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Last $116.74 USD
Change Today +0.41 / 0.35%
Volume 244.3K
As of 8:04 PM 08/28/15 All times are local (Market data is delayed by at least 15 minutes).

wabco holdings inc (WBC) Key Developments

WABCO Holdings Inc. Appoints Jon Morrison as President for its Americas Business Unit

WABCO Holdings Inc. announced that it has appointed Jon Morrison as President for its Americas Business Unit. Morrison is a 30-year veteran of the global transportation industry. Prior to his current role, Morrison served as President, North America for American Axle &Manufacturing, and before that he held the position of Vice President, Vehicle Dynamics and Controls with WABCO. From 2006 to 2014, Morrison served as President and General Manager of Meritor WABCO. Morrison also takes an active role to support industry associations and organizations. He is currently a member of the Heavy Duty Manufacturers Association (HDMA) and its Heavy Duty Business Forum.

WABCO Holdings Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Revises Earnings Guidance for the Full Year Ending December 31, 2015

WABCO Holdings Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company announced sales of $661.1 million compared to $735.0 million for the same period a year ago. Operating income was $80.6 million compared to $90.4 million for the same period a year ago. Income before income taxes was $86.8 million compared to $95.8 million for the same period a year ago. Net income including non-controlling interests was $68.3 million compared to $77.9 million for the same period a year ago. Net income attributable to company was $65.8 million compared to $75.0 million for the same period a year ago. Net income per common share, diluted was $1.12 compared to $1.23 for the same period a year ago. Net cash provided by operating activities was $78.5 million compared to $116.7 million for the same period a year ago. Purchases of property, plant and equipment was $24.7 million compared to $24.5 million for the same period a year ago. Investments in capitalized software were $2.9 million compared to $3.4 million for the same period a year ago. Adjusted sales were $782.4 million compared to $735.0 million for the same period a year ago. Adjusted operating income was $108.6 million compared to $98.2 million for the same period a year ago. Performance net income attributable to company was $81.7 million compared to $86.6 million for the same period a year ago. Performance net income attributable to company per diluted common share was $1.40 compared to $1.42 for the same period a year ago. Performance EBIT (earnings before interest and taxes) was $96.7 million compared to $100.7 million for the same period a year ago. Performance pre-tax income was $95.8 million compared to $100.8 million for the same period a year ago. Free cash flow was $50.9 million compared to $88.8 million for the same period a year ago. For the six months, the company announced sales of $1,313.3 million compared to $1,464.5 million for the same period a year ago. Operating income was $166.1 million compared to $174.6 million for the same period a year ago. Income before income taxes was $180.1 million compared to $183.5 million for the same period a year ago. Net income including non-controlling interests was $143.1 million compared to $149.8 million for the same period a year ago. Net income attributable to company was $137.7 million compared to $144.4 million for the same period a year ago. Net income per common share, diluted was $2.35 compared to $2.35 for the same period a year ago. Net cash provided by operating activities was $165.0 million compared to $162.7 million for the same period a year ago. Purchases of property, plant and equipment was $37.7 million compared to $44.0 million for the same period a year ago. Investments in capitalized software were $5.8 million compared to $7.1 million for the same period a year ago. Adjusted sales were $1,539.6 million compared to $1,464.5 million for the same period a year ago. Adjusted operating income was $137 million compared to $218.8 million for the same period a year ago. Performance EBIT was $194.4 million compared to $193.8 million for the same period a year ago. Performance pre-tax income was $192.8 million compared to $194.0 million for the same period a year ago. Performance net income attributable to company was $164.8 million compared to $165.9 million for the same period a year ago. Performance net income attributable to company per diluted common share was $2.81 compared to $2.70 for the same period a year ago. Free cash flow was $121.5 million compared to $111.6 million for the same period a year ago. The company revised earnings guidance for the full year ending December 31, 2015. The company expects full year 2015 sales growth to now range from 6% to 9% versus previous guidance from 5% to 10% in local currencies. The company expects its performance operating margin to now range from 14.0% to 14.5% versus previous guidance from 14.2% to 15.1% and operating margin on a U.S. GAAP basis to now range from 12.9% to 13.4% versus previous guidance from 13.0% to 13.9%. The company expects its diluted EPS on a performance basis to now range from $5.60 to $5.85 versus previous guidance from $5.60 to $6.00 and diluted EPS on a U.S. GAAP basis to now range from $4.89 to $5.14 versus previous guidance from $4.86 to $5.26. In addition, the company 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. Net income attributable to company expected to be between $283.3 million and $297.8 million, performance net income attributable to company expected to be between $324.8 million compared to $339.3 million for the same period a year ago.

WABCO Holdings Inc. Announces Board Changes

WABCO Holdings Inc. announced that Kenneth J. Martin delivered a letter to the Board of Directors of the company notifying the Board of his intention to retire from the Board, effective October 1, 2015. On July 20, 2015, the company announced that it has appointed Henry R. Keizer to its board of directors, effective immediately. Mr. Keizer will be a Class III director on the company's classified Board and will serve as a member of the Audit Committee of the Board, effective immediately, and as Chair of the Audit Committee, effective October 1, 2015. Most recently, Mr. Keizer served as Deputy Chairman and Chief Operating Officer of KPMG LLP.

WABCO Holdings Inc., Announces Termination of Nikhil Varty as Vice President, Mergers & Acquisitions

WABCO Holdings Inc. announced that on June 29, 2015, the employment of Nikhil Varty, Vice President, Mergers & Acquisitions, was terminated effective February 28, 2016.

WABCO Holdings Inc., Q2 2015 Earnings Call, Jul 24, 2015

WABCO Holdings Inc., Q2 2015 Earnings Call, Jul 24, 2015

 

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