $270.2 million, a 31 percent increased compared to the prior-year quarter.

Strong demand for locomotive and freight car components helped drive the increase; so did the company’s February acquisition of CoFren S.r.l (née Rütgers Rail S.p.A.) and the ramp-up of a locomotive modules contract.

“The outlook for the North American freight-rail market continues to be positive, with rail traffic growing and strong demand for new rolling stock,” said Wabtec Chairman, President and Chief Executive Officer William Kassling in a prepared statement. “Based on industry deliveries of more than 33,000 new freight cars in the first half, it’s now clear that deliveries are likely to be at least 60,000 units in 2005.”

Contact Progressive Railroading editorial staff.

More News from 7/26/2005