WABCO Holdings Q2 Income Rises; Ups FY View - Quick Facts

(RTTNews) - WABCO Holdings Inc. (WBC), a supplier of technologies and control systems for the safety and efficiency of commercial vehicles, Friday reported an increase in second-quarter net income, mirroring higher revenues. However, earnings per share missed the Street estimates. The company also upgraded its full year outlook.

For the three-month period, the company reported GAAP net income of $83.2 million or $1.31 per share, compared with $75.6 million or $1.15 per share during the same quarter last year.

The company reported performance net income of $82.4 million or $1.30 per share. On average, ten analysts polled by Thomson Reuters expected earnings per share of $1.25 for the quarter. Analysts' estimates typically exclude one-time items.

Revenues for the quarter increased to $678.2 million from $635.2 million reported during the corresponding quarter last year. Analysts expected the company to report revenues of $672.76 million.

Based on the company's estimates of the market conditions in future, it upgraded its full-year sales growth target to now range between 5 and 8 percent in local currencies, up from previous expectations of 3 and 7 percent. The company increased its performance basis earnings outlook to $4.70 - $5.00 per share from $4.45 - $4.85 per share previously expected. On a GAAP basis, the company now expects earnings to be in range from $7.64 - $7.94 per share, up from previous expectations of $7.41 - $7.81 per share. Analysts expects the company to report earnings of $4.82 per share on revenues of $2.64 billion.