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Wabtec appoints Juan Perez to its Board of Directors

EditorLina Guerrero
Published 04/12/2024, 20:22
WAB
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Wabtec, (NYSE:WAB), a $35.3 billion market cap company with a perfect Piotroski Score of 9 according to InvestingPro, announced the appointment of Juan Perez to its Board of Directors, effective January 29, 2025. The decision was made by the company's Board on Monday, with Perez set to join the class of directors whose term expires in 2025.

Mr. Perez will be compensated in line with the company's existing non-employee director compensation arrangements, details of which were outlined in Wabtec's definitive proxy statement filed with the Securities and Exchange Commission on April 4, 2024.

Additionally, Perez will serve on the Audit Committee, the Governance and Sustainability Committee, and the Environmental, Social and Governance Subcommittee of the Governance and Sustainability Committee of the Board starting from his effective appointment date.

Wabtec has clarified that there are no arrangements or understandings between Mr. Perez and any other persons in relation to his election to the Board. Furthermore, the company states that there are no related person transactions involving Mr. Perez that would require disclosure under SEC regulations.

The appointment reflects Wabtec's ongoing governance and oversight enhancements, as the company continues to focus on its strategic objectives within the railroad equipment manufacturing industry. The company has demonstrated strong performance, with a 67.8% return over the past year and trading near its 52-week high.

In other recent news, Wabtec Corporation reported a robust Q3 performance, with sales surging 4.5% to $2.7 billion compared to the same period last year. The company also experienced an approximately 18% year-over-year increase in adjusted earnings per share (EPS), reaching $2.00. Wabtec's backlog grew 7.5% to $7.6 billion, with a total multiyear backlog of $22 billion.

The company's Freight segment sales rose 2.6%, while the Transit segment sales saw a 9.6% increase. Wabtec also reported a strong cash flow from operations at $542 million. Recent developments include contracts with Kazakhstan's KTZ and Siemens (ETR:SIEGn) Mobility.

Stephens raised its price target on Wabtec to $205.00, up from the previous $190.00, following the company's strong Q3 results. The company also raised its full-year adjusted EPS guidance for 2024 to between $7.45 and $7.65, reflecting a 27.5% rise at the midpoint.

Despite restructuring costs of $18 million and a decrease in service revenue due to a shift in production mix, Wabtec executives expressed confidence in the company's future performance.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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