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Rail News: Railroading Supplier Spotlight
Rail supplier updates from Thales, Xplore, Wabtec, Bombardier and CIT (Aug. 4)
Transport for London tapped Thales to modernize the signaling and train control system on four London Underground lines. This next phase of the Underground's modernization project is aimed at bringing faster, more frequent and reliable service along the Circle, District, Metropolitan and Hammersmith & City Lines, which together represent 40 percent of the system's network. Work is expected to begin this year and be completed by 2022, Thales officials said.
Xplore Technologies Corp. received another Xplore Bobcat tablet computer order from a U.S. railroad. The tablets are aimed at helping the railroad achieve cost savings and increase mobility in its yard. The railroad, whose name was not disclosed in Xplore's press release, also ordered the tablet's docking solution and optional secondary battery.
Wabtec Corp. logged second-quarter 2015 net income of $101.5 million, up from $88.7 million in the same period last year. The company reported $1.05 earnings per share in the quarter, versus 92 cents per share in second-quarter 2014. Strong growth in Wabtec's freight segment drove quarterly revenue to a record $847 million, marking a 16 percent year-over-year increase.
Bombardier finished second-quarter 2015 with an adjusted net income of $145 million, or 6 cents per adjusted share, down from adjusted net income of $192 million, or 10 cents per adjusted share, in second-quarter 2014. Revenue rose 2 percent to $4.6 billion in the quarter, compared with a year ago. Bombardier Transportation, the company's rail division, reported a $30.4 billion backlog of orders, company officials said in a press release.
CIT Group Inc acquired IMB Holdco LLC, the parent company of OneWest Bank N.A., for $3.4 billion in cash and stock. The transaction, which was first announced July 22, has received all required regulatory approvals. The combined company has more than $65 billion in assets and more than $30 billion in deposits. As part of the transaction, CIT Bank merged with and into OneWest Bank, which was renamed CIT Bank N.A.
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