WILMERDING, Pa., April 23, 2014 /PRNewswire/ -- Wabtec Corporation (NYSE: WAB) today reported record results for the 2014 first quarter, including the following:


    --  First quarter sales were a record $695 million, 13 percent higher than
        the year-ago quarter, due mainly to growth in the Freight Group.

    --  Income from operations was a record $122 million, or 17.5 percent of
        sales, compared to 16.8 percent in the year-ago quarter.

    --  Earnings per diluted share were a record 83 cents, which was 15 percent
        higher than the year-ago quarter.
    --  At March 31, 2014, the company had cash of $295 million and debt of $451
        million.

Based on its first quarter results and outlook for the rest of the year, Wabtec affirmed its 2014 guidance for earnings per diluted share of about $3.45, with revenues expected to be up about
15 percent for the year. This guidance includes the company's previously announced agreement to acquire Fandstan Electric Group, which is now expected to close in the second quarter.

Albert J. Neupaver, Wabtec's chairman and chief executive officer, said: "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. We will remain focused on executing our strategic growth initiatives, and on rigorous application of the Wabtec Performance System to drive productivity and cost improvements."

Wabtec Corporation (www.wabtec.com) is a global provider of value-added, technology-based products and services for rail and other industrial markets.

This release contains forward-looking statements, such as statements regarding the company's expectations about future earnings. Actual results could differ materially from the results suggested in any forward-looking statement. Factors that could cause or contribute to these material differences include, but are not limited to, an economic slowdown in the markets we serve; a decrease in freight or passenger rail traffic; an increase in manufacturing costs; and other factors contained in the company's filings with the Securities and Exchange Commission. The company assumes no obligation to update these statements or advise of changes in the assumptions on which they are based.

The company will conduct a conference call with analysts and investors at 10 a.m., eastern time, today. To listen to the call via webcast, please go to www.wabtec.com and click on the "Webcasts" tab in the "Investor Relations" section.


                                    CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

                                  FOR THE THREE MONTHS ENDED MARCH 31, 2014 AND 2013

                                     (DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)

                                                     (UNAUDITED)



                                                    First                             First

                                                   Quarter                           Quarter

                                                                2014                             2013
                                                                ----                             ----


    Net
     sales                                                  $695,249                         $615,510

    Cost
     of
     sales                                                  (485,680)                        (432,622)
                                                            --------                         --------

      Gross
       profit                                                209,569                          182,888

       Gross
        profit
        as a
        % of
        Net
        Sales                                                   30.1%                            29.7%


     Selling,
     general
     and
     administrative
     expenses                                                (70,081)                         (64,300)

     Engineering
     expenses                                                (12,946)                         (11,334)

     Amortization
     expense                                                  (4,696)                          (3,587)
                                                              ------                           ------

      Total
       operating
       expenses                                              (87,723)                         (79,221)

        Operating
        expenses
        as a
        % of
        Net
        Sales                                                   12.6%                            12.9%


          Income
          from
          operations                                         121,846                          103,667

          Income
           from
           operations
           as a %
           of Net
           Sales                                                17.5%                            16.8%


     Interest
     expense,
     net                                                      (4,450)                          (3,614)

    Other
     income
     (expense),
     net                                                         (17)                            (581)
                                                                 ---                             ----

          Income
          from
          operations
          before
          income
          taxes                                              117,379                           99,472


     Income
     tax
     expense                                                 (37,245)                         (29,859)
                                                             -------                          -------

           Effective
           tax
           rate                                                 31.7%                            30.0%


         Net
          income
          attributable
          to
          Wabtec
          shareholders                                       $80,134                          $69,613
                                                             =======                          =======


                       Earnings Per Common Share

                                 Basic

         Net
          income
          attributable
          to
          Wabtec
          shareholders                                         $0.84                            $0.73


                                Diluted

         Net
          income
          attributable
          to
          Wabtec
          shareholders                                         $0.83                            $0.72


    Weighted average shares
     outstanding

           Basic                                              95,529                           95,025
                                                              ======                           ======

           Diluted                                            96,805                           96,572
                                                              ======                           ======


                           Sales by Segment

     Freight
     Group                                                  $385,506                         $313,679

     Transit
     Group                                                   309,743                          301,831
                                                             -------                          -------

              Total                                         $695,249                         $615,510
                                                            ========                         ========

SOURCE Wabtec Corporation