Thursday, Wabtec Corp. (WAB) said its third-quarter net income declined to $27.34 million or $0.57 per share from $33.17 million or $0.68 per share in the prior year period. On average, 7 analysts polled by Thomson Reuters expected the company to report earnings of $0.56 per share for the quarter.
Net sales for the quarter declined to $330.45 million from $396.01 million in the comparable period. Five analysts estimated revenues of $349.51 million for the quarter.
For fiscal 2009, earnings per share are now projected to be between $2.40 and $2.50 compared with its prior range of $2.35 - $2.55. Six analysts estimate earnings of $2.47 per share for fiscal 2009. Full-year revenues are now expected to be about 12% lower than 2008. Previously, the company anticipated revenues to be down about 10%.
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