WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION 
By WILMERDING, Pa., Feb. 19, 2013 /PRNewswire/ -- Wabtec Corporation (NYSE: WAB) today reported record results for its 2012 fourth quarter and full-year, including 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%
of sales, compared to $73 million, or 13.6% 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.
Also today, Wabtec 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 (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, 2012 AND 2011
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
(UNAUDITED)
Fourth Fourth For the For the
Quarter Quarter Year Ended Year Ended
2012 2011 2012 2011
---- ---- ---- ----
Net sales $610,400 $534,639 $2,391,122 $1,967,637
Cost of sales (429,920) (387,305) (1,696,555) (1,397,213)
-------- -------- ---------- ----------
Gross profit 180,480 147,334 694,567 570,424
Gross profit as a % of Net Sales 29.6% 27.6% 29.0% 29.0%
Selling, general and administrative expenses (64,774) (61,099) (245,709) (247,534)
Engineering expenses (10,260) (9,279) (41,307) (37,193)
Amortization expense (4,984) (4,447) (15,272) (14,996)
------ ------ ------- -------
Total operating expenses (80,018) (74,825) (302,288) (299,723)
Operating expenses as a % of Net Sales 13.1% 14.0% 12.6% 15.2%
Income from operations 100,462 72,509 392,279 270,701
Income from operations as a % of Net Sales 16.5% 13.6% 16.4% 13.8%
Interest (expense) income, net (3,948) (3,766) (14,251) (15,007)
Other income (expense), net 614 1,099 (670) (380)
--- ----- ---- ----
Income from operations before income taxes 97,128 69,842 377,358 255,314
Income tax expense (32,363) (23,579) (125,626) (85,165)
------- ------- -------- -------
Effective tax rate 33.3% 33.8% 33.3% 33.4%
Net income attributable to Wabtec shareholders $64,765 $46,263 $251,732 $170,149
======= ======= ======== ========
Earnings Per Common Share
Basic
Net income attributable to Wabtec shareholders $1.35 $0.96 $5.24 $3.54
Diluted
Net income attributable to Wabtec shareholders $1.34 $0.96 $5.19 $3.51
Weighted average shares outstanding
Basic 47,577 47,690 47,734 47,820
====== ====== ====== ======
Diluted 48,341 48,268 48,371 48,329
====== ====== ====== ======
Sales by Segment
Freight Group $342,258 $349,330 $1,501,911 $1,210,059
Transit Group 268,142 185,309 $889,211 $757,578
------- ------- -------- --------
Total $610,400 $534,639 $2,391,122 $1,967,637
======== ======== ========== ==========
SOURCE Wabtec Corporation
