In addition, Petrotech has shownunparalleled commitment to technological innovations pertaining to changingcustomer needs by offering products that are specific to both general andniche applications, coupled with cost effectiveness.Frost & Sullivan’s Best Practices Awards recognize companies in a variety ofregional and global markets for demonstrating outstanding achievement andsuperior performance in areas such as leadership, technological innovation,customer service, and strategic product development. more information, contactMartin WalkerPetrotech, Inc – HoustonT. About Frost & SullivanFrost & Sullivan, the Growth Partnership Company, enables clients toaccelerate growth and achieve best in class positions in growth, innovationand leadership. The company’s Growth Partnership Service provides the CEO andthe CEO’s Growth Team with disciplined research and best practice models todrive the generation, evaluation and implementation of powerful growthstrategies. Frost & Sullivan leverages over 45 years of experience inpartnering with Global 1000 companies, emerging businesses and the investmentcommunity from 31 offices on six continents. To join our Growth Partnership,please visit http:// SOURCEFrost & SullivanMartin Walker of Petrotech, Inc.
– Houston, +1-281-220-3062,; or Jake Wengroff of Frost & Sullivan,+1-210-247-3806, . * To cut about 580 jobs, consolidate plants Stocks * Q1 EPS $0.68 vs mkt view of $0.58 * Q1 revenue falls marginally to $378 mln * Reaffirms 2009 shr view of $2.45-$2.75 * Shares rise 18 percent (Recasts; adds conference call details, analyst comment) BANGALORE, April 22 (Reuters) – Wabtec Corp (WAB.N), a U.S.railcar parts and braking equipment maker, posted quarterlyprofit above market estimates, stood by its 2009 earnings viewand said it would cut about 8 percent of its workforce toreduce costs. The company also said it was looking to consolidate someplants in its freight business, mainly due to the acquisitionof Standard Car Truck in September last year. With these moves, the company is targeting about $30million in cost savings annually, it said in a conference callwith analysts. Wabtec, which had 7,295 full-time employees at the end of2008, expects to incur about $6 million in charges in 2009. Though the company reaffirmed its 2009 profit outlook, itsaw sales to be slightly down for the year and said it remainedcautious about the future. “We see the year still as a challenge in light of themarket conditions and the continued uncertainty in the freightmarkets, but we think it (outlook) is achievable as long as thefreight market does not weaken further and the transit remainsstable,” Chief Executive Albert Neupaver said on the call.
The company continued to see a strong transit market, whichaccounts for about half its sales. It expects the stimuluspackage to be a boost for the transit segment. “Our transit backlog gives us solid visibility in thatsegment through 2009, while the outlook in freight remainsuncertain due to the weak global economy,” Neupaver said. He expects the freight segment to post lower-than-expectedsales for the rest of the year. KeyBanc Capital Markets upgraded the stock to “buy” from”hold” and said Wabtec posted strong results and outlook”despite what could be the worst freight railcar deliveryenvironment since the early 2000s.” “With management’s reiteration of its guidance, we areinclined to believe this performance could be repeatable,”analyst Steve Barger wrote in a note to clients. For the latest first quarter, net income rose marginally to$32.7 million, or 68 cents a share, from $32.5 million, or 67cents a share, a year ago Revenue fell marginally to $378million. For 2009, it expects earnings of $2.45 to $2.75 a share.Analysts were looking for $2.47 a share, before special items.