Wabtec Issues FY20 Outlook; Approves $500 Mln Share Buyback

(RTTNews) - While reporting its financial results for the fourth quarter on Tuesday, Wabtec Corp. (WAB) provided its financial outlook for the first quarter as well as fiscal 2020 and announced a $500 million share buyback.

For the first quarter of 2020, Wabtec anticipates sales, adjusted net income, adjusted EBITDA and adjusted earnings per share to be lower when compared to the remainder of 2020.

On average, analysts polled by Thomson Reuters expect the company to earnings of $1.18 per share for the quarter on revenues of $2.14 billion. Analysts' estimates typically exclude special items.

The company noted that the first-quarter outlook is in line with expected first-quarter seasonality and project scheduling, with improvement expected through the rest of the year.

For fiscal 2020, Wabtec forecast adjusted earnings per share between $4.50 to $4.80 and reported sales of about $8.7 billion. The Street expects earnings of $4.76 per share for the year on revenues of $8.56 billion.

Wabtec also said its board of directors has authorized a share buyback program up to $500 million. There is no time limit set for the completion of the program.