WABCO Holdings reports lower Q3 net income, revises guidance for 2012

WABCO Holdings Inc., a provider of electronic, mechanical and mechatronic products for commercial truck and passenger car manufacturers, has reported a net income attributable to the company of $77.5 million, or $1.19 per diluted share, for the third quarter ended September 30, 2012, compared to $83.8 million, or $1.22 per diluted share, for the same quarter ended September 30, 2011. The company expects diluted earnings per share on a US GAAP basis to be in the range of $4.54 to $4.64 for 2012.

Sales for the third quarter ended September 30, 2012 were $588.3 million, compared to $706.3 million for the same quarter ended September 30, 2011.

Net income attributable to the company for the nine months ended September 30, 2012 was $242.3 million, or $3.69 per diluted share, compared to $287.1 million, or $4.13 per diluted share, for the same period ended September 30, 2011.

Sales for the nine months ended September 30, 2012 were $1.88 billion, compared to $2.12 billion for the same period ended September 30, 2011.

WABCO revises its guidance for 2012 to now anticipate 2012 sales to decline between 4% and 5% in local currencies, and diluted earnings per share on a US GAAP basis is now projected to range from $4.54 to $4.64 versus previous guidance to range from $4.42 to $4.92.

Jacques Esculier, WABCO chairman and CEO, said: "We had previously stated that markets across all regions would be uncertain and unstable throughout 2012 but in Q3 2012 market conditions further deteriorated beyond what we expected as global truck and bus production declined 12 percent year on year and 8 percent versus the previous quarter.

"WABCO's business from emerging markets continued to benefit from an increased adoption of our technologies, resulting in higher value of WABCO content per vehicle. Also in Q3 2012, our aftermarket business delivered its best quarter ever."