Wabtec Corporation Reports Strong Q3 Earnings

PITTSBURGH – Wabtec Corporation (NYSE:WAB) reported third quarter earnings that surpassed analyst expectations, driving its stock up 0.3% in early trading.

The rail equipment manufacturer posted adjusted earnings per share of $2.00, beating the consensus estimate of $1.89. Revenue for the quarter came in at $2.66 billion, slightly below the $2.67 billion analysts were expecting.

The company's strong performance was led by its Freight segment, which saw sales increase 2.6% year-over-year to $1.93 billion. Transit segment sales grew 9.6% to $733 million. Overall, Wabtec's total sales rose 4.4% compared to the same quarter last year.

Rafael Santana, Wabtec's President and CEO, stated, "The Wabtec team delivered another strong quarter, evidenced by continued growth in sales, margin, earnings and operating cash flow."

Encouraged by the solid results, Wabtec raised its full-year 2024 adjusted earnings guidance to a range of $7.45 to $7.65 per share, up from its previous outlook. The midpoint represents a 27.5% increase from 2023. The company maintained its revenue forecast of $10.25 billion to $10.55 billion for the year.

Wabtec's backlog remained robust at $22.23 billion as of September 30, up 3.5% from the prior year period, providing strong visibility for future growth, according to management.

The company generated $542 million in cash from operations during the quarter and returned $634 million to shareholders through share repurchases and dividends.

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