Wabtec Reports Record Quarterly Earnings; Increases Full-Year EPS Guidance
WILMERDING, PA, April 22, 2015 – Wabtec Corporation (NYSE: WAB) today reported record results for the 2015 first quarter, including the following:
First quarter sales were $819 million, 18 percent higher than the year-ago quarter, due to growth in the Freight Group.
Income from operations was a record $148 million, or 18.1 percent of sales, compared to 17.5 percent in the year-ago quarter.Earnings per diluted share were a record 99 cents, which was 19 percent higher than the year-ago quarter.
At March 31, 2015, the company had cash of $249 million and debt of $421 million.
Based on its first quarter results and outlook for the rest of the year, Wabtec increased its 2015
guidance for earnings per diluted share to about $4.10, with revenues expected to be up about 10 percent for the year.
Raymond T. Betler, Wabtec’s president and chief executive officer, said: “With a strong first quarter,
we’re off to a good start for the year. We will continue to face challenges during the year, including global
economic uncertainty and foreign currency exchange headwinds, but we expect to benefit from our strong
backlog, and from ongoing investment in freight rail and passenger transit projects around the world.
We’re also pleased with our long-term growth prospects, which are driven by our diversified business
model, balanced strategies and rigorous application of the Wabtec Performance System.”
Wabtec Corporation (www.wabtec.com) is a global provider of value-added, technology-based
products and services for rail and other industrial markets.
This release contains forward-looking statements, such as statements regarding the company’s
expectations about future earnings. Actual results could differ materially from the results suggested in
any forward-looking statement. Factors that could cause or contribute to these material differences
include, but are not limited to, an economic slowdown in the markets we serve; changes in foreign
currency exchange rates; a decrease in freight or passenger rail traffic; an increase in manufacturing
costs; and other factors contained in the company’s filings with the Securities and Exchange Commission.
The company assumes no obligation to update these statements or advise of changes in the assumptions
on which they are based.
The company will conduct a conference call with analysts and investors at 10 a.m., eastern
time, today. To listen to the call via webcast, please go to www.wabtec.com and click on the
“Webcasts” tab in the “Investor Relations” section.