WILMERDING, PA, July 30, 2013 – Wabtec Corporation (NYSE: WAB) has acquired Turbonetics Holdings, Inc., a manufacturer of turbochargers and related components for various industrial markets. Turbonetics has annual sales of about $15 million. Wabtec expects the transaction to be accretive in the first year.
Based in Moorpark, Calif., Turbonetics designs and manufactures turbochargers and pressure-control products for engines used mainly in various industrial markets, including energy, aerospace, marine and high-performance applications. Turbonetics’ customers include a variety of original equipment engine manufacturers and end-users. The company has about 40 employees.
Albert J. Neupaver, Wabtec’s chairman and chief executive officer, said: “With its technology focus and strong aftermarket presence, Turbonetics is a good fit for Wabtec and a strategic complement to our recently acquired Napier Turbocharger business. Together, they can leverage their strong engineering and technical capabilities, and their complementary product lines should enable both companies to expand in existing and new markets. We also expect to use Wabtec’s global presence to create new opportunities for Turbonetics’ products.”
Wabtec Corporation is a global provider of value-added, technology-based products and services primarily for...
7/25/2013 Wabtec Reports Record Quarterly Sales and Earnings; 2Q EPS of 77 Cents, Up 15 Percent; Increases Full-Year EPS Guidance
WILMERDING, PA, July 25, 2013 – Wabtec Corporation (NYSE: WAB) today reported record results for the 2013 second quarter, including the following:
- Second quarter sales were a record $638 million, 5 percent higher than the year-ago quarter, due to strong growth in the Transit Group.
- Income from operations was a record $113 million, or 17.6 percent of sales, compared to 16.5 percent in the year-ago quarter.
- Earnings per diluted share were a record 77 cents, which was 15 percent higher than the year-ago quarter.
- At June 30, 2013, the company had cash of $215 million and debt of $397 million.
- During the quarter, Standard & Poor’s and Moody’s raised their credit ratings on Wabtec to “BBB-” and “Baa3”, respectively, both of which constitute investment grade status.
Based on Wabtec’s second quarter results and outlook for the rest of the year, the company increased its 2013 guidance for earnings per diluted share to $2.98-$3.03, with revenues expected to be up about 8 percent for the year.
Albert J. Neupaver, Wabtec’s chairman and chief executive officer, said: “Through solid execution of our growth strategies and internal initiatives, we continue...
7/22/2013 Wabtec Signs $9 Million Contract To Provide PTC Equipment/Services For San Diego Rail Line
WILMERDING, PA, July 22, 2013 – Wabtec Corporation (NYSE: WAB) has signed a $9 million contract with Herzog Technologies Inc., to provide Positive Train Control (PTC) equipment and services for Oceanside, Calif.’s North County Transit District (NCTD). The contract includes an option worth an additional $5 million.
Under the initial contract, Wabtec will provide its Interoperable Electronic Train Management System (I-ETMS®) equipment and installation for seven locomotives and 10 passenger transit cab cars on NCTD’s COASTER train. Wabtec will also provide back office engineering and systems integration support. Herzog Technologies was previously awarded a contract to implement PTC for NCTD, a regional transportation network that provides more than 12 million passenger trips annually and has about 60 miles of track. The NCTD system will be fully interoperable with PTC systems being implemented by Class I railroads. PTC was mandated by the Rail Safety Improvement Act of 2008 and requires fully functional PTC systems to be in place on trains, such as NCTD’s COASTER, by Dec. 31, 2015.
“We’re pleased to be working with Herzog, NCTD and other industry suppliers on this important project,” said...
WILMERDING, PA, July 15, 2013 – Wabtec Corporation (NYSE: WAB) signed a $21 million contract with SNIM, the National Industrial and Mining Company of Mauritania, to provide bogies for new iron ore freight cars. SNIM operates a railway and various mining operations in Mauritania.
Under the contract, Wabtec’s Standard Car Truck subsidiary will provide bogies and related spare parts for the cars, which will help SNIM increase its iron ore shipments significantly over the next three years. Wabtec expects to complete deliveries of the components in 2014.
Albert J. Neupaver, chairman and chief executive officer of Wabtec, said: “This contract demonstrates the global scope and capabilities of our freight rail operations. We believe Wabtec will continue to benefit as countries around the world continue to invest in their freight transportation systems and infrastructure.”
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 aftermarket services. The...
WILMERDING, PA, July 9, 2013 – Wabtec Corporation (NYSE: WAB) today announced that it will report 2013 second quarter results before the U.S. financial markets open on Thursday, July 25. The company 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” tabs of the site. An audio replay of the call will also be available by calling 412-317-0088 (passcode: 466#).
