Westinghouse Air Brake Technologies (WAB) 8-K Wabtec Reports 3Q EPS Of 57 Cents, Cash From

Exhibit 99.1

News Release

Wabtec Reports 3Q EPS Of 57 Cents, Cash From

Operations of $51 Million And Updates Guidance

WILMERDING, PA, October 29, 2009 – Wabtec Corporation (NYSE: WAB) today reported its 2009 third quarter results, including the following:

Earnings per diluted share were 57 cents.

Income from operations was $46 million, or 13.8 percent of sales compared to 13.2 percent of sales in the year-ago quarter. The increase in operating margin was due to cost reduction initiatives and other benefits from the Wabtec Performance System.

Sales decreased to $330 million, due mainly to lower sales in the Freight Group, which has been affected negatively by sharply lower rail traffic levels.

Cash generated from operations was $51 million, or 15 percent of sales. At Sept. 30, 2009, Wabtec had cash of $255 million and debt of $432 million. Following the end of the quarter, the company acquired Unifin International for $93 million, which reduced cash on hand by that amount.

Based on its third quarter results and outlook for the rest of the year, Wabtec updated its 2009 guidance as follows: Revenues are now expected to be about 12 percent lower than 2008, with earnings per diluted share expected to be between $2.40-$2.50. Previously, the company expected revenues to be down about 10 percent, with EPS expected to be between $2.35-$2.55.

Albert J. Neupaver, Wabtec’s president and chief executive officer, said: “Market conditions continued to be very difficult in the third quarter for our freight rail business, while the Transit Group remained stable. Even in this environment, we still improved margins and generated strong cash flow. We will continue to manage what we can in the short term, while remaining focused on our long-term strategies and growth opportunities, such as the acquisition of Unifin International. With annual sales of about $45 million, Unifin is a leading manufacturer of cooling systems and related equipment for the power generation and transmission industry. We expect it to be a strategic complement to our Young Touchstone unit, which is well established in the industrial cooling systems market.”

Wabtec Corporation (www.wabtec.com) is a global provider of value-added, technology-based products and services mainly for the freight rail and passenger transit industry.

This release contains forward-looking statements, such as statements regarding the company’s expectations about future earnings. Actual results could differ materially from the results suggested in any forward-looking statement. Factors that could cause or contribute to these material differences include, but are not limited to, an economic slowdown in the markets we serve; a decrease in freight or passenger rail traffic; an increase in manufacturing costs; and other factors contained in the company’s filings with the Securities and Exchange Commission. The company assumes no obligation to update these statements or advise of changes in the assumptions on which they are based.

Wabtec will host a call with analysts and investors at 10 a.m., eastern time, today. To listen via webcast, go to www.wabtec.com and click on “Webcasts” in the “Investor Relations” section.

Tim Wesley Phone: 412.825.1543 E-mail: twesley@wabtec.com Website: www.wabtec.com             Wabtec Corporation             1001 Air Brake Avenue             Wilmerding, PA 15148

WABTEC CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008

(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)

(UNAUDITED)

	Third Quarter 2009			Third Quarter 2008			For the Nine Months 2009			For the Nine Months 2008
Net sales	$	330,455		$	396,017		$	1,042,428		$	1,169,538
Cost of sales		(235,629	)		(288,343	)		(749,484	)		(848,148	)
Gross profit		94,826			107,674			292,944			321,390
Gross profit as a % of Net Sales		28.7	%		27.2	%		28.1	%		27.5	%
Selling, general and administrative expenses		(37,395	)		(43,841	)		(118,528	)		(126,322	)
Engineering expenses		(10,157	)		(9,713	)		(31,481	)		(29,325	)
Amortization expense		(1,515	)		(1,666	)		(4,701	)		(3,481	)
Total operating expenses		(49,067	)		(55,220	)		(154,710	)		(159,128	)
Operating expenses as a % of Net Sales		14.8	%		13.9	%		14.8	%		13.6	%
Income from operations		45,759			52,454			138,234			162,262
Income from operations as a % of Net Sales		13.8	%		13.2	%		13.3	%		13.9	%
Interest (expense) income, net		(3,687	)		(1,943	)		(12,148	)		(4,717	)
Other (expense) income, net		394			(100	)		649			(1,179	)
Income from continuing operations before income taxes		42,466			50,411			126,735			156,366
Income tax expense		(15,118	)		(17,241	)		(35,885	)		(56,921	)
Effective tax rate		35.6	%		34.2	%		28.3	%		36.4	%
Income from continuing operations		27,348			33,170			90,850			99,445
Discontinued operations
Income (loss) from discontinued operations (net of tax)		—			—			—			(3	)
Net income	$	27,348		$	33,170		$	90,850		$	99,442
Earnings Per Common Share
Basic
Income from continuing operations	$	0.58		$	0.68		$	1.90		$	2.05
Income from discontinued operations		—			—			—			—
Net income	$	0.58		$	0.68		$	1.90		$	2.05
Diluted
Income from continuing operations	$	0.57		$	0.68		$	1.89		$	2.03
Income from discontinued operations		—			—			—			—
Net income	$	0.57		$	0.68		$	1.89		$	2.03
Weighted average shares outstanding
Basic		47,289			48,161			47,537			48,269
Diluted		47,752			48,827			48,019			48,918
Sales by Segment
Freight Group	$	124,453		$	183,276		$	440,479		$	574,673
Transit Group		206,002			212,741			601,949			594,865
Total	$	330,455		$	396,017		$	1,042,428		$	1,169,538