Advertisement
BRUSSELS, BELGIUM -- (Marketwired) -- 04/25/13 --
-- Q1 2013 sales of $644.7 million, down 0.7 percent in local currencies and down 1.9 percent in U.S. dollars from a year ago-- Q1 2013 operating margin of 13.6 percent on a performance basis, down from 13.9 percent a year ago; operating margin of 12.7 percent on a U.S. GAAP basis, down from 13.6 percent a year ago-- Q1 2013 diluted EPS of $1.17 on a performance basis, flat versus a year ago; diluted EPS of $1.15 on a U.S. GAAP basis, down from $1.34 a year ago-- In Q1 2013, WABCO generated $64.0 million in net cash from operating activities and $49.4 million of free cash flow, excluding payments of $5.8 million for streamlining and separation activities-- Upgrades guidance for full year 2013; sales growth to now range between 3 and 7 percent in local currencies, up from previous guidance to range between 2 and 7 percent; diluted EPS on a performance basis to now range from $4.45 to $4.85, up from previous guidance to range from $4.30 to $4.80; and diluted EPS on a U.S. GAAP basis to now range from $7.41 to $7.81, up from previous guidance to range from $7.26 to $7.76
WABCO Holdings Inc. (NYSE: WBC), (www.wabco-auto.com) a global technology leader and tier-one supplier to the commercial vehicle industry, today reported Q1 2013 sales of $644.7 million, down 0.7 percent in local currencies from a year ago and down 1.9 percent in U.S. dollars, reflecting a continued challenging market.
"WABCO opens 2013 with a solid first quarter performance. Against the backdrop of a further 10 percent decline in global commercial vehicle production, WABCO's revenues dipped by only 0.7 percent, helped by a new quarterly record of $171 million in aftermarket revenues. This result reflects WABCO's ongoing ability to outperform its markets," said Jacques Esculier, WABCO Chairman and Chief Executive Officer.
"Furthermore, WABCO's Operating System, one of our industry's most advanced management environments, continues to power excellence in execution across our organization, delivering new quarterly records for productivity and gross profit margin," said Esculier.
WABCO reported Q1 2013 performance operating income of $87.6 million versus $91.3 million a year ago, and operating income was $81.7 million on a U.S. GAAP basis versus $89.5 million a year ago.
WABCO's performance operating margin for Q1 2013 was 13.6 percent, down from 13.9 percent a year ago, and operating margin was 12.7 percent on a U.S. GAAP basis, down from 13.6 percent a year ago.
For Q1 2013, WABCO reported performance net income attributable to the company of $74.9 million or $1.17 per diluted share versus $77.4 million or $1.17 per diluted share a year ago, and Q1 2013 U.S. GAAP net income attributable to the company of $73.7 million or $1.15 per diluted share versus $89.2 million or $1.34 per diluted share a year ago.
During Q1 2013, WABCO generated $64.0 million in net cash from operating activities, resulting in free cash flow of $49.4 million, excluding payments of $5.8 million for streamlining and separation activities. This resulted in a conversion rate of 66 percent of performance net income attributable to the company which was seasonally affected by tax and incentive compensation payments.
