Business news briefs: (10/29/13)

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Wabtec official to retire, stay on as adviser

Wilmerding-based rail company Wabtec announced Monday that chief financial officer and executive vice president Alvaro Garcia-Tunon will retire effective Jan. 1. He will be succeeded by corporate controller and senior vice president Patrick D. Dugan. Mr. Garcia-Tunon, 61, joined Wabtec in 1995 and was appointed CFO in 2003. He will remain with the company as a strategic adviser.

Earnings

* Ampco-Pittsburgh reported third-quarter profits of $12.7 million, or $1.22 per share, with a $10.6 million insurance-related credit providing most of the earnings. Sales fell 11 percent to $64.4 million. In the year-ago quarter, the industrial equipment provider reported net income of $1.5 million, or 15 cents per share, on sales of $72.2 million.

* Universal Stainless & Alloy Products expects to report a third-quarter loss of approximately $1.7 million, or 24 cents to 26 cents per share, and sales of about $48 million when it announces results for the period on Monday. Analysts had forecast the Bridgeville specialty steel producer would earn 11 cents per share on sales of $44 million.

FNB Corp. announces upcoming stock offerings

FNB Corp., parent company of First National Bank of Pennsylvania, said Monday it is planning to offer $50 million in common stock and up to $100 million in perpetual preferred stock to ensure that it meets upcoming capital levels required by federal regulators.

Gas prices decline here, with steeper drop nationwide

Gasoline prices in the Pittsburgh area fell by 2.7 cents per gallon in the past week, while nationwide prices decreased by 5.9 cents, according to GasBuddy.com The average price in the region was $3.42 gallon, compared with $3.30 nationwide.

Home sales drop nationally to lowest level in months

The number of Americans who signed contracts to buy existing homes fell in September to the lowest level in nine months. The National Association of Realtors said Monday that its seasonally adjusted pending home sales index dropped 5.6 percent last month from August to a reading of 101.6. That also pushed the index below its year-ago level, the first time that's happened in nearly 2 ½ years.

3 non-Japanese auto brands make top 10 for reliability

Japan's lock on Consumer Reports' vehicle reliability rankings is starting to ease. Three Japanese brands -- Lexus, Toyota and Acura -- took the top spots in this year's survey, and seven of the top 10 brands are Japanese. But three non-Japanese brands -- Audi, Volvo and GMC -- cracked the top 10. The magazine said it's not recommending consumers buy 2014 models of the Honda Accord V6 and Nissan Altima sedans because of poor reliability scores. Two other Japanese mainstays, the Toyota Camry and Toyota RAV4, won't be recommended because they flunked a frontal crash test from the Insurance Institute for Highway Safety.

Marth Stewart Living names new CEO

Martha Stewart Living Omnimedia Inc. has tapped the world of metals to find its next CEO. The New York-based company said it has named board member Daniel W. Dienst, who most recently served as CEO of Sims Metal Management, to take over the post. Martha Stewart Living has been trying to turn its business around.

U.S manafacturing production has small rise

Manufacturing production rose only 0.1 percent in September, the Federal Reserve said Monday. That's down from a 0.5 percent gain in August. Automakers boosted their output in September, but the gain was offset by declines at makers of computers, furniture and appliances. Overall industrial production increased 0.6 percent in September, mostly because of a 4.4 percent jump in utility output.

Also in business...

K&L Gates on Monday named former chairman Charles J. Queenan Jr. to the title of chairman emeritus, the firm's only partner to receive the designation. Mr. Queenan was the Downtown-based law firm's chairman from 1976 to 1990.

 

More briefs, Page A-9.


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