Wabtec Corp. said Tuesday fourth-quarter earnings fell 22 percent to $24.2 million, or 50 cents a share, from $31.1 million, or 64 cents a share, a year ago.

Excluding a one-time charge, earnings per share for the Wilmerding company would have been 56 cents, meeting expectations of analysts polled by Thomson Financial Network.

The manufacturer of technology-based products and services for the rail and transit industries reported sales fell to $359.2 million from $405.2 million a year ago partly hurt by weaker freight group sales. Meanwhile, for the full year, Wabtec reported earnings of $115.1 million, or $2.39 per share, compared to $130.6 million, or $2.66 per share, in the previous year. Annual sales fell to $1.4 billion from $1.57 billion in 2008.

"Faced with very challenging market conditions in 2009, the company performed well, generating strong cash flow from operations an d improving margins," said Albert J. Neupaver, Wabtec's president and CEO.

In the fourth quarter, Wabtec completed the acquisition of Unifin International, a manufacturer of cooling systems and related equipment for the power generation and transmission industry, for $93 million.

Mr. Neupaver said he expected challenging market conditions to continue but believed that the company would benefit from restructuring moves made last year and "a stable transit market in North America driven by federal funding and passenger ridership." He said the federal high-speed rail initiative would benefit Wabtec "over the long term." The company also sees growth opportunities in China.

Wabtec expects 2010 earnings of $2.35 to $2.50 per share.

Wabtec shares closed at $38.67, down 69 cents.

"Money Q&A" and "Company Town" are featured exclusively at PG+, a members-only web site of the Pittsburgh Post-Gazette. Our introduction to PG+ gives you all the details.