Wabtec Corp. on Tuesday, Oct. 28, 2014 announced "record results" for its third quarter, led by record earnings per diluted share of 93 cents, up 22% from the comparable quarter in 2013. That handily beat Wall Street's consensus analyst estimate of 89 cents per share.
Third-quarter revenue also set a record at $797 million, 26% higher than the third quarter in 2013, "with about half of the growth due to acquisitions," Wilmerding, Pa.-based Wabtec said. Revenue also surpassed Wall Street expectations.
At Sept. 30, 2014, end of the company's fiscal quarter, Wabtec had cash of $213 million and debt of $522 million, the company said, adding, "During the quarter, the company repurchased 124,600 shares of company stock for $10 million."
Total multiyear backlog increased to a record $2.18 billion, mainly due to new contracts for locomotive overhauls, freight car components and signaling projects, and acquisitions.
KeyBanc Capital Markets Inc. analyst Steve Barger, in a note to clients Wednesday, noted that "by segment, Freight sales were up 33% and Transit sales increased 18%."
Said Wabtec Executive Chairman Albert J. Neupaver, "The company continued to perform well in the quarter and we are optimistic about our future opportunities as we execute our growth strategies and internal improvement initiatives. As always, we expect to benefit from our diverse business model, the power of our Wabtec Performance System, and global investment in transportation and infrastructure."
Added Wabtec President and CEO Raymond T. Betler, "During the quarter we acquired Dia-Frag, a friction products manufacturer, and C2CE, which provides signal design and engineering services. The companies fit our growth criteria and integration efforts are well under way."