Wabtec Expects 1Q EPS of 77-82 Cents; Increases 2011 EPS Guidance to $3.15-$3.25
WILMERDING, Pa., March 28, 2011 /PRNewswire/ -- Wabtec Corporation (NYSE: WAB) today said it expects 2011 first quarter earnings per diluted share to be between 77-82 cents, and the company increased its 2011 full-year earnings per diluted share guidance to between $3.15-$3.25, based on full-year revenue growth of about 15 percent. Previously, the company's full-year guidance was for earnings per diluted share of about $2.90 and revenue growth of about 10 percent.
Albert J. Neupaver, Wabtec's president and chief executive officer, said: "Our financial performance in the first quarter and for the year will exceed our initial expectations due to several factors: The strength of the U.S. freight rail market, especially demand for new freight cars; recent contract bookings for significant projects and others we expect to announce soon; ongoing progress in implementing our growth strategies; and the benefits of continuous improvement initiatives through the Wabtec Performance System."
Recently, the company booked a $165 million contract to implement a train control project in Brazil and a $27 millioncontract to provide train control equipment in the U.S. The company expects its multi-year backlog to be at record levels at the end of the first quarter.
Wabtec will report first quarter results before the U.S. financial markets open on Tuesday, April 26, and it will conduct a conference call to discuss those results with analysts and investors at 10 a.m. the same day. To listen to the call via webcast, please go to www.wabtec.com and click on the "Investor Relations" and "Webcasts" tabs of the site. An audio replay of the call will also be available by calling 412-317-0088 (passcode: 466#).
Wabtec Corporation is a global provider of value-added, technology-based products and services for rail and other industrial markets. Through its subsidiaries, the company manufactures a range of products for locomotives, freight cars and passenger transit vehicles. The company also builds new switcher and commuter locomotives, and provides aftermarket services. The company has facilities located throughout the world.
SOURCE Wabtec Corporation