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"WABCO generated a total of $18.8 million of productivity, based on savings of 5.0 percent of gross material costs and 5.9 percent of conversion costs for the quarter," said Esculier. "This all-time quarterly record further demonstrates WABCO's ability to optimize resources and flex capacity to address changes in market demand."

Since June 2011, WABCO has repurchased 7,797,096 shares for $431.4 million in open market transactions as of March 31, 2013. WABCO is authorized to repurchase up to $368.6 million of additional shares through December 31, 2014.

"WABCO's continued outperformance of the global market, in combination with new record achievements in productivity for the quarter, marks Q1 2013 as another successful milestone on our path to deliver outstanding value for our shareowners," said Esculier.

Recent Highlights

On April 17, 2013, WABCO announced that from Q2 2012 to Q1 2013 the company has entered into contracts with customers globally totaling $548 million of expected cumulative incremental business from 2013 through 2017. These contracts represent new incremental business for the five-year period, separate from replacement and renewal of existing contracts. It comprises orders for WABCO technologies and products that improve vehicle safety and efficiency, mostly in braking systems, air management and vehicle dynamics systems on commercial vehicles.

WABCO also announced in April 2013 that it has been granted a prestigious Daimler Supplier Award in recognition of WABCO's outstanding performance during 2012. WABCO won its 2012 Daimler Supplier Award in the electronics category for outstanding performance in terms of technology innovation, quality, cost and supply.

WABCO reported in April 2013 that it has been honored by Hino Motors, Japan's largest manufacturer of medium- and heavy-duty trucks, with a Global Contribution Award that recognizes WABCO's excellent performance during 2012. Hino is majority owned by Toyota Motor Corporation, the world's largest vehicle manufacturer. WABCO has been supplying Hino with breakthrough vehicle control and efficiency technologies for over 20 years.

In Q1 2013, WABCO featured its breakthrough electronically controlled air suspension (ECAS) technology at the 2013 Mid-America Trucking Show in Louisville, Kentucky. Through its "intelligent load transfer" functionality, WABCO's ECAS is an enabler technology that supports the transition from a dual drive axle to a single axle configuration. Single axle configuration with ECAS functionality offers fleet operators the benefits of improved traction performance on low friction surfaces; reduced weight and acquisition costs, as well as increased fuel economy.

In Q1 2013, WABCO showcased its breakthrough hydraulic anti-lock braking system (ABS) with integrated ESCsmart™ electronic stability control (ESC) at the 2013 Mid-America Trucking Show in Louisville, Kentucky. It marks the first time within the commercial vehicle industry that these two vehicle safety technologies - ABS and ESC - have been integrated for hydraulic brake applications on medium-duty trucks and buses. In North America, initial government mandates for ESC are anticipated to come into force from early 2016.

Also in Q1 2013, WABCO announced that its breakthrough MAXXUS™ air disc brake is now available for Freightliner Cascadia®, Coronado®, Columbia®, Business Class® M2 and SD models, as well as Western Star® 4700, 4800, and 4900 platforms. As previously disclosed, WABCO entered into a long-term supply agreement with Daimler Trucks North America (DTNA) in June 2012. WABCO's MAXXUS represents the lightest and highest performing heavy-duty single-piston air disc brake for North America's commercial vehicle industry.