April 26 (Reuters) - Heavy industrial parts maker Wabtec Corporation's (WAB.N)first-quarter profit beat analysts' estimates on Wednesday, supported by higher demand in its freight segment.
The company, which primarily serves the global freight rail and passenger transit market, has benefited from increased industrial freight demand as supply-chain snags ease.
Wabtec, which operates in over 50 countries, said its earnings for the quarter ended March 31 were $1.28 per share, beating Wall Street expectations of $1.19 per share.
"The underlying business fundamentals strengthened in the first quarter despite a challenging environment," said President and CEO Rafael Santana.
Sales in the company's freight segment, which makes new locomotives and provides aftermarket parts and services, rose 18.5% to $1.57 billion.
Wabtec also reaffirmed its sales and profit outlook for 2023; it had earlier forecast its annual sales to be in the range of $8.7 billion to $9.0 billion, and adjusted earnings per diluted share to be in the range of $5.15 to $5.55.
The Pittsburgh, Pennsylvania-based company said quarterly sales rose 13.9% to $2.19 billion, above analysts' estimates of $2.12 billion.
This article originally appeared on Reuters