VOXX - Free Post Earnings Research Report: WABCO Holdings' Quarterly Earnings Increased 18.34%
Stock Monitor: VOXX Intl. Post Earnings Reporting
LONDON, UK / ACCESSWIRE / July 27, 2018 / If you want access to our free earnings report on WABCO Holdings Inc. (NYSE: WBC) ("WBC"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=WBC. The Company reported its financial results on July 19, 2018, for the second quarter of the fiscal year 2018, ended June 30, 2018. The Company surpassed analysts' consensus estimates for earnings and revenues in Q2 FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For Q2 FY18, WBC's total revenues reached $1 billion, reflecting an increase of 25.94% from $795 million in Q2 FY17, as the Company benefitted from a strong global market growth. This marked the second consecutive quarter for the Company with over $1 billion revenues. In terms of local currencies, the Company's sales increased 20.70% on a y-o-y basis in Q2 FY18. The Company's reported revenue numbers surpassed analysts' consensus estimates of $994.20 million.
WBC's cost of sales was $690.90 million in Q2 FY18, 26.19% higher than $547.50 million in Q2 FY17. The Company's gross profit advanced 25.37% to $310.30 million in the reported quarter from $247.50 million in the prior year’s same quarter.
During Q2 FY18, WBC incurred selling and administrative expenses of $119 million, up 19.96% from $99.20 million in Q2 FY17. Besides, the Company's research, development, and engineering expenses increased 21.48% to $47.50 million on a y-o-y basis in Q2 FY18. WBC's operating income was $146.50 million in the quarter ended June 30, 2018, versus $108.40 million in the comparable period of last year, reflecting an increase of 35.15%. The Company's operating margin also increased 1% to 14.63% in Q2 FY18.
WBC's net income attributable to common shareholders was $104.40 million in Q2 FY18, representing an increase of 19.72% from $87.20 million in Q2 FY17. The Company's diluted earnings per share (EPS) also jumped 21.12% to $1.95 in the quarter under review from $1.61 in the year ago corresponding quarter. The Company's reported results included streamlining costs, separation costs, acquisition-related costs, and related income tax impact. Excluding special items, WBC had performance diluted EPS of $2.00 on a non-GAAP basis in the reported quarter, up 18.34% from $1.69 in Q2 FY17; and surpassing analysts' consensus estimates of $1.91.
Cash Matters
WBC had cash and cash equivalents of $654.90 million as on June 30, 2018, reflecting a decrease of 42.63% from $1.14 billion as on December 31, 2017. The Company’s long-term debt declined 16.46% to $854.90 million as on June 30, 2018, from $1.02 billion as on December 31, 2017.
WBC's cash provided by operating activities was $77.20 million in the quarter ended June 30, 2018, 12.47% lower than $88.20 million in the same period of last year.
WBC spent $30.30 million on purchases of property, plant, and equipment in Q2 FY18, up 35.87% from $22.30 million in Q2 FY17.
During Q2 FY18, WABCO repurchased 708,000 shares for $89.20 million through its share buyback program. Between June 2011 and June 30, 2018, WABCO has repurchased 20,257,912 shares for $1.71 billion in open market transactions. The Company intends to repurchase shares up to a total of $300 million during FY18, subject to market conditions and applicable regulatory requirements.
Outlook
For the full fiscal year 2018, WBC expects reported sales of $3.85 billion to $3.95 billion. For FY18, the Company anticipates a GAAP reported operating margin of 13.60% to 14%, and a non-GAAP performance operating margin of 14.30% to 14.70%. WBC expects a reported net income of $376.90 million to $392.80 million, and a performance net income of $395.60 million to $411.50 million for FY18. The Company expects reported diluted EPS to be in the range of $7.10 to $7.40, and performance diluted EPS to be in the band of $7.45 to $7.75 for FY18.
Stock Performance Snapshot
July 26, 2018 - At Thursday's closing bell, WABCO's stock rose 2.57%, ending the trading session at $122.57.
Volume traded for the day: 441.44 thousand shares.
Stock performance in the last month - up 3.44%
After yesterday's close, WABCO's market cap was at $6.59 billion.
Price to Earnings (P/E) ratio was at 8.12.
The stock is part of the Consumer Goods sector, categorized under the Auto Parts industry.
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