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WABCO Reports Q4 and Full Year 2008 Results, Record Full Year 2008 EPS; Realigns Company to New Market Conditions; Provides 2009 Operating Framework
Record full year 2008 diluted EPS of $3.24 on a U.S. GAAP basis; diluted EPS of $3.75 on a performance basis, up 25 percent from prior year; full year 2008 sales of $2.6 billion, up 7 percent from prior year and flat in local currencies
Q4 2008 diluted EPS of $0.33 on a U.S. GAAP basis; diluted EPS of $0.62 on a performance basis, down 39 percent from prior year; Q4 2008 sales of $455 million, down 33 percent from prior year and down 25 percent in local currencies
Full year 2008 EBIT margin of 9.6 percent, down from 10.0 percent a year ago; EBIT margin of 11.6 percent on a performance basis, up 4 basis points from prior year
Q4 2008 EBIT margin of 3.3 percent, down from 11.1 percent a year ago; EBIT margin of 9.5 percent on a performance basis, down from 12.9 percent a year ago
Significant progress in streamlining of organization by eliminating 600 positions in Q4 2008 out of 1,000 positions targeted for termination by Q2 2009
Cash dividend of 7 cents per share of common stock approved, payable on March 20, 2009, to shareholders of record on March 4, 2009
BRUSSELS, Belgium February 5, 2009 WABCO Holdings Inc. (NYSE: WBC), a global technology leader and tier-one supplier to the commercial vehicle industry, today reported a record full year 2008 diluted EPS of $3.24 on a U.S. GAAP basis and diluted EPS of $3.75 on a performance basis, up 25 percent from prior year. Full year 2008 sales reached $2.6 billion, up 7 percent over prior year and flat in local currencies, despite Q4 2008 sales of $455 million, down 33 percent from prior year and down 25 percent in local currencies.
Even with sales flat versus a year ago, we reached a record level of earnings per share in 2008, delivered superb execution, and continued gains in productivity. We also achieved major success in our ambitious cost cutting program during Q4 2008, including elimination of 600 positions out of 1,000 positions targeted for termination by Q2 2009, said Jacques Esculier, WABCO Chief Executive Officer. The drop in the global commercial vehicle market in the fourth quarter was unprecedented for its speed and steepness, down 22 percent in Europe, 9 percent in North America, and 36 percent in China, based on preliminary market data. Facing this challenge, we demonstrated our ability to react rapidly and limit the decrease in our performance gross profit margin to 62 basis points in Q4 2008 compared with Q3 2008 when sales slightly rose. We more than doubled the results of our profit improvement plan that we launched in Q3 2008 by delivering $41 million in cost savings in Q4 2008, bringing total cost savings to $45 million for second half 2008.
WABCO reported Q4 2008 Earnings Before Interest and Taxes (EBIT) of $15.2 million, down 80 percent from prior year. Excluding separation and streamlining costs as well as a one-time transitional impact from a new accounting standard (SFAS No. 141R) that WABCO will adopt in 2009, performance EBIT declined to $43.3 million, down 51 percent from prior year and down 50 percent from prior year in local currencies.
The following information was filed by Wabco Holdings Inc. (WBC) on Thursday, February 5, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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