WILMERDING, PA, July 10, 2012 – Wabtec Corporation (NYSE: WAB) is providing electronically controlled pneumatic (ECP) braking equipment for 159 locomotives for Rio Tinto, a leading international mining company, in Australia. The contract, valued at about $28 million, includes equipment, software, test benches and aftermarket support.
In 2011, Wabtec signed a separate, $21 million contract to provide ECP equipment for Rio Tinto to retrofit its fleet of iron ore freight cars.
“The advantages of electronic braking have been proven in commercial use by railroads around the world,” said Albert J. Neupaver, Wabtec’s president and chief executive officer. “Rio Tinto’s continued investment in this technology demonstrates that heavy-haul railroads can deploy ECP to reduce cycle times and improve train handling, and we are pleased to be part of their conversion project.”
With standard pneumatic brake equipment, the brakes are applied and released throughout the train sequentially, one car after another. ECP equipment uses an electronic signal to apply and release the brakes simultaneously throughout the train. As a result, ECP-equipped trains can operate safely at higher speeds with up to a 60...
6/29/2012 Wabtec Signs Contracts Worth About $25 Million For Components For New Transit Cars In Denver
WILMERDING, PA, June 29, 2012 –Wabtec Corporation (NYSE: WAB) has signed contracts worth about $25 million to provide components, including on-board Positive Train Control (PTC) equipment, for 50 new transit cars being built by Hyundai-Rotem. The cars, which will be used on new commuter rail lines being built by Denver Transit Partners, are scheduled to be delivered in 2014.
Several Wabtec units will provide the equipment for the cars: Wabtec Passenger Transit (brakes and couplers), Wabtec Railway Electronics (PTC equipment), Bach-Simpson (event recorders) and Vapor Stone (doors).
“We’re pleased to be working with Denver Transit Partners and Hyundai-Rotem on this important project,” said Albert J. Neupaver, Wabtec’s president and chief executive officer. “This demonstrates the diversity of our capabilities and the integrated role that we are positioned to play.”
Previously, Wabtec announced a separate, $63 million contract with Denver Transit Partners to provide the dispatching and operations control systems, wayside signaling and communications systems, and related integration and project management services for the new lines.
Known as Eagle P3, Denver’s commuter rail project includes three new lines with...
WILMERDING, PA, June 14, 2012 – Wabtec Corporation (NYSE: WAB) has acquired Mors Smitt Holding, a leading manufacturer of electronic components for rail and industrial markets, from the investment company Eurazeo PME, for about $88 million. Mors Smitt has annual sales of about $60 million, and operations in The Netherlands, the United Kingdom, the U.S., France, China and Hong- Kong. Wabtec expects the transaction to be accretive in the first year.
“Mors Smitt provides a variety of safety-critical components and will be a strategic complement to our existing rail and industrial product lines,” said Albert J. Neupaver, Wabtec’s president and chief executive officer. “The company’s global presence adds to our international footprint with established manufacturing and distribution capabilities.”
With roots to 1898, Mors Smitt manufactures electronic relays, measurement devices and controls for railway rolling stock and signaling, and a variety of other applications such as power generation, petrochemical and water treatment plants. Mors Smitt has about 350 employees.
Wabtec Corporation is a global provider of value-added, technology-based products and services primarily for the rail and transit industry. Through its subsidiaries, the...
WILMERDING, PA, May 24, 2012 – Wabtec Corporation (NYSE: WAB) has signed contracts valued at about $34 million to provide components for 473 subway cars being supplied by Kawasaki to MTA New York City Transit under the R-188 option order. The cars are scheduled to be delivered in 2013-15.
Wabtec will provide the following components for the cars: Brakes, couplers and current collectors (Wabtec Passenger Transit), door operators and related equipment (Vapor Stone), and event recorders (Wabtec Railway Electronics). Of the 473 cars, 103 will be new, with the remaining 370 to be upgraded from existing vehicles.
“This is a significant project to expand and modernize a portion of the subway car fleet in New York City, and we’re pleased to play an important role,” said Albert J. Neupaver, president and chief executive officer of Wabtec.
Wabtec Corporation is a global provider of technology-based products and services for rail and industrial markets. Through its subsidiaries, the company manufactures a range of products for locomotives, freight cars and passenger transit vehicles. The company also builds new switcher and commuter locomotives, and provides...
WILMERDING, PA, May 16, 2012 – Wabtec Corporation (NYSE: WAB) today increased its regular quarterly dividend to 5 cents per share, from 3 cents per share. The new dividend rate will be payable initially Aug. 31, 2012 to shareholders of record Aug. 17, 2012.
Albert J. Neupaver, Wabtec’s president and chief executive officer, said: “With our current financial performance and future outlook, we have ample financial strength to continue to invest in growth opportunities and return a portion of our cash flow to shareholders. We intend to review our policies periodically and adjust them based on Wabtec’s ongoing performance and prospects.”
Also today, at the company’s annual meeting in Pittsburgh Wabtec shareholders elected four directors and approved other company proposals. Directors elected were: Brian P. Hehir, Michael W.D. Howell, Nickolas W. Vande Steeg and Gary C. Valade.
