WABCO Holdings Inc. (WBC) reported third quarter net income of $33.8 million or $0.52 per share, compared to $63.7 million or $0.97 per share a year ago.
Excluding items, performance net income for the quarter was $12.5 million or $0.19 per diluted share, compared to $61.3 million or $0.94 per diluted share a year earlier.
On average, 5 analysts polled by Thomson Reuters expected loss per share of $0.06 for the quarter. Analysts' estimate typically exclude special items.
Sales for the quarter fell 42% to $382 million from $655 million in the prior year. Four analysts estimated revenues of $321.08 million.
Looking ahead, WABCO improves its previously disclosed operating framework for 2009 to include an estimated decline in 2009 sales of 37% to 39% in local currencies, resulting in a full year reported operating margin of negative 1.9% or higher, including streamlining and separation items, and an operating margin of 2.0 percent or higher on a performance basis.
WABCO also expects that the company will generate more than $90 million in free cash flow for 2009, which excludes about $50 million of streamlining and separation items.
For comments and feedback: editorial@rttnews.com