WILMERDING, PA, April 23, 2014 – Wabtec Corporation (NYSE: WAB) today reported record results for the 2014 first quarter, including the following:
- First quarter sales were a record $695 million, 13 percent higher than the year-ago quarter, due mainly to growth in the Freight Group.
- Income from operations was a record $122 million, or 17.5 percent of sales, compared to 16.8 percent in the year-ago quarter.
- Earnings per diluted share were a record 83 cents, which was 15 percent higher than the year-ago quarter.
- At March 31, 2014, the company had cash of $295 million and debt of $451 million. Based on its first quarter results and outlook for the rest of the year, Wabtec affirmed its 2014 guidance for earnings per diluted share of about $3.45, with revenues expected to be up about 15 percent for the year. This guidance includes the company’s previously announced agreement to acquire Fandstan Electric Group, which is now expected to close in the second quarter.
Albert J. Neupaver, Wabtec’s chairman and chief executive officer, said: “We’re off to a good start in 2014. We continue to benefit from investment in freight...
WILMERDING, PA, May 14, 2014 – Wabtec Corporation (NYSE: WAB) named Albert J. Neupaver executive chairman and promoted Raymond T. Betler to president and chief executive officer, effective today. Betler was also appointed to the Wabtec Board of Directors.
Neupaver, 63, has served as Wabtec’s chairman and CEO for the past year, after joining the company as president and CEO in 2006. Betler, 58, joined Wabtec in 2008 and has served as president and chief operating officer for the past year.
Neupaver said: “This is the next step in our ongoing succession planning process. As executive chairman, I look forward to continuing to work with Ray and his management team to support Wabtec’s strategic growth initiatives, acquisitions and investor relations. Since joining Wabtec, Ray has played an important role in the growth and success of the company. I’m confident that his executive leadership capabilities and global, industry experience will help him succeed in his new position.”
Betler joined Wabtec in 2008 as vice president and group executive of the company’s Transit Group. He was promoted to chief operating officer in 2010...
WILMERDING, PA, April 2, 2014 – Wabtec Corporation (NYSE: WAB) has signed contracts for $16.6 million with Alaska Railroad Corporation to provide Positive Train Control (PTC) equipment and services, including computer-aided dispatch and back office systems. The systems will be installed on the railroad’s 525 miles of controlled track, which are used for both freight and regularly scheduled passenger service.
Under the contracts, Wabtec will provide its Interoperable Electronic Train Management System (I-ETMS®) equipment and installation of all PTC components for 54 locomotives. Wabtec’s scope of work also includes installation of its Train Management & Dispatch System (TMDS®), a computer-aided dispatch system to be used for centralized traffic control and track warrant control for all territories; and integration of I-ETMS® with Wabtec’s Back Office System. The Alaska Railroad system will be fully interoperable with PTC systems being implemented by Class I railroads in the U.S.
Albert J. Neupaver, Wabtec’s Chairman and Chief Executive Officer, said: “PTC continues to be developed and deployed by freight and passenger railroads in the U.S., and this project with Alaska Railroad demonstrates the variety of capabilities we have to...
WILMERDING, PA, February 19, 2014 – Wabtec Corporation (NYSE: WAB) today reported record results for 2013, including the following:
- In the fourth quarter, earnings per diluted share were 76 cents, 13 percent higher than the year-ago quarter. The 2013 fourth quarter was impacted by after-tax expenses of 3 cents per diluted share, or $3.8 million pre-tax, primarily for restructuring actions.
- Sales for the fourth quarter increased 12 percent to a record $682 million, driven by higher sales in both the Freight and Transit groups.
- Income from operations in the fourth quarter was $111 million or 16.3% of sales, compared to $100 million or 16.5% of sales in the year-ago fourth quarter.
- For the full year, Wabtec had sales of $2.57 billion, income from operations of $437 million or 17% of sales, and earnings per diluted share of $3.01, all records. For the full year, the company generated cash flow from operations of $236 million, or 9.1% of sales.
- At year-end, the company had cash of $286 million and debt of $451 million.
- In 2013, Wabtec repurchased 507,105 shares of its common stock for about $33 million. In the fourth quarter, ...
2/12/2014 Wabtec Signs Agreement To Acquire Fandstan, A Leading Rail/Industrial Equipment Manufacturer
WILMERDING, PA, Feb. 12, 2014 – Wabtec Corporation (NYSE: WAB) has signed a definitive agreement to acquire Fandstan Electric Group Ltd., a leading rail and industrial equipment manufacturer, for cash of about $215 million. Based in London, England, Fandstan Electric has annual sales of about $235 million. Wabtec expects the transaction to be completed in the first quarter of 2014, subject to customary closing conditions and competition authority clearance.
