Friday, rail equipment provider Wabtec Corp. (WAB) trimmed its earnings per share guidance for fiscal 2009, with the revised guidance range below the present estimates of Street analysts. The company also provided earnings guidance for fiscal 2010 and said it expects flat to slightly-higher revenues for the full year.
The Wilmerding, Pennsylvania-based company now expects fiscal 2009 earnings in the range of $2.37 to $2.41 per share. Along with its third-quarter results, the company had issued fiscal 2009 earnings guidance in the range of $2.40 to $2.50 per share. The company also said it now expects fiscal 2009 revenues around $1.4 billion. The company had previously said, while reporting third-quarter results, that it expects full year 2009 revenues to be about 12% lower than last year. The company had reported sales of $1.58 billion for fiscal 2008.
On average, six analysts polled by Thomson Reuters currently estimate earnings of $2.46 per share on revenues of $1.39 billion for fiscal 2009. Analysts' estimates typically exclude special items.
Wabtec said the revised guidance range for fiscal 2009 is in line with the previous guidance and now includes a fourth-quarter charge of $3.9 million or $0.06 per share related to an arbitration ruling. The company clarified that this charge was not included in the previous earnings guidance due to the uncertain timing and outcome of the ruling.
For fiscal 2010, Wabtec estimates earnings in the range of $2.35 to $2.50 per share and expects revenues to be flat to slightly up. Eight analysts, on average, currently expect the company to report earnings of $2.50 per share on revenues of $1.43 billion for fiscal 2010.
Albert Neupaver, chief executive officer of Wabtec, said, "In 2010, market conditions will continue to be challenging, but we expect that benefits from our restructuring actions in 2009 and other growth initiatives will offset the decline in U.S. locomotive and freight car production, and the completion of a major transit contract. In addition, through continuous and rigorous application of the Wabtec Performance System, we expect to achieve ongoing improvements in quality, efficiency and costs."
Wabtec is scheduled to report fiscal 2009 results before the market opens on February 23, 2010.
WAB is gaining $0.92 or 2.43%, and is currently trading at $38.72 on a volume of 207 thousand shares on the New York Stock Exchange.
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