Wabtec Corp. on Wednesday, Feb. 18, 32015, reported record results for 2014, with expectations of repeating the accomplishment in 2015.
Wabtec's fourth-quarter earnings per diluted share were 95 cents, up 25% from the fourth quarter of 2013 and also a record. Fourth-quarter sales of $821 million, up 20%, also set a record, "diving by higher sales in both the Freight and Transit groups," the company said. Fourth-quarter record results followed a record third-quarter performance
Full-year sales of $3.04 billion generated income from operations of $527 million, or 17.3% of sales, and earnings per diluted share of $3.62, "all records," Wabtec stressed. <br.
Wabtec issued 2015 guidance for earnings per diluted share of about $4.05, with revenue expected to increase about 10%.
Said Wabtec President and CEO Raymond T. Betler, "We finished the year with a strong performance in the fourth quarter, and we are anticipating record results again in 2015. While we expect to face challenges this year, including global economic uncertainty and foreign currency exchange headwinds, we will benefit from ongoing investment in freight rail and passenger transit projects around the world.
"Our long-term growth prospects remain solid, thanks to our diversified business model, balanced strategies and rigorous application of the Wabtec Performance System," Betler said.