Wabtec Issues 2010 EPS Guidance of $2.35-$2.50; Updates 2009 Guidance
January 29 2010 - 8:23AM
PR Newswire (US)
WILMERDING, Pa., Jan. 29 /PRNewswire-FirstCall/ -- Wabtec
Corporation (NYSE:WAB) today issued 2010 earnings per diluted share
guidance of $2.35-$2.50, with revenues expected to be flat to
slightly up. The company had not previously issued 2010 guidance.
Wabtec also updated its 2009 guidance for earnings per diluted
share to $2.37-$2.41 with revenues of about $1.4 billion. This
earnings guidance, which is in line with the company's previous
guidance, now includes a previously announced fourth-quarter charge
of $3.9 million, or 6 cents per diluted share, for an arbitration
ruling. The charge was not included in the company's previous
earnings guidance of $2.40-$2.50 due to the uncertain timing and
outcome of the ruling. Wabtec plans to report 2009 results on Feb.
23 before the market opens and has scheduled a conference call with
analysts and investors at 10 a.m. the same day. To listen to the
call via webcast, please go to http://www.wabtec.com/ and click on
the "Investor Relations" and "Webcasts" tabs of the site. An audio
replay will also be available by calling 412-317-0088 (passcode:
466#). "In light of very challenging economic conditions, Wabtec's
2009 performance demonstrated the strength of our diverse business
model and strategic planning process, the leadership of our
management team and the hard work of our employees throughout the
company," said Albert J. Neupaver, Wabtec's president and chief
executive officer. "In 2010, market conditions will continue to be
challenging, but we expect that benefits from our restructuring
actions in 2009 and other growth initiatives will offset the
decline in U.S. locomotive and freight car production, and the
completion of a major transit contract. In addition, through
continuous and rigorous application of the Wabtec Performance
System, we expect to achieve ongoing improvements in quality,
efficiency and costs. We remain optimistic about Wabtec's long-term
opportunities around the world because of our strong balance sheet,
diversified business model and growth strategies." Wabtec
Corporation is a global provider of value-added, technology-based
products and services for the rail industry. Through its
subsidiaries, the company manufactures a range of products for
locomotives, freight cars and passenger transit vehicles. The
company also builds new switcher and commuter locomotives, and
provides aftermarket services. Wabtec has facilities located
throughout the world. This press release contains forward-looking
statements, including comments regarding the company's earnings
expectations for 2009, 2010 and beyond. Wabtec's actual results
could differ materially from the results suggested in these
statements. Factors that would 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 forward-looking statements or advise of
changes in the assumptions on which they were based. DATASOURCE:
Wabtec Corporation CONTACT: Tim Wesley, Wabtec Corporation, Phone:
+1-412-825-1543, Web Site: http://www.wabtec.com/
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