Wabtec Corporation reports developments tied to its freight rail and passenger transit businesses, including equipment, systems, digital solutions and value-added services for rail operators and related mining, marine and industrial markets. Its recurring updates cover Freight and Transit segment sales, margins, backlog, guidance, locomotive deliveries, modernization programs, aftermarket services, components, rail-control technology and passenger rail systems.
Company news also includes capital-return actions such as common dividends, completed portfolio additions such as Dellner Couplers, customer agreements for locomotive modernization, and business matters affecting rail suppliers. Coverage reflects how Wabtec combines original equipment, replacement parts, services and digital capabilities across freight locomotives, transit rolling stock and rail infrastructure.
Wabtec Corporation (NYSE: WAB) has inaugurated its first Transit Performance Optimization Center (TPOC) in Derby, UK, aimed at enhancing operational efficiency for transit customers. This facility will utilize real-time monitoring and analytics to predict failures and optimize maintenance schedules. Wabtec monitors around 10 million data points daily across global centers, assisting transit systems in minimizing service disruptions. The TPOC will also support Porterbrook Leasing's fleet of 4,000 passenger assets, driving improvements in asset management and service dependability.
Wabtec Corporation (NYSE: WAB) reported strong financial performance for Q2 2022, achieving a GAAP EPS of $0.91 and an adjusted EPS of $1.23, marking increases of 37.9% and 16.0%, respectively. Total sales grew 1.8% to $2.05 billion, driven by higher Freight segment sales. The company’s total backlog reached $23.23 billion, up $1.70 billion year-over-year. Operating margins improved, with GAAP at 12.9% and adjusted at 16.7%. Wabtec also announced the completion of two acquisitions and $103 million in share repurchases, highlighting its ongoing strategic growth efforts.
Union Pacific (NYSE: UNP) has signed a historic agreement with Wabtec Corporation (NYSE: WAB) for the modernization of 600 locomotives, totaling over $1 billion, the largest investment of its kind in the rail industry. This initiative aims to enhance fuel efficiency and reduce emissions by 350 tons per locomotive annually. The program supports Union Pacific's goal to achieve net zero greenhouse gas emissions by 2050 and involves recycling 70,000 tons of steel. The modernization will begin in 2023, with completion expected by 2025.
Wabtec Corporation (NYSE: WAB) announced a quarterly dividend of 15 cents per share, set for payment on August 29, 2022, to shareholders on record as of August 15, 2022. This dividend reflects the company's commitment to returning value to its shareholders amid its operations in the transportation solutions sector, specifically focusing on the freight and transit rail industries, as well as other markets.
Wabtec Corporation (NYSE: WAB) has secured a contract to supply HVAC units for 56 new Stadler trains for MARTA, enhancing the commuter experience in Atlanta. The contract involves providing 336 HVAC units - 224 for passenger cars and 112 for driver cabins. This deal signifies Wabtec's first subway order with Stadler in the U.S. and strengthens its transit operations. The HVAC systems are designed to manage extreme temperatures effectively, reflecting Wabtec's commitment to improving public transit.
Wabtec Corporation (NYSE: WAB) is set to report its Q2 2022 earnings before the U.S. markets open on August 5, 2022. A conference call for analysts and investors is scheduled for 8:30 a.m. ET on the same day. The call can be accessed via a webcast on Wabtec's website. The company's focus remains on delivering advanced solutions in the freight and transit rail industries, aiming for a zero-emission rail system.
Wabtec Corporation (NYSE: WAB) has appointed Beverley Babcock to its Board of Directors, effective immediately. Babcock, with over 30 years of financial and accounting expertise, previously served as CFO of Imperial Oil Limited and held key roles at ExxonMobil. Her extensive background in finance and the energy sector is expected to contribute significantly to Wabtec's growth. Wabtec aims to enhance shareholder value by leveraging her global experience in financial management and corporate governance.
Wabtec Corporation (NYSE: WAB) has acquired Collins Aerospace’s ARINC rail solutions business, enhancing its digital and electronics portfolio. Although financial terms were not disclosed, this acquisition aims to optimize rail networks, increasing productivity, efficiency, and safety. ARINC provides vital dispatch and back-office solutions supporting various rail systems across the U.S. and Canada. Wabtec, a leader in the rail industry for over 150 years, continues to pursue a zero-emission rail system globally.
Wabtec launched its Precision Dispatch System with an order from CN, marking a significant advancement in rail network automation. This system enhances capacity, efficiency, and safety across CN's extensive rail network of over 20,000 miles. It enables automated control of train operations and improves visibility of network conditions. Operational by late 2023, the system will initially utilize 37 control center desks, representing a major milestone in Wabtec's strategy for optimizing rail networks. This development emphasizes Wabtec's commitment to enhancing the safety and efficiency of rail operations.
Wabtec Corporation (NYSE: WAB) announced the retirement of Directors Lee Foster and Michael Howell on May 18, 2022, upon reaching the Board's retirement age. The Chairman, Al Neupaver, praised their contributions during a period of significant growth, noting they added substantial value for shareholders. CEO Rafael Santana emphasized their expertise in global business management. Wabtec is actively seeking new Board members through an external search firm to support its continued evolution and commitment to innovation in the rail industry.