Here's Why Westinghouse Air Brake Technologies Corp.'s Stock Is Slumping Today
Shares of Westinghouse Air Brake Technologies Corp. (NYSE: WAB), or Wabtec, slumped on Tuesday, falling as much as 14.9% by 11:30 a.m. EDT after the company reported lackluster second-quarter results before the market opened.
While Wabtec's revenue jumped 29% to $932.3 million, that was $77.8 million below the consensus estimate. Driving the miss was lower revenue from freight car and locomotive components as well as a slower-than-expected ramp-up of certain projects. On top of that, changes in foreign exchange rates cut sales by $15 million versus the year-ago quarter. These factors offset the positive impact from the company's acquisition of Faiveley Transport, which fueled an 80% increase in sales in the company's transit group.
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Source: Fool.com
