Wabtec has reported a 9.1% increase in net sales to $2.08bn in the third quarter (Q3) of this year, compared with $1.91bn in the same quarter a year ago.
The rise was attributed to higher sales in the freight segment, which outweighed fall in transit segment sales.
For the July-September 2022 quarter, the company’s GAAP diluted earnings per share (EPS) soared 27.5% to $0.88 from $0.69 in the prior year, while its adjusted diluted EPS increased 7% to $1.22 from $1.14.
This increase was said to be driven by rise in sales as well as ‘disciplined’ cost management.
However, Wabtec’s cash flow from operations dropped to $204m in Q3 2022 from $244m in the same period last year.
This decline was due to higher inventories, which was partly offset by growth in net income.
The company’s total backlog as of 30 September 2022 stood at $22.61bn, which is $0.77bn higher than the prior year.
It had $4.08bn in total debt, with cash and cash equivalents of $514m, at the end of the third quarter.
Wabtec president and CEO Rafael Santana said: “The Wabtec team delivered a strong quarterly performance as evidenced by the growth in sales and earnings.
“The team’s disciplined execution and the strength of the underlying business enabled us to navigate a volatile and dynamic environment that included significant headwinds from negative foreign currency exchange, supply chain constraints, and high input costs.”
Recently, Wabtec signed a services contract with locomotive lessor Akiem to provide maintenance of critical equipment for locomotive fleets in Europe.