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Westinghouse Air Brake Technologies Corp : Wabtec Reports 4Q and Full Year Results; Record Cash From Operations of $249 Million Exceeds Net Income for 14th Straight Year; Issues 2012 Earnings Guidance of About $4.30

02/21/2012 | 08:10am US/Eastern
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WILMERDING, Pa., Feb. 21, 2012 /PRNewswire/ -- Wabtec Corporation (NYSE: WAB) today reported its 2011 fourth quarter and full-year results, including the following highlights:

    --  In the fourth quarter, earnings per diluted share were 96 cents, 50
        percent higher than the year-ago quarter.  Sales increased 36 percent to
        a record $535 million, mainly driven by higher sales in the Freight
        Group.
    --  Income from operations in the fourth quarter was $72.5 million, or 13.6%
        of sales, including $5.5 million of restructuring and contract charges
        in the Transit Group.
    --  For the full year, Wabtec had sales of $1.97 billion and GAAP earnings
        per diluted share of $3.51, both records.  For the full year, non-GAAP
        EPS was $3.70, excluding the special items recorded and previously
        disclosed in the second quarter of the year.  See below for a
        reconciliation of GAAP and non-GAAP EPS.
    --  For the full year, the company generated a record cash flow from
        operations of $249 million, or 12.7 percent of sales, marking the 14th
        straight year that cash flow from operations exceeded net income.
    --  At year-end, Wabtec's multi-year backlog was a record $1.55 billion, 44
        percent higher than at year-end 2010.  Net debt at year-end was $109
        million.

Also today, Wabtec issued 2012 guidance for earnings per diluted share of about $4.30, with revenues expected to increase about 10 percent for the year.

Albert J. Neupaver, Wabtec's president and chief executive officer, said: "By any measure, our company finished the year strong, and we are well positioned for another record performance in 2012. With our diversified business model, balanced growth strategies and rigorous application of the Wabtec Performance System, we will continue to drive Wabtec to take full advantage of its growth opportunities around the world."

As previously disclosed, in the second quarter of this year Wabtec recorded the following special items: a charge of 25 cents per diluted share for a court ruling, a benefit of 3 cents per diluted share for an acquisition settlement, and a tax benefit of 3 cents per diluted share. Excluding these items, the company's 2011 non-GAAP EPS was $3.70. We believe this non-GAAP measure provides useful supplemental information to assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec's reported results prepared in accordance with GAAP.

Wabtec (www.wabtec.com) is a global provider of technology-based products and services for rail and 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.

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



                                              WABTEC CORPORATION
                                CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
                          FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2011 AND
                                                   2010
                                 (DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
                                                  (UNAUDITED)


                                             Fourth        Fourth              For the       For the
                                            Quarter        Quarter           Year Ended     Year Ended
                                                  2011          2010                 2011          2010
                                                  ----          ----                 ----          ----

     Net
     sales                                    $534,639      $393,241           $1,967,637    $1,507,012
     Cost
     of
     sales                                    (387,305)     (275,253)          (1,397,213)   (1,057,934)
                                              --------      --------           ----------    ----------
       Gross
       profit                                  147,334       117,988              570,424       449,078
        Gross
        profit
        as
        a
        %
        of
        Net
        Sales                                     27.6%         30.0%            29.0%         29.8%

     Selling,
     general
     and
     administrative
     expenses                                  (61,099)      (53,414)        (247,534)     (195,892)
     Engineering
     expenses                                   (9,279)       (9,721)             (37,193)      (40,203)
     Amortization
     expense                                    (4,447)       (3,504)             (14,996)      (10,173)
                                                ------        ------              -------       -------
       Total
       operating
       expenses                                (74,825)      (66,639)            (299,723)     (246,268)
        Operating
        expenses
        as
        a
        %
        of
        Net
        Sales                                     14.0%         16.9%            15.2%         16.3%

          Income
          from
          operations                            72,509        51,349              270,701       202,810
           Income
           from
           operations
           as
           a
           %
           of
           Net
           Sales                                  13.6%         13.1%            13.8%         13.5%

     Interest
     (expense)
     income,
     net                                        (3,766)       (3,923)             (15,007)      (15,923)
     Other
     income
     (expense),
     net                                         1,099           366                 (380)          (60)
                                                 -----           ---                 ----           ---
          Income
          from
          operations
          before
          income
          taxes                                 69,842        47,792          255,314       186,827

     Income
     tax
     expense                                   (23,579)      (16,812)             (85,165)      (63,728)
                                               -------       -------              -------       -------
           Effective
           tax
           rate                                   33.8%         35.2%                33.4%         34.1%

          Net
          income
          attributable
          to
          Wabtec
          shareholders                         $46,263       $30,980         $170,149      $123,099
                                               =======       =======             ========      ========

                      Earnings Per
                       Common Share
                          Basic
          Net
          income
          attributable
          to
          Wabtec
          shareholders                           $0.96         $0.64            $3.54         $2.57

                         Diluted
          Net
          income
          attributable
          to
          Wabtec
          shareholders                           $0.96         $0.64            $3.51         $2.56

    Weighted average
     shares
     outstanding
           Basic                                47,690        47,683               47,820        47,597
                                                ======        ======               ======        ======
           Diluted                              48,268        48,143               48,329        48,005
                                                ======        ======               ======        ======

                    Sales by Segment
     Freight
     Group                                    $349,330      $220,820           $1,210,059      $784,504
     Transit
     Group                                     185,309       172,421             $757,578      $722,508
                                               -------       -------             --------      --------
              Total                           $534,639      $393,241           $1,967,637    $1,507,012
                                              ========      ========           ==========    ==========

SOURCE Wabtec Corporation

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