(By Balaseshan) Wabtec Corp. (NYSE: WAB), which provides technology-based products and services for rail and industrial markets, reported a 40 percent jump in quarterly earnings on higher sales from its transit group. Results exceeded Street's expectations.
Earnings for the fourth quarter were $64.77 million or $1.34 per share, up from $46.26 million or $0.96 per share in the previous year quarter.
Net sales increased 14.2 percent to $610.4 million, driven by higher sales in the company's transit group.
Analysts, on average, polled by Thomson Reuters had expected a profit of $1.31 per share on revenue of $609.87 million for the three month period.
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Freight sales decreased 2 percent to $342.26 million, while transit sales jumped 44.7 percent to $268.14 million.
Looking ahead into the fiscal 2013, the company expects earnings per share (EPS) of about $5.85 and revenue growth of 8 percent to 10 percent, while Street analysts predict EPS of $5.81 on revenue growth of 10.40 percent.
"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," said CEO Albert Neupaver.
WAB closed Friday's regular session at $95.49. The stock has been trading between $68.07 and $97.40 for the past 52 weeks.