Wabtec Reports 4th Quarter and Full Year 2012 Financial Results
Feb 22, 2013 (Close-Up Media via COMTEX) --
Wabtec Corp. announced results for its 2012 fourth quarter and full-year.
In a release on February 19, the Company reported the following highlights:
-In the fourth quarter, earnings per diluted share were a record $1.34, 40 percent higher than the year-ago quarter. Sales increased to a record $610 million, driven by higher sales in the company's Transit Group.
-Income from operations in the fourth quarter was $101 million, or 16.5 percent of sales, compared to $73 million, or 13.6 percent of sales in the year-ago fourth quarter.
-For the full year, Wabtec had sales of $2.4 billion and earnings per diluted share of $5.19, both records. For the full year, the company generated cash flow from operations of $237 million, or 9.9 percent of sales.
-At year-end, the company had cash of $216 million and debt of $317 million.
-During the fourth quarter, Wabtec repurchased 231,100 shares of its common stock for about $19 million. During 2012, the company repurchased 607,400 shares for about $47 million.
Wabtec also issued 2013 guidance for earnings per diluted share of about $5.85, with revenues expected to increase 8-10 percent for the year.
Albert J. Neupaver, Wabtec's president and chief executive officer, said, "The company's performance in 2012 was strong, and we are anticipating another record year in 2013. The freight rail and passenger transit markets remain compelling, as countries around the world continue to make investments to improve and expand their transportation infrastructure. With our diversified business model, balanced growth strategies and rigorous application of the Wabtec Performance System, we are confident in the company's long-term growth prospects."
Wabtec is a global provider of technology-based products and services for rail and industrial markets.
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