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BRUSSELS, BELGIUM -- (Marketwire) -- 02/15/13 -- WABCO Holdings Inc. (NYSE: WBC) -
-- Q4 2012 sales of $596.5 million, down 7.9 percent in local currencies and down 11.2 percent in U.S. dollars from a year ago-- Full year 2012 sales of $2,477.4 million, down 4.8 percent in local currencies and down 11.3 percent in U.S. dollars from a year ago-- Q4 2012 operating margin of 12.6 percent on a performance basis, down from 13.5 percent a year ago; operating margin of 11.6 percent on a U.S. GAAP basis, down from 13.5 percent a year ago-- Full year 2012 operating margin of 13.5 percent on a performance basis, up from 13.4 percent a year ago; operating margin of 13.1 percent on a U.S. GAAP basis, down from 13.2 percent a year ago-- Q4 2012 diluted EPS of $1.08 on a performance basis, down from $1.21 a year ago; diluted EPS of $0.93 on a U.S. GAAP basis, down from $1.04 a year ago-- Full year 2012 diluted EPS of $4.46 on a performance basis, down from $4.73 a year ago; diluted EPS of $4.62 on a U.S. GAAP basis, down from $5.19 a year ago-- Full year 2012, WABCO generated $358.3 million in net cash from operating activities and $274.3 million of free cash flow, excluding payments of $16.5 million for streamlining and separation activities. This results in a conversion rate of 94 percent of performance net income attributable to the company-- Provides guidance for full year 2013 sales growth to range between 2 percent and 7 percent in local currencies, full year 2013 diluted EPS on a performance basis to range from $4.30 to $4.80 and full year 2013 diluted EPS on a U.S. GAAP basis to range from $7.26 to $7.76
WABCO Holdings Inc. (www.wabco-auto.com), a global technology leader and tier-one supplier to the commercial vehicle industry, today reported Q4 and full year 2012 results.
WABCO reported Q4 2012 sales of $596.5 million, down 7.9 percent in local currencies from a year ago and down 11.2 percent in U.S. dollars.
"As previously stated, markets across all regions continued to be uncertain and unstable as global truck and bus production in Q4 2012 declined 12 percent year on year," said Jacques Esculier, WABCO Chairman and Chief Executive Officer.
"Western Europe, our largest market, continued its downturn as new truck and bus builds declined 15 percent versus a year ago. We also faced an accelerated downturn in India during this quarter as local truck and bus production contracted 26 percent year on year. However, WABCO still managed to outperform the global market in Q4 2012, including a superb performance in aftermarket sales, which grew by 9 percent compared to a year ago," said Esculier.
WABCO reported Q4 2012 performance operating income of $75.0 million versus $90.5 million a year ago, and operating income was $69.0 million on a U.S. GAAP basis versus $90.5 million a year ago. Performance operating margin for Q4 2012 was 12.6 percent, down from 13.5 percent a year ago, and operating margin was 11.6 percent on a U.S. GAAP basis, down from 13.5 percent a year ago.
For Q4 2012, WABCO reported performance net income attributable to the company of $69.6 million or $1.08 per diluted share versus $80.7 million or $1.21 per diluted share a year ago, and Q4 2012 U.S. GAAP net income attributable to the company of $59.7 million or $0.93 per diluted share versus $69.8 million or $1.04 per diluted share a year ago.
