BRUSSELS, Belgium, April 12, 2018 (GLOBE NEWSWIRE) -- WABCO Holdings Inc. (NYSE:WBC) (www.wabco-auto.com), a leading global supplier of technologies and services that improve the safety, efficiency and connectivity of commercial vehicles, today disclosed that – from Q2 2017 to Q1 2018 – it has entered into contracts in local currencies with customers worldwide that total $745 million of expected cumulative incremental business. These awards specify $502 million in new business earmarked from 2018 through to 2022 inclusively.
Representing new incremental business for WABCO, these contracts are separate from revenues gained from the replacement and renewal of existing contracts. It comprises orders for WABCO products that improve vehicle safety, efficiency and connectivity, including actuators and air disk braking solutions, steering technologies, electronic suspension systems, transmission automation and industry-leading fleet management solutions that provide advanced connectivity between trucks, trailers, drivers and fleet managers.
“These new contracts underline WABCO’s continuing ability to generate sales growth that outperforms the commercial vehicle market relative to global truck and bus production,” said Jacques Esculier, WABCO Chairman and Chief Executive Officer. “With new business wins totaling more than $500 million over the next 5 years, and building on $3.2 billion of cumulative new business wins announced since 2014, WABCO expects to continue to outperform the market within the 6% to 10% range.
“We are relentlessly focused on sustaining WABCO’s outperformance commitment through our strategy of technology leadership, globalization and excellence in execution,” added Esculier. “WABCO’s future new business wins will also be further powered by our recent strategic acquisitions combined with increasing technology penetration globally. This includes higher demand for WABCO content onboard vehicles in fast-growing emerging economies such as China, India and Brazil where WABCO is the firm market leader and where almost half of this new business over the next five years is anchored.”
WABCO will hold its Q1 2018 earnings conference call at 9:00a.m. Eastern Time on Thursday, April 19, 2018. The call will be webcast at www.wabco-auto.com where the press release and financial information will be available under “WABCO Q1 2018 Results.”
About WABCO
WABCO (NYSE:WBC) is a leading global supplier of technologies and services that improve the safety, efficiency and connectivity of commercial vehicles. Originating from the Westinghouse Air Brake Company founded nearly 150 years ago, WABCO continues to pioneer breakthrough innovations to enable autonomous driving in the commercial vehicle industry. Today, leading truck, bus and trailer brands worldwide rely on WABCO’s differentiating technologies, including advanced driver assistance, braking, steering and stability control systems. Powered by its vision for accident-free driving and greener transportation solutions, WABCO is also at the forefront of advanced fleet management systems that contribute to commercial fleet efficiency. For six consecutive years, Institutional Investor named WABCO among the “Top 3” in its sector for “Best CEO.” In 2017, WABCO reported sales of $3.3 billion and has nearly 15,000 employees in 40 countries. For more information, visit www.wabco-auto.com.
WABCO Forward-Looking Statements
This document contains certain “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995 that are based on management's good faith expectations and beliefs concerning future developments. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “strategies,” “prospects,” “intends,” “projects,” “estimates,” “plans,” “may increase,” “may fluctuate,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward looking in nature and not historical facts. Actual results may differ materially from these expectations as a result of many factors. These factors include, but are not limited to, the actual level of commercial vehicle production in our end markets, adverse developments in the business of our key customers, pricing changes to our supplies or products, our ability to successfully integrate any acquired businesses or our acquired businesses not performing as planned, our ability to mitigate any tax risks, including, but not limited to, those risks associated with changes in legislation, tax audits and the loss of the benefits associated with our tax rulings and incentives in certain jurisdictions and the risk that we may need to increase our provisional charge relating to the transition tax under U.S. tax law, and the other risks and uncertainties described in the “Risk Factors” section and the “Information Concerning Forward Looking Statements” section of WABCO’s Form 10-K, as well as in the “Management's Discussion and Analysis of Financial Condition and Results of Operations - Information Concerning Forward Looking Statements” section of WABCO’s Form 10-Q Quarterly Reports. WABCO does not undertake any obligation to update such forward-looking statements. All market and industry data are based on company estimates.
WABCO media, investors and analysts contact
Sean Deason, +1 248 270 9287, investorrelations@wabco-auto.com