Wilmerding-based Wabtec Corp. this morning reported second-quarter profit of $132.3 million, or $0.92 per share, compared to profit of $112.5 million or $0.78 per share, for the year-ago quarter.
Profit for the first six months of 2014 was $254 million, or $1.76 per share, compared to profit of $216 million, or $1.51 per share, for the first six months of 2013.
The international freight and transit company outperformed analysts expectations that it would earn $0.87 for the quarter.
In his first earnings report as the company's president and CEO, Raymond T. Betler said in the earnings statement that the completion of the acquisition of Fandstan Electric Group was a highlight of the quarter. “Fandstan Electric fits all of our strategic growth initiatives, and our integration efforts are already well underway," Mr. Betler said.
Wabtec Executive Chairman Albert Neupaver said in the release the company was optimistic about growth prospects. "The company had a strong operating quarter, with record sales, earnings and margins, as we continued to execute our growth strategies and internal improvement initiatives," Mr. Neupaver said.
First Published July 24, 2014 12:00 AM