NEW YORK - Wabtec Corporation (NYSE:WAB) reported a robust first quarter, with earnings and revenue surpassing Wall Street's expectations. The company's shares climbed over 5% in response to the positive financial results and promising guidance for the fiscal year 2024.
For the first quarter, Wabtec's earnings per share (EPS) came in at $1.89, significantly outperforming the analyst consensus of $1.49. Revenue also exceeded forecasts, reaching $2.5 billion against the expected $2.4 billion. This financial performance reflects a solid start to the year, with the company's guidance for the full year 2024 indicating continued momentum.
Looking ahead, Wabtec provided an EPS guidance range of $7.00 to $7.40 for FY2024, with the midpoint of $7.20 comfortably exceeding the consensus estimate of $6.79. Revenue projections for the same period are anticipated to be between $10.25 billion and $10.55 billion, with the midpoint of $10.4 billion also surpassing the consensus of $10.2 billion. This upbeat guidance suggests that Wabtec is on track to maintain its growth trajectory and deliver value to shareholders.
The company's leadership expressed confidence in their ability to deliver on their commitments. "Our strong first-quarter performance sets the tone for what we anticipate to be a very productive year," said a company spokesperson. "We are well-positioned to continue our growth, thanks to our focus on innovation and customer satisfaction."
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