Welcome to our dedicated page for Wabtec news (Ticker: WAB), a resource for investors and traders seeking the latest updates and insights on Wabtec stock.
Wabtec Corporation, headquartered at 1001 Airbrake Ave, Wilmerding, PA 15148, is a leading provider of value-added, technology-based products and services primarily for the freight rail and passenger transit industries. With a diversified portfolio, Wabtec also operates in the mining, marine, and industrial markets.
The company operates through two main segments: Freight and Transit. The Freight segment is the primary revenue driver, focusing on manufacturing, modernizing, and providing aftermarket parts and services for locomotives. Additional activities include supplying components for both new and existing freight cars, building new commuter locomotives, and offering rail control and infrastructure products such as electronics, positive train control equipment, and signal design and engineering services.
Wabtec's Transit segment complements its freight operations by delivering a broad range of products and services for passenger transit systems. This includes providing components and systems for passenger rail vehicles and offering comprehensive services and solutions to keep these systems running smoothly and safely.
Geographically, the majority of Wabtec's revenue is generated from the United States, although the company's products and services have a significant global footprint. Recent achievements include advancements in locomotive technology, strategic partnerships with major rail operators, and expansion into emerging markets.
Financially, Wabtec continues to exhibit robust performance with consistent revenue growth driven by strong demand in both the Freight and Transit segments. The company is well-positioned for future growth with ongoing investments in innovation and sustainability initiatives, ensuring that it remains at the forefront of the transportation industry.
Itus Digital and Wabtec have announced a strategic partnership to provide Asset Performance Management (APM) solutions tailored for the mining industry. This collaboration integrates Itus's APM platform with Wabtec's expertise in mining equipment, aiming to enhance production predictability, maintenance optimization, and reduce operational risks.
The partnership seeks to address cost volatility in the mining sector by enabling real-time equipment health management and proactive actions to mitigate failure risks, thus maximizing asset utilization for improved business outcomes.
Wabtec Corporation reported a third-quarter GAAP EPS of $0.69, a 3.0% increase from the previous year, with adjusted EPS rising 20.0% to $1.14. Sales grew by 2.2% to $1.91 billion, driven by Freight Services and the Nordco acquisition, despite supply chain disruptions affecting results. Cash flow from operations surged 66% year-to-date to $759 million, with a strong cash conversion rate of 103%. The company achieved $250 million in run-rate synergies ahead of schedule. Wabtec narrowed its full-year revenue guidance to $7.90-$8.05 billion, anticipating challenges from rising commodity costs and labor shortages.
Wabtec Corporation (NYSE: WAB) has declared a regular quarterly common dividend of 12 cents per share. This dividend will be payable on November 29, 2021, to shareholders on record as of November 15, 2021. Wabtec continues to position itself as a leader in transportation solutions, focusing on enhancing freight and transit rail systems while aiming for a zero-emission rail system. The company has a long-standing history of over 150 years in the rail industry.
Wabtec Corporation (NYSE: WAB) has secured a significant contract to enhance passenger experience for Metra, Chicago's commuter rail system. The project will involve upgrading 200 new rail cars with advanced technology, including modern brakes, HVAC systems, and passenger access doors. The upgrade will introduce 800 double and 400 single doorways equipped with a new control unit featuring touchless buttons for improved health safety. Additionally, Wabtec's FastBrake braking system will ensure optimal stopping performance in adverse conditions, bolstering passenger safety across over 1,200 miles of the Chicago rail network.
Wabtec Corporation (NYSE: WAB) has inaugurated a new global engineering lab in Bengaluru, marking its largest facility in India. The lab spans 30,000 square feet for testing and 12,000 square feet for operations, housing over 30 custom test rigs. This facility aims to enhance rail component design and performance, aligning with Wabtec's strategy for sustainable solutions. Key figures, including Eric Gebhardt and Dr. Sujatha Narayan, emphasized its significance in product validation for global markets. Wabtec has supplied over 300 locomotives to Indian Railways and employs 2,700 people in India.
Wabtec Corporation (NYSE: WAB) will report its third quarter 2021 results on October 27, 2021, before U.S. financial markets open. A conference call for analysts and investors is scheduled for 8:30 a.m. ET the same day, which can be accessed via webcast on Wabtec's website. The company aims to provide advanced transportation solutions for rail and other industries and is pursuing a vision for a zero-emission rail system globally.
Wabtec Corporation (NYSE: WAB) has secured a €60 million contract to supply platform gates for the Marseille metro automation project, enhancing the city’s public transport network. The project involves retrofitting 29 stations with 62 platforms, introducing innovative gates that prioritize sustainability and passenger experience. Designed for rapid overnight installation, the gates feature advanced cybersecurity measures and energy-efficient options, significantly reducing operational costs. Work is set to commence in 2023, with completion anticipated by late 2026.
Wabtec (NYSE: WAB) announced that Roy Hill has purchased the FLXdrive battery-electric locomotive, the first of its kind for the mining industry. The new locomotive has a capacity of 7 MWh, significantly upgraded from its 2.4 MWh predecessor. It aims to cut fuel costs and emissions by double digits per train. Roy Hill's integration of the FLXdrive into its operations will replace a diesel locomotive, enhancing operational efficiency in extreme conditions. Wabtec continues its commitment to sustainable transportation solutions, aspiring for zero-emission technology in the rail sector.
Wabtec has signed MOUs with Carnegie Mellon University and Genesee & Wyoming to develop technologies aimed at decarbonizing freight rail transport. The collaborations focus on zero-emission battery and hydrogen strategies, enhancing safety, and improving rail network utilization across North America. Aiming to create the Freight Rail Innovation Institute, the partnership seeks to produce zero-emission locomotives and generate around 250,000 jobs by 2030. Additionally, Wabtec showcased its FLXdrive battery-electric locomotive, which has already demonstrated significant fuel savings and emissions reduction in pilot tests.
Wabtec Corporation (NYSE: WAB) has appointed John Olin as Executive Vice President and Chief Financial Officer, effective October 1, 2021. Olin succeeds Pat Dugan, who is departing the company in Q4. Rafael Santana, Wabtec's President and CEO, praised Olin's extensive finance background and leadership skills, essential for driving shareholder value. Olin's prior experience includes his role as CFO at Harley-Davidson and financial leadership positions at Kraft Foods.
The leadership change aims to leverage Wabtec's potential in the transportation sector and enhance returns for shareholders.
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