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Wabtec Reports Record Quarterly Sales and Earnings; 2Q EPS of $1.04, Up 14 Percent; Affirms Full-Year EPS Guidance

20:00 EDT 22 Jul 2015 | Globe Newswire

WILMERDING, Pa., July 23, 2015 (GLOBE NEWSWIRE) -- Wabtec Corporation (NYSE:WAB) today reported record results for the 2015 second quarter, including the following:

  • Second quarter sales were a record $847 million, 16 percent higher than the year-ago quarter, due to strong growth in the Freight segment.
  • Income from operations was a record $156 million, or 18.4 percent of sales, compared to 18.1 percent in the year-ago quarter.
  • Earnings per diluted share were a record $1.04, which was 14 percent higher than the year-ago quarter.
  • Cash flow from operations in the quarter was $67 million.  At June 30, 2015, the company had cash of $265 million and debt of $400 million.

Based on Wabtec’s first half results and outlook for the rest of the year, the company affirmed its 2015 guidance for earnings per diluted share of 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:  “We had another strong operating quarter, with record sales, earnings and margins, driven by the performance of our Freight Group.  We continue to execute our growth strategies and internal improvement initiatives, and we’re optimistic about our future growth prospects, thanks to the diversity of our business model, continued global investment in transportation projects, and the power of our 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.

Wabtec will host a call with analysts and investors at 10 a.m., eastern time, today.  To listen, go to www.wabtec.com and click on the “Webcasts” tab in the “Investor Relations” section.

 

WABTEC CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2015 AND 2014
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
(UNAUDITED)
       
       
  SecondSecond For theFor the
  QuarterQuarter Six MonthsSix Months
   2015   2014   2015   2014 
       
Net sales $  847,028  $  731,068  $  1,665,622  $  1,426,317 
Cost of sales    (579,264)    (506,410)    (1,142,503)    (992,090)
  Gross profit    267,764     224,658     523,119     434,227 
  Gross profit as a % of Net Sales  31.6%  30.7%  31.4%  30.4%
       
Selling, general and administrative expenses    (88,992)    (72,982)    (173,763)    (143,063)
Engineering expenses    (17,750)    (14,221)    (34,613)    (27,167)
Amortization expense    (5,162)    (5,132)    (10,463)    (9,828)
  Total operating expenses    (111,904)    (92,335)    (218,839)    (180,058)
  Operating expenses as a % of Net Sales  13.2%  12.6%  13.1%  12.6%
       
  Income from operations    155,860     132,323     304,280     254,169 
  Income from operations as a % of Net Sales  18.4%  18.1%  18.3%  17.8%
       
Interest expense, net    (4,041)    (4,525)    (8,347)    (8,975)
Other (expense) income, net    (1,887)    243     (4,753)    226 
  Income from operations before income taxes     149,932     128,041     291,180     245,420 
       
Income tax expense    (48,428)    (39,336)    (93,512)    (76,581)
  Effective tax rate  32.3%  30.7%  32.1%  31.2%
       
  Net income attributable to Wabtec shareholders $  101,504  $  88,705  $  197,668  $  168,839 
       
Earnings Per Common Share      
Basic      
  Net income attributable to Wabtec shareholders $  1.05  $  0.92  $  2.05  $  1.76 
       
Diluted      
  Net income attributable to Wabtec shareholders $  1.04  $  0.91  $  2.03  $  1.74 
       
Weighted average shares outstanding      
  Basic    96,338     96,048     96,066     95,674 
  Diluted    97,435     97,058     97,112     96,827 
       
Sales by Segment      
Freight Group $  534,674  $  411,502  $  1,046,561  $  797,008 
Transit Group    312,354     319,566     619,061     629,309 
  Total $  847,028  $  731,068  $  1,665,622  $  1,426,317 
       
       

 

 

 

Tim Wesley
Phone: 412.825.1543
E-mail: twesley@wabtec.com
Website: www.wabtec.com

Wabtec Corporation
1001 Air Brake Avenue
Wilmerding, PA 15148
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