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WILMERDING, PA, February 18, 2016 – Wabtec Corporation (NYSE: WAB) today reported record results for 2015, including the following:
 

  • Sales for the fourth quarter increased to $833 million, as higher sales in the Freight Group more than offset lower sales in the Transit Group. Changes in foreign exchange rates reduced sales by about $27 million compared to the year-ago quarter.
  • Income from operations in the fourth quarter was $151 million or 18.2% of sales, compared to $137 million or 16.7% of sales in the year-ago fourth quarter. 
  • In the fourth quarter, earnings per diluted share were a record $1.05, 11 percent higher than the year-ago quarter.
  • For the full year, Wabtec had sales of $3.3 billion, income from operations of $608 million or 18.4% of sales, and earnings per diluted share of $4.10, all of which were records.  For the full year, the company generated cash flow from operations of $448 million, which exceeded net income of $399 million.
  • At year-end, the company had cash of $226 million, an additional $203 million of cash held in escrow for the planned acquisition of Faiveley Transport, and debt of
  • ...

WILMERDING, PA, February 10, 2016 – Wabtec Corporation (NYSE: WAB) said it repurchased about 4.6 million shares of its common stock for about $365 million during the fourth quarter of 2015.  The company also said its Board of Directors yesterday approved a new share buyback authorization for up to $350 million worth of its stock.  This new buyback authorization supersedes the previous authorization of $350 million, which had about $33 million remaining. 
 
For the full year of 2015, Wabtec repurchased about 4.9 million shares for about $388 million. 
 
The company intends to continue to buy back shares from time to time on the open market, or in negotiated or block trades.  As with previous authorizations, no time limit was set for the completion of the program, which is permitted under the company’s credit agreement and bond indenture.
 
Albert J. Neupaver, Wabtec’s executive chairman, said:  “We’re pleased that our Board of Directors continues to express strong confidence in the company’s long-term growth prospects and its ongoing ability to generate strong cash flow.”
 
Wabtec Corporation is a global provider of...

WILMERDING, PA, January 26, 2016 – Wabtec Corporation (NYSE: WAB) declared its regular quarterly dividend of 8 cents per share, payable on Feb. 26, 2016 to holders of record on Feb. 12, 2016.
 
Wabtec also said it will report 2015 fourth quarter and full year results before the U.S. financial markets open on Thursday, Feb. 18.  The company will conduct a conference call to discuss those results with analysts and investors at 9:30 a.m. the same day.  To listen to the call via webcast, please go to www.wabtec.com and click on the “Investors” 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.

WILMERDING, PA, January 6, 2016 – Wabtec Corporation (NYSE: WAB) has started deliveries of brake equipment to Alstom, which is building up to 3,600 transit cars for the Passenger Rail Agency of South Africa (PRASA).  Under Wabtec’s contract, which is expected to generate revenues of at least $160 million over 10 years, it has provided 10 trainsets of brake systems for the cars, including brake control, bogie brakes and air generation.  
 
Raymond T. Betler, president and chief executive officer of Wabtec, said:  “This project expands our global product capabilities and footprint, provides aftermarket opportunities, and solidifies our presence in South Africa, where we are committed to growth.  We’re also pleased to be working on this project with Alstom, a world leader in the supply of systems, equipment and services in the railway sector.  As other countries around the world invest in their transportation systems, Wabtec expects to continue to play an important role.”  
 
The PRASA project is part of a program to modernize and expand its commuter rail system in response to increasing ridership.  Each single-deck train, consisting of six cars, will have the...

WILMERDING, PA, December 16, 2015 – Wabtec Corporation (NYSE: WAB) has signed contracts worth about $45 million to provide equipment and services for a Positive Train Control (PTC) system for the Northeast Illinois Regional Commuter Railroad Corp. (Metra).  The contracts are with Metra and Parsons Transportation Group (PTG).
 
Metra operates commuter rail service in Chicago and its surrounding suburbs, serving more than 100 communities at 241 rail stations, with a fleet of 146 locomotives, 843 passenger cars and 185 electric-propelled cars. 
 
Under the contracts, Wabtec will provide Interoperable Electronic Train Management System (I-ETMS®) equipment, including kits and replacement components.  In addition, Wabtec will provide its TMDS® Back Office System, as well as track data, training and related services.  Metra’s PTC system will be fully interoperable with PTC systems being implemented by Class I railroads in the U.S.
 
Raymond T. Betler, Wabtec’s president and chief executive officer, said:  “We have worked with Metra for several years to develop and design their PTC program, and we are pleased to help in its implementation.  Wabtec continues to demonstrate a unique and industry-leading ability to...

