Commercial vehicle supplier Wabco Holdings Inc. reported double-digit boosts in first-quarter net income and revenue as it moved to consolidate its presence in North America.
Net income for the period ended March 31 increased 25% to $101 million, or $1.87 per diluted share, compared with $81 million, or $1.48, a year earlier.
Sales jumped 34% to $1 billion compared with $747 million in the same 2017 period.
Wabco’s earnings statement highlighted a variety of companies in global markets adopting its advanced driver assistance systems, fleet management solutions, automated manual transmission, electronic braking systems, electronically controlled air suspension systems and trailer anti-lock or electronic braking control systems that provide a platform for up to 40 innovative trailer operating functions.
“Our relentless drive for flexibility and cost-efficiency across Wabco’s globally integrated supply chain during the quarter enabled us to superbly transform top-line growth into strong bottom-line results and healthy cash flow from operations,” CEO Jacques Esculier said.
Meanwhile, Wabco is consolidating its presence in North America at a 102,000-square-foot facility for 200 employees in Auburn Hills, Mich. The opening is scheduled for the third quarter. Currently, employees are located at separate sites in Rochester Hills, and Troy, Mich., according to the Brussels-based company.
Wabco intends to increase employment at the new facility prior to opening and expects to add up to 90 professional jobs at the site during the next three years. In addition to office space on two floors, the premises will feature a customer eExperience center, a vehicle test lab, a training center and other amenities.
The company has expanded its presence in North America since 2016, tripling its workforce and acquiring leading technology businesses: Mico Inc., Laydon Composites and R.H. Sheppard Co. Inc. It completed its buyout of Meritor Wabco Vehicle Control Systems, its joint venture with Meritor Inc., in late 2017.
“Accelerating demand for Wabco’s industry-leading portfolio combined with our recent strategic acquisitions continues to boost the adoption of Wabco technology onboard vehicles across all markets,” Esculier said in a company release.