Wabco Holdings, a global technology leader and tier-one supplier to the commercial vehicle industry, has reported sales of $ 635m for the second quarter of 2012, a decrease of 4.5% in local currencies compared to corresponding quarter previous year and down 13.9% on a US GAAP basis.
The company's diluted earnings per share (EPS) was $1.19 on a performance basis, down from $1.23 a year ago, while its diluted EPS was $1.15 on a US GAAP basis, down from $1.6 a year ago.
Wabco's operating margin was 14.6% on a performance basis, an increase of 13.6% a year ago, while operating margin of 14.6% on a US GAAP basis, up from 13.4% a year ago.
The company expects full year 2012 sales growth to range between negative 2% and positive 3% in local currencies, while it expects full year 2012 diluted EPS on a performance basis from $4.30 to $4.80.
Wabco chairman and chief executive officer Jacques Esculier said the company's sales declined by 4.5% in local currencies, in spite of a year-on-year contraction of 7% in new truck and bus builds in Europe, its largest market.
"Nonetheless, in Q2 2012 we delivered performance operating margin at 14.6 percent, a new quarterly record and further evidence of WABCO's continued ability to deliver superior profitability," Esculier said.
Wabco has reported performance operating income of $92.8m for the second of 2012, compared to $100.2m a year ago, while operating income was $92.8m on a US GAAP basis, as compared to $99m a year ago.
For the quarter net income attributable to the company was $78.2m or $1.19 per diluted share, compared to $86.1m or $1.23 per diluted share a year ago.
