Wabtec provides equipment, systems, digital solutions and services for the freight and transit rail industries. Credit: Martin Winkler from Pixabay.

Wabtec has reported a 9.1% increase in net sales to $2.08bn in the third quarter (Q3) of this year, compared with $1.91bn in the same quarter a year ago.

The rise was attributed to higher sales in the freight segment, which outweighed fall in transit segment sales.

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For the July-September 2022 quarter, the company’s GAAP diluted earnings per share (EPS) soared 27.5% to $0.88 from $0.69 in the prior year, while its adjusted diluted EPS increased 7% to $1.22 from $1.14.

This increase was said to be driven by rise in sales as well as ‘disciplined’ cost management.

However, Wabtec’s cash flow from operations dropped to $204m in Q3 2022 from $244m in the same period last year.

This decline was due to higher inventories, which was partly offset by growth in net income.

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The company’s total backlog as of 30 September 2022 stood at $22.61bn, which is $0.77bn higher than the prior year.

It had $4.08bn in total debt, with cash and cash equivalents of $514m, at the end of the third quarter.

Wabtec president and CEO Rafael Santana said: “The Wabtec team delivered a strong quarterly performance as evidenced by the growth in sales and earnings.

“The team’s disciplined execution and the strength of the underlying business enabled us to navigate a volatile and dynamic environment that included significant headwinds from negative foreign currency exchange, supply chain constraints, and high input costs.”

Recently, Wabtec signed a services contract with locomotive lessor Akiem to provide maintenance of critical equipment for locomotive fleets in Europe.