In addition, shareholders ratified the appointment of Ernst & Young LLP as the company’s independent registered public accounting firm for the 2012 fiscal year and approved a non-binding proposal relating to executive compensation.
Wabtec Corporation is a global provider of value-added,...
WILMERDING, PA, May 1, 2012 – Wabtec Corporation (NYSE: WAB) said its MotivePower subsidiary has received an order to build 10 locomotives for CFCLA Rail JV Pty Ltd., a joint venture of CFCL Australia Pty. Limited and Marubeni Corporation of Tokyo, Japan. CFCL Australia is the leading locomotive and freight car lessor in Australia, and Marubeni is a Japanese company with interests in transportation and a variety of other industries.
The locomotives, expected to be delivered in 2013, will be MotivePower’s standard gauge MP33C model that is among the most fuel-efficient and environmentally friendly units in the world. The locomotives will include components from a number of other Wabtec divisions.
Albert J. Neupaver, Wabtec’s president and chief executive officer, said: “This project builds on Wabtec’s strong presence in Australia for more than 20 years. The locomotives will meet our customers’ needs for more-efficient equipment, and will position Wabtec for similar opportunities globally.”
In 2011, Wabtec received its first locomotive order in Australia from CBH Group, a leading handler and transporter of grain in Australia. Through its Wabtec Australia and FIP divisions,...
WILMERDING, PA, April 26, 2012 – Wabtec Corporation (NYSE: WAB) declared its regular quarterly dividend of 3 cents per share, payable on May 31, 2012 to holders of record on May 17, 2012.
Wabtec Corporation is a global provider of value-added, technology-based products and services for rail and other industrial markets. Through its subsidiaries, the company manufactures a range of products for locomotives, freight cars and passenger transit vehicles. The company also builds new switcher and commuter locomotives, and provides aftermarket services. The company has facilities located throughout the world.
WILMERDING, PA, April 24, 2012 – Wabtec Corporation (NYSE: WAB) today reported record results for the 2012 first quarter, including the following:
- First quarter sales were a record $583 million, 28 percent higher than the year-ago quarter, due to strong growth in the Freight Group.
- Income from operations was a record $94 million, or 16.1 percent of sales, compared to 14.6 percent in the year-ago quarter.
- Earnings per diluted share were a record $1.22, which was 44 percent higher than the year-ago quarter.
- At March 31, 2012, the company had cash of $269 million and debt of $386 million.
- Backlog at the end of the first quarter was a record $1.6 billion, 3 percent higher than at yearend 2011.
Based on its first quarter results and outlook for the rest of the year, Wabtec affirmed its 2012 guidance for earnings per diluted share of about $4.80, with revenues now expected to be up about 15 percent for the year.
Albert J. Neupaver, Wabtec’s president and chief executive officer, said: “We’re off to a strong start in 2012, and we’re optimistic about our performance...
WILMERDING, PA, April 12, 2012 – Wabtec Corporation (NYSE: WAB) expects 2012 first quarter earnings per diluted share to be about $1.20, and the company increased its 2012 full-year earnings per diluted share guidance to about $4.80, based on full-year revenue growth of about 12 percent. Previously, the company’s full-year guidance was for earnings per diluted share of about $4.30 and revenue growth of about 10 percent.
Albert J. Neupaver, Wabtec’s president and chief executive officer, said: “We expect the company’s financial performance in 2012 to exceed our initial guidance for several reasons: Continued strength of the global freight rail market, including demand for new freight cars and locomotives; further progress in implementing our growth strategies; and benefits from continuous improvement initiatives through the Wabtec Performance System.”
Wabtec will report first quarter results before the U.S. financial markets open on Tuesday, April 24, and it will conduct a conference call to discuss those results with analysts and investors at 10 a.m. the same day. To listen to the call via webcast, please go to www.wabtec.com and click on the “Investor Relations” and “Webcasts”...
2/21/2012 Wabtec Reports 4Q And Full Year Results; Record Cash From Operations Of $249 Million Exceeds Net Income For 14th Straight Year; Issues 2012 Earnings Guidance Of About $4.30
WILMERDING, PA, February 21, 2012 – Wabtec Corporation (NYSE: WAB) today reported its 2011 fourth quarter and full-year results, including the following highlights:
- In the fourth quarter, earnings per diluted share were 96 cents, 50 percent higher than the year-ago quarter. Sales increased 36 percent to a record $535 million, mainly driven by higher sales in the Freight Group.
- Income from operations in the fourth quarter was $72.5 million, or 13.6% of sales, including $5.5 million of restructuring and contract charges in the Transit Group.
- For the full year, Wabtec had sales of $1.97 billion and GAAP earnings per diluted share of $3.51, both records. For the full year, non-GAAP EPS was $3.70, excluding the special items recorded and previously disclosed in the second quarter of the year. See below for a reconciliation of GAAP and non-GAAP EPS.
- For the full year, the company generated a record cash flow from operations of $249 million, or 12.7 percent of sales, marking the 14th straight year that cash flow from operations exceeded net income.
- At year-end, Wabtec’s multi-year backlog was a record $1.55 billion, 44 percent higher than at ...