WABCO announced in Q1 2013 that it is now supplying its breakthrough c-comp compressor with integrated clutch to two leading global manufacturers of commercial vehicles. WABCO's c-comp features the industry's most compact compressor design available, combining high-performance and best-in-class-efficiency. This breakthrough technology from WABCO also supports engines that meet upcoming EURO VI emission standards, contributing to improved environmental sustainability.
Also in Q1 2013, the Meritor WABCO joint venture in North America has introduced WABCO's next generation OnGuard collision mitigation system. The new system is already being installed by four major original equipment manufacturers. This latest generation brings additional functionality and benefits to WABCO's breakthrough technology, OnGuard - the most widely adopted collision mitigation system for commercial vehicles.
Upgrades Full Year 2013 Guidance
Based on our current estimates of future market conditions, WABCO upgrades its guidance for 2013 to indicate sales growth to now range between 3 and 7 percent in local currencies, up from its previous guidance to range between 2 and 7 percent; performance operating margin to now range from 12.7 to 13.3 percent, up from its previous guidance to range from 12.3 to 13.3 percent; and operating margin on a U.S. GAAP basis to now range from 12.1 to 12.7 percent, up from its previous guidance to range from 11.7 to 12.7 percent.
WABCO's upgraded 2013 guidance results in diluted earnings per share on a performance basis to now range from $4.45 to $4.85, up from its previous guidance to range from $4.30 to $4.80; and diluted earnings per share are estimated to now range from $7.41 to $7.81 on a U.S. GAAP basis, up from its previous guidance to range from $7.26 to $7.76.
As previously disclosed, WABCO expects in 2013 to convert between 80 and 90 percent of its net income attributable to the company into free cash flow, excluding payments associated with streamlining and separation activities.
WABCO Chairman and Chief Executive Officer Jacques Esculier and Chief Financial Officer Ulrich Michel will discuss WABCO's results and outlook on a conference call at 9 a.m. Eastern Time today. It will be webcast at www.wabco-auto.com where the press release and financial information will be available under "WABCO Q1 2013 Results."
The call is also accessible by telephone in listen only mode. Dial-in number is +1 408 940 3818 and U.S. toll-free dial-in number is 877 844 0834.
A replay of the call will be available from 12:00 Noon Eastern Time on April 25 until midnight May 1, 2013. Replay dial-in number is +1 404 537 3406 and U.S. toll-free dial-in number is 855 859 2056. Conference ID is 28864530.
WABCO (NYSE: WBC) is a leading global supplier of technologies and control systems for the safety and efficiency of commercial vehicles. Founded over 140 years ago, WABCO continues to pioneer breakthrough electronic, mechanical and mechatronic technologies for braking, stability and transmission automation systems supplied to the world's leading commercial truck, bus and trailer manufacturers. With sales of $2.5 billion in 2012, WABCO is headquartered in Brussels, Belgium. For more information, visit www.wabco-auto.com.
This document contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995 that are based on management's good faith expectations and beliefs concerning future developments. Statements preceded by, followed by or that otherwise include the words "believes," "expects," "anticipates," "strategies," "prospects," "intends," "projects," "estimates," "plans," "may increase," "may fluctuate," and similar expressions or future or conditional verbs such as "will," "should," "would," "may" and "could" are generally forward looking in nature and not historical facts. Actual results may differ materially from these expectations as a result of many factors. These factors include, but are not limited to, the actual level of commercial vehicle production in our end markets, adverse developments in the business of our key customers, pricing changes to our supplies or products, and the other risks and uncertainties described in the "Risk Factors" section and the "Information Concerning Forward Looking Statements" section of WABCO's Form 10-K, as well as in the "Management's Discussion and Analysis of Financial Condition and Results of Operations - Information Concerning Forward-Looking Statements" section of WABCO's Form 10-Q Quarterly Reports. WABCO does not undertake any obligation to update such forward-looking statements. All market and industry data are based on company estimates.
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