WABCO Reports Third Quarter 2008 Sales of $655 Million - aftermarketNews

WABCO Reports Third Quarter 2008 Sales of $655 Million

WABCO reported third quarter 2008 operating income of $62.2 million, up 14 percent over prior year on a U.S. GAAP basis.

BRUSSELS, Belgium — WABCO Holdings Inc. has reported third quarter 2008 sales of $655 million, up 10 percent over prior year and up 2 percent in local currencies, continuing the company’s long track record of quarterly growth.

WABCO reported third quarter 2008 operating income of $62.2 million, up 14 percent over prior year on a U.S. GAAP basis. Performance operating income, which excludes separation and streamlining costs, rose to $71.1 million, up 10 percent over prior year and up 1 percent over prior year in local currencies.

WABCO reported third quarter 2008 EBIT of $65.9 million, up 27 percent over prior year. Performance EBIT, which excludes separation and streamlining costs, rose to $74.8 million, up 21 percent over prior year and up 11 percent over prior year in local currencies.

WABCO’s EBIT margin in third quarter  2008 increased to 10.1 percent, expanding 136 basis points over prior year. Performance EBIT margin increased to 11.4 percent, expanding 97 basis points over prior year in local currencies.

On a U.S. GAAP basis, third quarter 2008 net income increased to $63.7 million, or 97 cents per diluted share from a net loss of $0.3 million, or $0.00 per diluted share a year ago. Included in reported net income for third quarter 2008 was a one-time tax benefit of approximately $10 million for the reduction in a provision stemming from WABCO’s separation from the former American Standard Companies Inc. Excluding separation and streamlining costs, and one-time and discrete tax items, third quarter 2008 performance net income increased by 36 percent to $61.3 million versus $45 million a year ago. Performance earnings per diluted share increased by 45 percent to 94 cents versus 65 cents per diluted share a year ago.

 WABCO generated $103.9 million in net cash from operating activities in third quarter 2008 and $78.4 million of free cash flow. Under its share buy-back program announced on Aug. 1, 2007, the company repurchased approximately 1.3 million shares for $53.5 million in open market transactions in third quarter 2008, bringing the total number of repurchased shares year-to-date to 3.4 million shares for $153.5 million. Since commencement of this program, WABCO has repurchased 6 million shares, or 8.8 percent of diluted shares outstanding at the time of spin-off. WABCO also paid $4.5 million in dividends in third quarter 2008.

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