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WABCO Reports Q4 and Full Year 2009 Results, Maintains Profitability Amid Severe
Industry Decline; Provides Guidance for 2010
Q4 2009 sales of $460 million, up 1 percent from prior year and down 9 percent in local currencies; full year 2009 sales of $1.49 billion, down 42 percent from prior year and down 39 percent in local currencies
Q4 2009 EBIT of $24.6 million or 5.4 percent of sales, up from $15.2 million a year ago; EBIT of $26.5 million or 5.8 percent of sales on a performance basis, down from $43.3 million a year ago
Full year 2009 EBIT of $7.6 million or 0.5 percent of sales, down from $247.8 million a year ago; EBIT of $38.9 million or 2.6 percent of sales on a performance basis, down from $301.1 million a year ago
Q4 2009 diluted EPS of $0.59 on U.S. GAAP basis, up from $0.33 a year ago; diluted EPS of $0.36 on a performance basis versus $0.62 a year ago
Full year 2009 diluted EPS of $0.29 on U.S. GAAP basis, compared with $3.24 a year ago; diluted EPS of $0.40 on a performance basis versus $3.75 a year ago
In Q4 2009, WABCO generated $18.9 million in net cash from operating activities and used $7.6 million of free cash flow, bringing free cash flow to $78.8 million for full year 2009 or to $118.8 million, excluding payments of $40.0 million associated with streamlining
Provides full year 2010 guidance, including an estimated increase in 2010 sales of 15 to 20 percent in local currencies, full year reported operating margin from 4.5 to 6.5 percent, and performance operating margin from 5 to 7 percent
BRUSSELS, Belgium, February 4, 2010 WABCO Holdings Inc. (NYSE: WBC), a global technology leader and tier-one supplier to the commercial vehicle industry, today reported Q4 2009 sales of $460 million, up 1 percent from prior year and down 9 percent in local currencies, bringing full year 2009 sales to $1.49 billion, down 42 percent from prior year and down 39 percent in local currencies, reflecting the unprecedented severe slump in global demand for new commercial vehicles.
2009 was an unprecedented year for the global commercial vehicle industry, which abruptly and deeply dropped in size while going through a shakeup of market demand among regions of the world and significantly increasing the importance of Asia. Indeed, in the last 12 months, commercial vehicle production decreased by more than 60 percent in Europe and almost 40 percent in North America while production grew by 18 percent in China. In 2009, more than 60 percent of the worlds truck and bus production took place in China and India, said Jacques Esculier, WABCO Chairman and Chief Executive Officer. During the past five years, in anticipation of the growing importance of emerging markets, WABCO has been driving major initiatives to globalize the companys culture, capabilities and customer reach. In 2009, the future came faster than we thought but we were well prepared to morph with the market.
Strongly rooted in China and India, WABCO has achieved a leading position in the marketplace through increasingly close connectivity to customers. We are further strengthened in Asia by an outstanding network of suppliers, manufacturing sites and engineering hubs. We produce some of our most advanced technologies right in Asia to serve local markets, said Esculier. In Q4 2009, Asia accounted for 22 percent of sales, compared with 10 percent the prior year.
The following information was filed by Wabco Holdings Inc. (WBC) on Thursday, February 4, 2010 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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