Wabtec Corporation (WAB, Financial) announced its first-quarter revenue at $2.61 billion, perfectly aligning with market expectations. The company's earnings per share saw an impressive growth of over 20%, showcasing robust performance across both its Freight and Transit segments.
President and CEO Rafael Santana noted that Wabtec's international operations have been particularly strong, reporting high single-digit revenue growth over recent years. This segment not only expands the company's revenue base but also offers higher profitability compared to its North American operations.
The growth of Wabtec's international business is attributed to a continuous increase in the installation of locomotives and transit car systems. This expansion has subsequently driven up sales in its service, components, and digital solutions sectors.
Despite the positive start to the year, Santana conveyed a cautious outlook for the remainder of 2023, citing the potential challenges of a volatile economic environment. The company remains committed to maintaining strict discipline and focus to meet its objectives and navigate any uncertainties ahead.
