Oct 23 (Reuters) - Heavy industrial parts maker Wabtec
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.