Rail supplier Wabtec's 4Q profit rises 40 percent
WILMERDING, Pa. (AP) — Wabtec, which makes parts for railroads, subways and other types of transit, said Tuesday that its fourth-quarter net income rose 40 percent on growing demand for transportation infrastructure.
Wabtec said that markets for freight rail and passenger transit markets remain strong.
The Wilmerding, Pa. company earned $64.8 million, or $1.34 per share, for the period ended Dec. 31. That's up from $46.3 million, or 96 cents per share, a year ago.
Analysts expected earnings of $1.31 per share, according to a FactSet survey.
Revenue increased 14 percent to $610.4 million, matching Wall Street estimates, from $534.6 million.
Looking ahead, Wabtec anticipates 2013 earnings of approximately $5.85 per share on 8 to 20 percent revenue growth, to about $2.58 billion to $2.63 billion. Revenue grew faster, up 22 percent, in 2012.
The prediction was in line with what analysts expected.
Shares of Wabtec Corp. rose $1.96, or 2.1 percent, to $97.45 in afternoon trading. The stock hit an all-time high of $98.99 earlier in the session. Shares have risen 38 percent in the past 12 months.