Wabtec Corp. net income increases in first quarter

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Wilmerding-based rail manufacturer Wabtec Corp. today reported net income for the first quarter of $80.1 million, or 83 cents per diluted share, an increase of 15 percent from $69.6 million, or 72 cents per diluted share in the year-ago quarter.

The company said in a release the uptick was mainly due to growth in its Freight Group.

"We're off to a good start in 2014. We continue to benefit from investment in freight rail and passenger transportation projects around the world, and our diverse business model provides a framework for future growth," Wabtec chairman and CEO Albert J. Neupaver said in the statement.

The international freight and transit company said first-quarter income from operations was $121.8 million, compared to $103.6 million a year ago.

Sales were up 13 percent, to a record $695 million in the three months ended March 31.

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