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Tuesday, November 22, 2022

Freight segment drives Q3 sales growth at Wabtec

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Wabtec has reported a 9.1% enhance in internet gross sales to $2.08bn within the third quarter (Q3) of this yr, in contrast with $1.91bn in the identical quarter a yr in the past.

The rise was attributed to larger gross sales within the freight section, which outweighed fall in transit section gross sales.

For the July-September 2022 quarter, the corporate’s GAAP diluted earnings per share (EPS) soared 27.5% to $0.88 from $0.69 within the prior yr, whereas its adjusted diluted EPS elevated 7% to $1.22 from $1.14.

This enhance was mentioned to be pushed by rise in gross sales in addition to ‘disciplined’ value administration.

Nonetheless, Wabtec’s money circulation from operations dropped to $204m in Q3 2022 from $244m in the identical interval final yr.

This decline was on account of larger inventories, which was partly offset by development in internet revenue.

The corporate’s whole backlog as of 30 September 2022 stood at $22.61bn, which is $0.77bn larger than the prior yr.

It had $4.08bn in whole debt, with money and money equivalents of $514m, on the finish of the third quarter.

Wabtec president and CEO Rafael Santana mentioned: “The Wabtec group delivered a powerful quarterly efficiency as evidenced by the expansion in gross sales and earnings.

“The group’s disciplined execution and the power of the underlying enterprise enabled us to navigate a unstable and dynamic surroundings that included vital headwinds from unfavorable overseas forex trade, provide chain constraints, and excessive enter prices.”

Not too long ago, Wabtec signed a providers contract with locomotive lessor Akiem to supply upkeep of crucial tools for locomotive fleets in Europe.

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