U.S. rail industry equipment manufacturer Wabtec Corp. (NYSE:WAB) on Thursday raised its full-year earnings projection, primarily on account of strong demand for freight wagons and trains.
The company currently expects fiscal 2012 earnings per share of $4.80 and revenues to increase approximately 12 percent, from $1.97 billion in 2011 to $2.21 billion.
The company previously projected fiscal 2012 full-year profit of $4.30 per share and revenues of $2.17 billion, a growth of approximately 10 percent year on year.
Analysts accepted the survey by Factset on average expect the company’s fiscal 2012 full earnings per share of $4.37 on revenue of $2.19 billion.
Wabtec also expects the fiscal 2012 first quarter earnings per share of $1.20, higher than the average analyst estimate of $1.03.
The company’s President and CEO Albert Neupaver said the global freight rail market remains strong, and Wabtec’s growth strategy will continue advancing.
Wabtec stock price surged 7.10 percent, or $5.06, to finish at $76.36 percent on Tursday.