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WABCO Reports Q4 and Full Year 2010 Results, Another Strong Quarter in
Sales and Profit; Full Year Sales Up 47% and Incremental Operating Margin at
27%; Provides Guidance for 2011
Q4 2010 sales of $627 million, up 41 percent in local currencies and up 37 percent on a U.S. GAAP basis from a year ago; full year 2010 sales of $2,176 million, up 47 percent in local currencies and up 46 percent on a U.S. GAAP basis from a year ago
Q4 2010 operating margin of 12.3 percent on a performance basis, up from 6.2 percent a year ago; operating margin of 11.1 percent on a U.S. GAAP basis, up from 5.6 percent a year ago
Full year 2010 operating margin of 10.6 percent on a performance basis, up from 2.9 percent a year ago; operating margin of 10.0 percent on a U.S. GAAP basis, up from negative 1.0 percent a year ago
Q4 2010 diluted EPS of $1.01 on a performance basis, up from $0.36 a year ago; diluted EPS of $0.96 on a U.S. GAAP basis, up from $0.59 a year ago
Full year 2010 diluted EPS of $2.86 on a performance basis, up from $0.40 a year ago; diluted EPS of negative $3.50 on a U.S. GAAP basis, compared with $0.29 a year ago
In Q4 2010, WABCO generated $74.3 million in net cash from operating activities; in the same period, generated $49.4 million of free cash flow, excluding payments for streamlining activities
Provides guidance for full year 2011 sales growth from 18 to 23 percent in local currencies, full year 2011 diluted EPS on a performance basis from $3.75 to $4.15 and full year 2011 diluted EPS on a U.S. GAAP basis from $3.87 to $4.27
BRUSSELS, Belgium, February 11, 2011 WABCO Holdings Inc. (NYSE: WBC), a global technology leader and tier-one supplier to the commercial vehicle industry, today reported Q4 2010 sales of $627 million, up 41 percent in local currencies and up 37 percent on a U.S. GAAP basis from a year ago, bringing full year 2010 sales to $2.18 billion, up 47 percent in local currencies and up 46 percent on a U.S. GAAP basis from a year ago, reflecting an industry that continues to rebound globally.
Q4 2010 was another period of outstanding results as we significantly grew sales by 41 percent in local currencies while at the same time delivering an incremental operating profit margin at the remarkable level of 28 percent, said Jacques Esculier, WABCO Chairman and Chief Executive Officer. Indeed, our fourth quarter results are fully consistent with WABCOs strong performance that we built up during the previous three quarters in 2010, demonstrating throughout the year our ability for continuity in growing revenues, gaining productivity and delivering superior incremental profitability.
During full year 2010, we increased sales worldwide by 47 percent in local currencies, strongly outperforming all markets across the globe and delivering a record level of incremental operating profit margin at 27 percent, said Esculier. Also in 2010, we generated a record level of aftermarket revenues, marking a solid performance based on increased utilization of fleets, market growth and our continuous execution of WABCOs aftermarket growth strategies initiated several years ago.
The following information was filed by Wabco Holdings Inc. (WBC) on Friday, February 11, 2011 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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