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Wabtec Reports Operating Results (10-Q)

August 04, 2011 | About:
10qk

10qk

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Wabtec (WAB) filed Quarterly Report for the period ended 2011-06-30.

Wabtec has a market cap of $3.03 billion; its shares were traded at around $62.76 with a P/E ratio of 20.5 and P/S ratio of 2. The dividend yield of Wabtec stocks is 0.1%. Wabtec had an annual average earning growth of 17% over the past 10 years.

Highlight of Business Operations:

Transit Group sales increased by $14.7 million, or 8.0%, due to increased sales of $27.9 million from acquisitions and $10.3 million for electronics and specialty products, partially offset by decreased sales of $29.4 million for the build of locomotives and a $7.3 million decrease for transit products, due to the completion of major contracts, as well as project delays and budget constraints at municipal transit authorities. For the Transit Group, net sales were increased by $11.0 million due to favorable effects of foreign exchange on sales mentioned above.

Freight Group sales increased by $189.7 million, or 53.4%, due to higher sales of $121.6 million for electronics and specialty products, $30.4 million from acquisitions and $21.4 million for brake products. For the Freight Group, net sales increased by $8.4 million due to favorable effects of foreign exchange on sales mentioned above.

Transit Group sales increased by $6.4 million, or 1.7%, due to increased sales of $40.2 million from acquisitions and $12.5 million for electronics and specialty products, partially offset by decreased sales of $39.6 million for the build of locomotives and a $15.7 million decrease for transit products, due to the completion of major contracts, as well as project delays and budget constraints at municipal transit authorities. For the Transit Group, net sales increased by $9.6 million due to favorable effects of foreign exchange on sales as mentioned above.

liabilities, net, provided cash of $68.1 million due primarily to the payment timing of certain accrued liabilities, the accrual of $18.1 million for a court ruling and a $47.1 million increase in customer deposits for certain contracts. In 2010, accounts receivable increased by $66.3 million and inventory increased by $5.5 million from the prior year. These increases were partially offset by an increase in accounts payable of $5.0 million. All other operating assets and liabilities, net, provided cash of $8.6 million due primarily to the payment timing of certain accrued liabilities.

Investing activities In the first six months of 2011 and 2010, cash used in investing activities was $64.3 million and $44.5 million, respectively. Net cash paid for acquisitions was $51.8 million and $39.9 million for the first six months of 2011 and 2010, respectively. Refer to Note 3 of the Notes to Consolidated Financial Statements for additional information on acquisitions. Capital expenditures were $12.8 million and $7.0 million in the first six months of 2011 and 2010, respectively.

Financing activities In the first six months of 2011, cash used in financing activities was $25.1 million, which included $79.0 million in proceeds from debt and $75.0 million of repayments of debt on the revolving credit facility, $29.8 million of debt repayments on the term loan and other debt, $1.0 million of dividend payments and $6.2 million for the repurchase of 95,000 shares of stock. In the first six months of 2010, cash provided by financing activities was $13.6 million, which included $166.4 million in proceeds from debt and $125.4 million of repayments of debt on the revolving credit facility, $24.8 million of debt repayments on the term loan and other debt, $1.0 million of dividend payments and $6.3 million for the repurchase of 154,600 shares of stock.

Read the The complete Report

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