Wabtec slips as Q3 revenue miss overshadows higher profit forecast
WAB•Wabtec shares fell more than 3% after third-quarter revenue of $3.12 billion missed estimates, despite adjusted EPS beating expectations at $2.83. The company raised its full-year adjusted EPS forecast to $10.85-$11.05 and reported a 22.9% increase in its backlog to $31.44 billion.
1. Quarterly results and outlook
Wabtec's third-quarter revenue was $3.12 billion, below the $3.20 billion estimate, while adjusted profit per share of $2.83 exceeded the $2.74 estimate. The company raised its full-year adjusted EPS forecast to $10.85-$11.05 from $10.60-$10.90 and reaffirmed its revenue outlook of $12.30 billion to $12.60 billion. Its backlog at the end of September was $31.44 billion, up 22.9% from a year earlier.
