WABCO Q1 Sales Up 36%
Cost of sales was $481.9m for the first quarter of 2011, compared to $350.9m for the same period of 2010. Gross profit was $196.3m for the first quarter of 2011, compared to $140.2m for the same period of 2010.
For the first quarter of 2011, operating income was $88.1m, compared to $43.1m for the same period of 2010. Income before income taxes was $115.1m, compared to $41.3m for the same period of 2010.
Income tax benefit was $3.2m for the first quarter of 2011, compared to income tax expense of $7.6m for the same period of 2010. Net income was $114.7m for the first quarter of 2011, compared to $30.7m for the same period of 2010.
WABCO expects an estimated increase in 2011 sales that ranges from 20 to 25 percent in local currencies, up from 18 to 23 percent in its previous guidance.
WABCO has raised its full year performance operating margin to range from 12.8 to 13.8 percent, up from 12.6 to 13.6 percent, and operating margin on a US GAAP basis to range from 12.4 to 13.4 percent, up from 12.2 to 13.2 percent.
WABCO has also raised its guidance for diluted earnings per share on a performance basis to range from $4.15 to $4.55, up from $3.75 to $4.15, and diluted earnings per share on a US GAAP basis to range from $4.62 to $5.02, up from $3.87 to $4.27.
Jacques Esculier, chairman and CEO of WABCO, said: â€œQ1 2011 marked another milestone of outstanding results as we substantially grew sales by 36 percent in local currencies while at the same time delivering an incremental operating profit margin at the robust level of 26 percent, thus breaking new ground in profitability.
â€œOur first quarter results are in line with WABCOâ€™s strongly rising performance throughout 2010 as we continue to demonstrate our ability to grow revenues, gain productivity and deliver remarkable incremental profitability.â€
Will the firm further improve sales in Q2?
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