Wabtec Q1 Results Breeze Past Estimates; Backs Full-Year Earnings View

(RTTNews) - Westinghouse Air Brake Technologies Corp. (WAB) Wednesday reported a rise in earnings for the first quarter, supported by a 13 percent growth in revenues. Both earnings and revenues beat analysts' estimates. The company also reiterated its earnings outlook for the full year.

Westinghouse Air Brake Technologies Corp., which does business as Wabtec Corp., is a provider of technology-based products and services for the freight rail and passenger transit industries.

For the first quarter, net profit advanced to $80.13 million or $0.83 per share, from $69.61 million or $0.72 per share a year earlier.

On average, 14 analysts polled by Thomson-Reuters estimated the company's earnings to be $0.80 for the quarter. Analysts' estimates typically exclude one-time items.

Sales for the 3-month period grew to $695.25 million from $615.51 million in the same quarter last year. Analysts had expected revenues of $687.42 million for the period.

For the full year 2014, the company affirmed its earnings per share guidance of $3.45, and said it expects a 15 percent growth in revenues for the year. The guidance includes the company's previously announced agreement to acquire Fandstan Electric Group, which Wabtec now expects to be completed in the second quarter. Analysts expect earnings of $3.47 per share on revenues of $2.94 billion for 2014.

"We're off to a good start in 2014. We continue to benefit from investment in freight rail and passenger transportation projects around the world, and our diverse business model provides a framework for future growth," said Albert Neupaver, CEO and Chairman of Wabtec.