First-quarter 2015 sales were $819 million, compared to first-quarter 2014’s $695 million. The increase in sales stems from a growth in the company’s freight group, Wabtec said.
Income operations were a record $148 million, or 18.1% of sales, compared to $122 million, or 17.5% of sales, in the year-ago quarter. In addition, earnings per diluted share were a record $0.99, which was 19% higher than first-quarter 2014’s $0.83 cents.
As of March 31, 2015, Wabtec had cash of $249 million and debt of $421 million. Based on its first-quarter 2015 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% for the year, the company 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 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,” said Wabtec President and CEO Raymond T. Betler. “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.”