Wabtec Withdraws Guidance - Quick Facts

(RTTNews) - Wabtec Corp. (WAB) said, as a result of the uncertainty related to COVID-19 pandemic, the company is withdrawing its 2020 financial guidance. The company is lowering its controllable costs by delivering on original synergy targets, continuing to consolidate operational footprint by an additional 9% in 2020, and lowering fixed costs by driving down SG&A expense. The company believes these cost cuts, along with working capital management and a more than 40% reduction in capital expenditures in the current year will improve liquidity and strengthen financial position.

First quarter adjusted earnings per share was $0.97. Sales were $1.9 billion compared to $1.6 billion, prior year.