Wabtec Corporation is a global provider of value-added, technology-based products and services for the rail and transit industry. 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.
6/26/2013 Wabtec’s MotivePower Unit and GE Transportation To Deliver Next-Generation Locomotives To MBTA
WILMERDING, PA, June 26, 2013 – MotivePower, a unit of Wabtec Corporation (NYSE: WAB), signed a contract with the Massachusetts Bay Transportation Authority (MBTA) to supply 13 additional, next-generation HSP46 passenger locomotives to be delivered in 2014. The locomotives, which will be compliant with EPA Tier 3 and FTA Buy America, are manufactured in Boise, Idaho with major components supplied by GE Transportation of Erie, Pa.
The new contract follows previous orders for 27 locomotives and is valued at over $70 million including training, manuals and spare parts. GE has worked closely with MotivePower on design, integration and testing. Major components supplied by GE from its Erie and Grove City, Pa. facilities include diesel engines, head-end power systems, computer control systems and its unique individual-axle AC traction systems.
The new HSP46 design provides dramatically improved fuel efficiency, reduced emissions and lower life-cycle costs compared to the existing MBTA locomotives. The new locomotives include the following components and systems manufactured by Wabtec units: FastBrake® electronic air brakes, air compressors, event recorders, tread brake units, brake shoes, aftercoolers and radiators.
Albert J. Neupaver,...
WILMERDING, PA, June 5, 2013 – Wabtec Corporation (NYSE: WAB) said its MotivePower subsidiary has received an order to build six additional locomotives for CFCLA Rail JV Pty Ltd., a joint venture of CFCL Australia Pty. Limited and Marubeni Corporation of Tokyo, Japan. In 2012, the company ordered 10 MotivePower locomotives.
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 six additional locomotives, to be delivered in 2014, will be MotivePower’s standard gauge MP33C international model, the same type as the initial 10 units. The locomotives, which are among the most fuel-efficient and environmentally friendly in the world, will include components from a number of other Wabtec divisions.
Albert J. Neupaver, Wabtec’s chairman and chief executive officer, said: “This additional order demonstrates CFCLA’s confidence in our locomotive product, and builds on Wabtec’s strong presence in Australia. These locomotives will meet our customers’ needs for more-efficient equipment, and will position Wabtec for similar opportunities globally.”
Through its Wabtec Australia...
WILMERDING, PA, May 14, 2013 – Wabtec Corporation (NYSE: WAB) named Albert J. Neupaver chairman and chief executive officer, and Raymond T. Betler president and chief operating officer, effective today.
Neupaver, 62, has been Wabtec’s president and CEO, and a board member, since 2006. He succeeds William E. Kassling as chairman of the board and will also remain CEO. Kassling will remain on the board in the role of Lead Director, after being elected for a new, three-year term at today’s annual shareholders meeting.
Betler, 57, joined Wabtec in 2008 as vice president and group executive of the company’s Transit Group and was promoted to chief operating officer in 2010. As president and COO, he will assume additional responsibility for Wabtec’s day-to-day operations, including functional areas such as finance, human resources, corporate development and legal. He has more than 30 years of experience in the transportation industry.
Neupaver said: “Ray’s promotion to president and COO marks an important step in our ongoing succession planning process and recognizes the vital role he has played since joining the company. He has strong leadership...
5/14/2013 Wabtec Shareholders Approve Proposals At Annual Meeting; Company Announces 2-For-1 Stock Split, 60% Dividend Increase
WILMERDING, PA, May 14, 2013 – Shareholders of Wabtec Corporation (NYSE: WAB) today approved the company’s proposals at its annual meeting, and the company’s Board of Directors approved a two-for-one stock split and a 60 percent dividend increase.
The stock split will be in the form of a 100 percent stock dividend, to be paid June 11, 2013 to shareholders of record June 3, 2013. Shareholders will receive one additional share of Wabtec common stock for each share they own on the record date. The company expects its common stock to begin trading at the split-adjusted price on June 12, 2013.
The board also increased Wabtec’s quarterly, split-adjusted dividend by 60 percent, to 4 cents per share, compared to an equivalent dividend of 2.5 cents per share prior to the split. The new dividend is payable Aug. 30, 2013 to shareholders of record Aug. 16, 2013. This is the third consecutive year the board has increased Wabtec’s dividend.
Albert J. Neupaver, Wabtec’s chairman and chief executive officer, said: “We believe our current financial performance and future outlook provides the company with...
WILMERDING, PA, May 1, 2013 – Wabtec Corporation (NYSE: WAB) declared its regular quarterly dividend of 5 cents per share, payable on May 31, 2013 to holders of record on May 17, 2013.
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.