Wabtec Q4 Profit Improves, But Below Estimates

(RTTNews) - Wabtec Corporation (WAB), a provider of equipment, systems, digital solutions for the freight and transit rail industries, Wednesday reported improved profit in the fourth quarter, but below the consensus estimates. Sales, however, beat the Street view. The company also provided full-year outlook.

Profit for the fourth quarter increased to $215 million or $1.20 per share from $158 million or $0.86 per share in the same quarter a year ago.

Excluding special items, earnings were $1.54, that missed the average estimate of analysts polled by Thomson-Reuters of $1.58 per share. Analysts' estimates typically exclude special items.

Sales for the quarter increased to $2.526 billion from $2.306 billion a year ago. The consensus estimate was for $2.48 billion.

Looking ahead, Wabtec expects fiscal 2024 sales to be in the range of $10.05 billion to $10.35 billion and adjusted earnings per share between $6.50 and $6.90. Analysts expect the company to report earnings of $6.73 per share on revenue of $10.18 billion for the year.