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April 28, 2014 10:30 AM, EDT
Wabco’s 1Q Net Income Slips; Sales Improve
Wabco Holdings Inc.

Europe-based Wabco Holdings Inc. said its first-quarter net income declined from a year ago on a U.S. basis, although its sales and operating income improved.

Net income on a U.S. basis slipped to $69.4 million or $1.12 per share, from $73.7 million or $1.15, a year ago.

Operating income improved to $84.7 million from $81.7 million on a U.S. basis, and sales rose 13.2% to about $730 million.

Wabco, which has a joint venture with Meritor Inc., reiterated its previous guidance for the full year of 6% to 11% sales growth, and earnings on a U.S. basis of $4.78 to $5.28 per share.

CEO Jacques Esculier said in a conference call that the Class 8 truck market is poised for “double-digit growth this year” as companies begin to address their aging fleets.