As previously announced, Wabtec plans to release its 2013 fourth quarter and full-year results on Feb. 19, and it also plans to issue 2014 guidance, including Fandstan Electric, on the same day.
Fandstan Electric designs, manufactures and installs electrical current and data collection products for a variety of markets, including rail and tram transportation, industrial and energy. The company’s highly engineered products include pantographs, third rail shoe gears, electrical contacts and brush holders, and its brand names include Brecknell Willis, Stemmann Technik and Transtech. Fandstan Electric has about 1,000 employees and operations in the U.K., Europe, China, Australia, and the U.S.
Albert J. Neupaver, Wabtec’s chairman and chief executive officer, said: “Fandstan...
WILMERDING, PA, Jan. 30, 2014 – Wabtec Corporation (NYSE: WAB) declared its regular quarterly dividend of 4 cents per share, payable on Feb. 28, 2014 to holders of record on Feb. 14, 2014.
The company also announced that it will report 2013 fourth quarter and full-year results before the U.S. financial markets open on Wednesday, Feb. 19. 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 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, Dec. 20, 2013 - Wabtec Corporation (NYSE: WAB) has amended and increased its existing revolving credit facility to $800 million and extended the facility's maturity date by two years. The revised facility, which has a five-year term, provides the company with increased financing flexibility and capacity, compared to the previous limit of $600 million.
Alvaro Farcia-Tunon, Wabtec's executive vice president and chief financial officer, said: "the agreement provides more the adequate financity and flexibility for Wabtec to continue to invest in its global growth initiatives. We appreciate the strong support of our banks and value their confidence."
The 16-bank group was led by PNC as Joint Lead Arrange, Joint Bookrunner, and Administrative Agent; and J.P. Morgan as Joint Lead Arranger, Joint Bookrunner, and Syndication Agent.
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 manufacturers a range of products of locomotive, freight cars and passenger transit vehicles. The company also builds new switcher and commuter locomotives, and provides aftermarket services. The company has facilities locations throughout the world.
WILMERDING, PA, Dec. 16, 2013 – Wabtec Corporation (NYSE: WAB) has signed a $34 million contract with Sound Transit, a commuter railroad serving the Seattle region, to design, install, test and commission a Positive Train Control (PTC) system. Sound Transit’s commuter rail line covers 82 miles and carries nearly 3 million passengers annually.
Under the contract, Wabtec will provide its Interoperable Electronic Train Management System (I-ETMS®) equipment and installation for 16 locomotives and 18 passenger transit cab cars. Wabtec will also provide signal design and communications, mapping and systems integration. The Sound Transit system will be fully interoperable with PTC systems being implemented by Class I railroads.
Several Wabtec divisions are involved in the project: Wabtec Railway Electronics, Wabtec Global Services, Xorail and Bach-Simpson.
“As transit agencies around the U.S. continue to deploy PTC over the next several years, Wabtec has the capabilities to continue to play a significant role,” said Albert J. Neupaver, Wabtec’s chairman and chief executive officer. “To date, we have booked nearly $150 million worth of PTC projects in transit.”
Wabtec Corporation is a...
WILMERDING, PA, Dec. 11, 2013 – Wabtec Corporation (NYSE: WAB) said its Board of Directors increased the company’s share buyback authorization to $200 million.
This new buyback authorization supersedes the previous authorization of $150 million, which had about $45 million remaining. In 2013, the company has repurchased about $38 million worth of Wabtec stock, including about $33 million in the fourth quarter.
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 chairman and chief executive officer, said: “With our future outlook and track record of generating strong cash flow, we have ample capacity to invest in organic growth opportunities and acquisitions, and to return money to shareholders in a variety of ways while maintaining our financially conservative posture.”
Wabtec Corporation is a global provider of value-added, technology-based products and services for rail and other...
WILMERDING, PA, October 27, 2013 – Wabtec Corporation (NYSE: WAB) said Alvaro Garcia-Tunon has decided to retire as Executive Vice President and Chief Financial Officer, effective January 1, 2014. He will be succeeded by Patrick D. Dugan, who joined Wabtec in 2003 and has served as Senior Vice President, Finance and Corporate Controller, and as a member of the company’s Executive Office, since January 2012.
Garcia-Tunon, 61, will remain with the company as a strategic adviser. He joined Wabtec in 1995 and served in a variety of roles of increasing responsibility prior to his appointment as CFO in March 2003. He has played an integral role in the company’s success and will continue to be involved in its strategic growth initiatives. Dugan, 47, has 20 years of executive financial management experience, and for the past 10 years has been involved in all aspects of Wabtec’s business, including strategic planning, financial controls and reporting, acquisitions, banking and capital markets, information technology and tax planning. He joined Wabtec as Vice President and Corporate Controller in 2003 and was promoted to Senior Vice President in 2012. Previously, he served as...