Wabtec backlog hits record $1.51 billion

Wabtec Corp. has reported second-quarter results, including sales of $479 million, 28% more than the year-ago quarter, and a backlog of undelivered orders totaling $1.5 billion. The company also increased its full-year guidance excluding a previously announced charge for a court ruling that Wabtec is planning to appeal.

Excluding special items, earnings per diluted share were a record 94 cents, 45% higher than in the 2010 quarter, and income from operations was a record $72 million, or 15% of sales compared with 13.3% a year ago.

Based on second-quarter results and the outlook for the rest of the year, Wabtec increased its 2011 guidance for earnings per share to between $3.45 and $3.55 excluding special items, with revenue expected to be up about 20%.

Albert J. Neupaver, Wabtec’s president and chief executive officer, commented, “The company’s second-quarter operating performance was strong,as we continued to execute our growth strategies and benefited from favorable market conditions, particularly in the freight rail sector. Based on our performance to date and our record backlog, we are optimistic about our outlook for the balance of the year. Longer-term, we are well positioned to take advantage of growth opportunities in our core markets around the world.”