Wabtec

“And then follow on would be just thoughts on the first new build order from Progress Rail in a long time. Is that likely to see something you're seeing increasing competitive step back in?”

An analyst flagged Caterpillar subsidiary Progress Rail winning its first new-build locomotive order in a long time as a sign of renewed competition; Wabtec declined to comment on the specific order but stood by its Tier 4 portfolio.

“In addition, we are pleased to share that we closed on the acquisition of Downer Couplers yesterday.”

Wabtec closed its acquisition of Downer (Dellner) Couplers, further building out its position in critical rail coupling technologies.

“I'm excited to bring Frauzer Sensor Technologies into Westinghouse Air Brake Technologies Corporation following the closing of that acquisition in December.”

Wabtec closed its acquisition of Frauzer (Frauscher) Sensor Technologies, a leader in train detection and axle counting, strengthening its rail-technology portfolio.

“Also in the quarter, we delivered the first battery-electric heavy haul locomotives to BHP.”

Wabtec delivered its first battery-electric heavy-haul locomotives to mining major BHP, signalling BHP's investment in decarbonizing its heavy-haul rail operations.

“can you comment on your experience with CPKC as they merged in 2023 and increased their locomotives and active service in their first year combined winning volume from truck”

An analyst notes CPKC increased locomotives in active service after its 2023 merger and won volume from trucking, used as a template for potential Class I rail consolidation benefiting Wabtec.

“the $4.2 billion order secured with Kazakhstan's National Railway, the largest single rail order in history.”

Wabtec secured a $4.2B order from Kazakhstan's National Railway (KTZ) for 300 locomotives over 10 years plus long-term service, its largest single rail order ever.

“If you look at the L and M acquisition, we did, but it's also from power generation with more demand for heat exchangers in that context.”

Wabtec's L and M acquisition adds heat-exchanger capacity supporting industrial demand from mining and AI-driven power generation.

“we expect our leverage ratio to remain in our stated range of 2 to 2.5 times upon closing of both the Delner and Frauzer Sensor Technology acquisitions, which we believe will close within the next couple of quarters.”

Wabtec's pending Frauzer Sensor Technology acquisition is expected to close by year-end and integrate into its software/service stack, accretive to margin and EPS in 2026.

“we expect our leverage ratio to remain in our stated range of 2 to 2.5 times upon closing of both the Delner and Frauzer Sensor Technology acquisitions, which we believe will close within the next couple of quarters.”

Wabtec expects to close its pending Delner (Dellner) acquisition within a couple of quarters, adding inorganic growth expected to be accretive to margin and EPS in 2026.

“Revenue growth was driven by both the Freight and Transit segments, including the acquisition of Inspection Technologies, which we closed at the beginning of the third quarter.”

Wabtec's ~$1.8B Inspection Technologies (Evident) acquisition, closed at the start of Q3, contributed to revenue growth and higher gross margin and is tracking ahead of plan.

“DeLiner Couplers is expected to close in the first half of 2026 as we finalize customary regulatory approvals.”

Wabtec's acquisition of DeLiner Couplers, the third deal in its recent $3.5 billion M&A push, is pending regulatory approval and expected to close in the first half of 2026.

“Frauscher Sensor Technology is expected to close by the end of the year”

Wabtec's pending acquisition of Frauscher Sensor Technology, part of a $3.5 billion, 3-deal M&A push, is expected to close by year-end 2025 and expand Wabtec's digital TAM.