Wabtec raises annual profit forecast on strong demand in freight unit
July 24 (Reuters) -Heavy industrial parts maker Wabtec WAB.N raised its full-year profit forecast on Wednesday, driven by robust demand in its freight segment.
The Pittsburgh, Pennsylvania-based company is a provider of equipment, systems and aftermarket services for freight and transit rail industries.
Wabtec now expects 2024 adjusted profit per share in the range of $7.20 to $7.50, compared with its previous forecast of $7.00 to $7.40.
"We just finished our annual strategic planning and at this point, we stand confident in our ability to drive profitable growth, consistent with our long-term guidance," CEO Rafael Santana said.
Sales in the company's freight segment, its largest, rose more than 13% to $1.92 billion in the second quarter. The unit manufactures new locomotives and provides aftermarket services to various markets, including railroads, mining and industrial sectors.
Wabtec posted adjusted profit of $1.96 per share for the quarter ended June 30, compared with analysts' average estimate of $1.88 per share, according to LSEG data.
Total net sales rose 9.8% to $2.64 billion, in line with Wall Street expectations.
Reporting by Shivansh Tiwary in Bengaluru; Editing by Shilpi Majumdar
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