WABCO Reports Q1 2013 Results; Delivers Solid Performance in Continued Challenging Market; Upgrades Guidance for 2013
(firmenpresse) - BRUSSELS, BELGIUM -- (Marketwired) -- 04/25/13 --
WABCO Holdings Inc. (NYSE: WBC), () 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.
"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.
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.
Conference Call
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 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.
About WABCO
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 .
Forward-Looking Statements
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.
Non-GAAP Financial Measures
To facilitate the understanding of Q1 2013 results, several tables follow this news release. Sales excluding the effects of foreign exchange, incremental gross and operating margin and EBIT are non-GAAP financial measures. Additionally, operating income, EBIT, net income attributable to the company and net income attributable to the company per diluted share on a "performance basis" are non-GAAP financial measures that exclude separation and streamlining items, and discrete and other one-time tax items, as applicable. Free cash flow presents our net cash provided by operating activities less net cash used for purchases of property, plant, equipment, and computer software. These measures should be considered in addition to, not as a substitute for, GAAP measures. Management believes that presenting these non-GAAP measures is useful to shareholders because it enhances their understanding of how management assesses the operating performance of the company's business. Certain non-GAAP measures may be used, in part, to determine incentive compensation for current employees.
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Datum: 25.04.2013 - 04:30 Uhr
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