WABCO Cuts FY EPS View, Q3 Profit Falls

(RTTNews) - WABCO Holdings Inc. (WBC) Thursday said it lowered its forecast for the full year 2015 to reflect market changes and adverse foreign exchange effects, after the company posted lower profits for the third quarter.

The company now expects 2015 earnings per share, on a performance basis, to range between $5.50 and $5.60, and earnings per share, on a U.S. GAAP basis, between $4.12 and $4.22. This compares with previous guidance of $5.60-$5.85 and $4.89-$5.14, respectively.

On average, 16 analysts polled by Thomson Reuters expect earnings of $5.70 for the year. Analysts' estimates typically exclude special items.

For 2015, the company now foresees sales growth of 5.5-6.5 percent, compared to prior growth forecast of 6-9 percent, in local currencies.

WABCO's profit for the quarter fell to $38.8 million or $0.67 per share from $82.0 million or $1.37 per share a year ago. On a performance basis, earnings per share of $1.39 was in line with analysts' expectations.

Sales in the third quarter were $643.6 million, down 9.0 percent from last year, in U.S. dollars. However, adjusted sales was up 6.0 percent, in local currencies, at $749.7 million. The Street had expected $654.80 million in revenues.