WILMERDING, PA, December 7, 2015 – Wabtec Corporation (NYSE: WAB) has acquired Relay Monitoring Systems PTY Ltd. (RMS), a manufacturer of electrical protection and control products with annual sales of about $15 million.  The company’s products, which are used in energy and rail applications worldwide, include relays, transformer control systems, and voltage regulators, as well as electrical output monitoring systems and sensors.
Raymond T. Betler, Wabtec’s president and chief executive officer, said:  “RMS is an excellent strategic fit with our existing Mors Smitt business.  Together, the companies offer complementary products and geographic presence, which we believe will result in superior growth opportunities for both.”
Based in Australia, RMS has operations or distribution networks in Asia and the Middle East, and its customers include utilities and rail equipment manufacturers.
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, November 17, 2015 – Wabtec Corporation (NYSE: WAB) has received an order valued at about $26 million to provide components, including electronically controlled pneumatic (ECP) braking equipment, for 1,186 freight cars to be built for the Saudi Arabia Railway.  The components are expected to be delivered over the next two years.
 
Under the contract, Wabtec will provide a complete set of its components for the cars, including ECP and pneumatic brake equipment, draft gears, bogies and truck-mounted brakes.
 
Raymond T. Betler, Wabtec’s president and chief executive officer, said:  “This project demonstrates the global reach of our freight rail business, which offers products and technologies to help our worldwide customers improve safety, productivity and efficiency.  The benefits of ECP braking technology in commercial service have been proven by heavy-haul railroads around the world.  Continued investment in this technology demonstrates that railroads can deploy ECP to reduce cycle times and improve train handling, among other operational benefits.” 
 
With standard pneumatic brake equipment, the brakes are applied and released throughout the train sequentially, one car after another.  ECP equipment uses an electronic...

WILMERDING, PA, November 9, 2015 – Wabtec Corporation (NYSE: WAB) said it has repurchased about $50 million of its common stock this quarter, and that its Board of Directors has increased the company’s share buyback authorization to $350 million. 
 
This new buyback authorization supersedes the previous authorization of $200 million, which had about $100 million remaining, so the company may repurchase up to $250 million more worth of stock.  So far this year, the company has repurchased about $70 million worth of Wabtec stock.
 
The company intends to continue to buy back shares from time to time on the open market, or in negotiated or block trades.  As with previous authorizations, no time limit was set for the completion of the program, which is permitted under the company’s credit agreement and bond indenture.
 
Albert J. Neupaver, Wabtec’s executive chairman, said:  “We remain confident in the company’s long-term growth prospects and our ongoing ability to generate strong cash flow.  With that in mind, we have been buying back our shares at the current level and have received a strong vote of confidence...

WILMERDING, PA, November 9, 2015 – Wabtec Corporation (NYSE: WAB) has signed a $27 million contract with Regional Rail Partners to provide Phase I signaling and communications systems, including Positive Train Control (PTC) equipment, for the new North Metro Rail Line in Denver.  The line will eventually be integrated into Regional Transit District commuter rail services.
 
Under the contract, Wabtec’s Xorail division is providing wayside signaling and communications systems, along with integration and project management services.
 
This new contract follows two others that Wabtec was previously awarded in connection with the Denver project.  In 2011, Wabtec was awarded a $63 million contract with Denver Transit Partners to provide PTC equipment and services, a dispatch office system, wayside signaling and communications systems, and related integration and project management services for three other commuter rail lines that are part of the overall project.  In 2012, Wabtec was awarded a $25 million contract to provide brakes, couplers, PTC equipment, event recorders and doors for 50 new transit cars for the system.
 
“We’re pleased to be working with Regional Rail Partners and other industry suppliers...

WILMERDING, PA, Nov. 2, 2015 – Wabtec Corporation (NYSE: WAB) and Faiveley Transport S.A. (Euronext Paris: LEY) have each received a request for additional information (“second request”) from the United States Department of Justice (“DOJ”) in connection with Wabtec’s pending acquisition of approximately 51% of Faiveley Transport from the Faiveley family and followed by a tender offer for the company’s public shares. The second request is a standard part of the regulatory review process under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”) and was expected by Wabtec and Faiveley Transport.
 
The effect of the second request is to extend the waiting period imposed by the HSR Act until 30 days after Wabtec and Faiveley Transport have substantially complied with their respective request, unless that period is extended voluntarily by both parties or terminated sooner by the DOJ. Wabtec and Faiveley Transport will continue to cooperate fully with the DOJ as it reviews the proposed transaction. In addition to the expiration of the waiting period under the HSR Act, the transaction remains subject to other regulatory approvals, as well as other customary closing...

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