Wabtec raises annual profit forecast on strong freight and transit demand
Oct 23 (Reuters) -Heavy industrial parts maker Wabtec WAB.N raised its full-year profit forecast on Wednesday, amid strong demand for its freight and transit products.
The Pittsburgh, Pennsylvania-based company is a provider of equipment, systems and aftermarket services for freight and transit rail industries.
Wabtec now expects full-year adjusted profit in the range of $7.45 per share to $7.65 per share, compared with its previous forecast of $7.20 to $7.50 per share profit.
"Demand for products and services has remained strong, and our pipeline of opportunities is robust, especially in our international markets," CEO Rafael Santana said.
Sales in the company's Freight segment, its largest, rose 2.6% to $1.93 billion in the third quarter.
The freight unit manufactures new locomotives and provides aftermarket services to various markets, including railroads, mining and industrial sectors.
Sales in the Transit segment were up 9.6% to $733 million.
The company reported an adjusted profit of $2.00 per share for quarter ended Sept. 30, compared with analysts' estimates of $1.90 per share.
The company's revenue rose 4.4% to $2.66 billion, but missed Wall Street expectations of $2.69 billion, according to data compiled by LSEG.
Reporting by Shivansh Tiwary in Bengaluru; Editing by Shailesh Kuber
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