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Rail News: Financials
Yesterday, Wabtec Corp. reported third-quarter earnings per diluted share of 20 cents, a 54 percent increase compared with third-quarter 2003's 13 cents. Company officials attribute the increase to a 21 percent rise in sales and a favorable tax benefit of $4.9 million, which offset several non-manufacturing expenses.
Total quarterly expenses rose 22 percent to $40.3 million primarily because of charges to restructure the company's electronics unit, an unfavorable litigation ruling and higher engineering costs tied to a MTA New York City Transit contract. Quarterly net income increased 72 percent to $9.4 million compared with third-quarter 2003.
"We were encouraged by the industry's third-quarter freight-car order rate of slightly more than 20,000 units, which puts the backlog at just over 61,000 units, its highest level since 1998," said Wabtec Chairman, President and Chief Executive Officer William Kassling in a prepared statement. "We believe this is a sign that freight-car production will continue to ramp up during the next few quarters."
Wabtec supplies locomotive, freight- and passenger-car components, builds switcher and commuter locomotives, and provides aftermarket services, including locomotive and rail-car fleet maintenance.
10/22/2004
Rail News: Financials
Wabtec increases third-quarter earnings, net income
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Yesterday, Wabtec Corp. reported third-quarter earnings per diluted share of 20 cents, a 54 percent increase compared with third-quarter 2003's 13 cents. Company officials attribute the increase to a 21 percent rise in sales and a favorable tax benefit of $4.9 million, which offset several non-manufacturing expenses.
Total quarterly expenses rose 22 percent to $40.3 million primarily because of charges to restructure the company's electronics unit, an unfavorable litigation ruling and higher engineering costs tied to a MTA New York City Transit contract. Quarterly net income increased 72 percent to $9.4 million compared with third-quarter 2003.
"We were encouraged by the industry's third-quarter freight-car order rate of slightly more than 20,000 units, which puts the backlog at just over 61,000 units, its highest level since 1998," said Wabtec Chairman, President and Chief Executive Officer William Kassling in a prepared statement. "We believe this is a sign that freight-car production will continue to ramp up during the next few quarters."
Wabtec supplies locomotive, freight- and passenger-car components, builds switcher and commuter locomotives, and provides aftermarket services, including locomotive and rail-car fleet maintenance.
