Westinghouse Air Brake Technologies Corp., or Wabtec (WAB), a technology products and services provider for freight rail and passenger transit sectors, reported first-quarter net income attributable to shareholders of $69.61 million or $1.44 per share, higher than $59.26 million or $1.22 per share in the previous year.
On average, 10 analysts polled by Thomson Reuters expected the company to earn $1.40 per share for the quarter. Analysts' estimates typically exclude special items.
Sales for the quarter grew 6 percent to $615.51 million, reflecting strong growth in the Transit Group. Analysts estimated revenues of $638.8 million for the quarter.
Based on its first quarter results and outlook for the rest of the year, Wabtec affirmed its 2013 guidance for earnings per share of about $5.85, with revenues expected to be up about 8-10 percent for the year.
Analysts are currently looking for earnings of $5.90 per share for the year.
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