wabco holdings inc (WBC) Key Developments
WABCO Holdings Inc. Announces Executive Changes
May 28 15
WABCO Holdings Inc. appointed Sean Deason to serve as Vice President, Controller and Assistant Secretary, effective June 1, 2015. Mr. Deason served as Vice President, Financial Planning & Analysis at Evraz N.A. from 2011 to the present. Prior to Evraz, Mr. Deason served as Director, Finance, Corporate Business Planning & Analytics at Lear Corp. The Offer Letter provides that Mr. Deason will be based in Brussels, Belgium, will report to the Company's Chief Financial Officer. Effective June 1, 2015, in connection with Mr. Deason's appointment as Vice President, Controller and Assistant Secretary, Robert W. Farrell's interim appointment as Controller expired. Nikhil M. Varty has fulfilled a dual role for the Company, leading the Americas business to drive growth and is also responsible for defining the Mergers & Acquisitions strategy of the Company. Effective May 21, 2015, Mr. Varty will now entirely focus his activities on the Mergers & Acquisitions strategy and developing pipeline opportunities. The leadership of the Americas business will transition to Jon Morrison, who will join the Company on June 1, 2015 in the role of President, Americas. Both Mr. Varty, in his role of Vice President, Mergers & Acquisitions, and Mr. Morrison will report to Jacques Esculier, the Company's Chairman and Chief Executive Officer.
WABCO Holdings Inc. Enters into Note Purchase Agreement
May 11 15
On May 8, 2015, WABCO Holdings Inc. entered into a Note Purchase Agreement, among the company and each of the purchasers party thereto, for the issuance of $150 million aggregate principal amount of 2.83% Senior Notes due June 25, 2022 (the Series A Notes), $200 million 3.08% Senior Notes due June 25, 2025 (the Series B Notes) and $150 million 3.18% Senior Notes due June 25, 2027 (the Series C Notes; and together with the Series A Notes and the Series B Notes, collectively, the Notes). The company anticipates completing the funding of the transaction and issuing the Notes on June 25, 2015.
WABCO Holdings Inc. Presents at KeyBanc Capital Markets Industrial, Automotive & Transportation Conference, May-28-2015 11:00 AM
May 4 15
WABCO Holdings Inc. Presents at KeyBanc Capital Markets Industrial, Automotive & Transportation Conference, May-28-2015 11:00 AM. Venue: InterContinental Boston, 510 Atlantic Ave, Boston, MA 02210, United States. Speakers: Jacques H. G. Esculier, Chairman and Chief Executive Officer.
WABCO Holdings Inc. Reports Consolidated Unaudited Earnings Results for the First Quarter Ended March 31, 2015; Provides Earnings Guidance for the Full Year of 2015
Apr 23 15
WABCO Holdings Inc. reported consolidated unaudited earnings results for the first quarter ended March 31, 2015. The company reported first quarter 2015 sales of $652.2 million, up 3.8% in local currencies from a year ago and down 10.6% in U.S. dollars, reflecting significant strengthening of the U.S. dollar year on year. WABCO reported first quarter 2015 performance operating income of $93.5 million, up from $89.8 million a year ago, and operating income was $85.5 million on a U.S. GAAP basis, up from $84.2 million a year ago. For first quarter 2015, WABCO reported performance net income attributable to the company of $83.1 million or $1.41 per diluted share, up from $79.3 million or $1.28 per diluted share a year ago, and first quarter 2015 U.S. GAAP net income attributable to the company of $71.9 million or $1.22 per diluted share, up from $69.4 million or $1.12 per diluted share a year ago. Income before income taxes was $93.3 million against $87.7 million a year ago. Net cash provided by operating activities was $86.5 million against $45.9 million a year ago. Purchases of property, plant and equipment was $13.0 million against $19.5 million a year ago.
The company provided earnings guidance for the full year of 2015. WABCO expects full year 2015 sales growth to now range from 5% to 10% versus previous guidance from 6% to 11% in local currencies. WABCO expects its diluted EPS on a performance basis to now range from $5.60 to $6.00 versus previous guidance from $5.80 to $6.30 and diluted EPS on a U.S. GAAP basis to now range from $4.76 to $5.26 versus previous guidance from $5.09 to $5.59. In addition, WABCO reiterates that it expects in 2015 to convert between 80% and 90% of its performance net income attributable to the company into free cash flow, excluding payments associated with items for streamlining, separation and acquisition. Performance net income attributable to company was $325.0 million-$348.0 million. Reported net income attributable to company per diluted common share was $4.86-$5.26 and performance net income attributable to company per diluted common share was $5.60-$6.00.
WABCO Holdings Inc., Annual General Meeting, May 21, 2015
Apr 10 15
WABCO Holdings Inc., Annual General Meeting, May 21, 2015., at 10:00 US Eastern Standard Time. Location: New York offices of Kramer Levin Naftalis & Frankel LLP. Agenda: To consider the election of three directors to Class II with terms expiring at the 2018 annual meeting of shareholders; to ratify the appointment of Ernst & Young Bedrijfsrevisoren BCVBA/Reviseurs d'Entreprises SCCRL (Ernst &Young Belgium) as the company's independent registered public accounting firm for the year ending December 31, 2015; to consider the advisory approval of the company's executive compensation (Say-on-Pay); and to transact any other business as may properly come before the meeting.