Wabtec Increases Full-Year Guidance; Stock Rises

(RTTNews) - Wabtec Corp. (WAB) updated 2023 financial guidance with sales expected to be in a range of $9.50 billion to $9.70 billion and adjusted earnings per share to be in a range of $5.80 to $6.00. Previously, the company projected adjusted EPS in a range of $5.50 to $5.80, and revenues of $9.25 billion to $9.50 billion.

Third quarter net income attributable to shareholders increased to $240 million from $160 million, last year. GAAP earnings per share was $1.33, up 51.1%. Adjusted earnings per share were $1.70, up 39.3%. Analysts on average had expected the company to earn $1.46 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Third quarter sales were $2.55 billion, up 22.5% from a year ago, driven by strong sales across the Freight and Transit segments. Analysts on average had estimated $2.4 billion in revenue.

Shares of Wabtec are up 4% in pre-market trade on Wednesday.

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