WABCO Holdings Inc. Reports Un-Audited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Announces Impairment on Property, Plant and Equipment for the Fourth Quarter of 2015; Provides Earnings Guidance for the Year 2016
For the year, the company reported sales of $2,627.5 million compared to $2,851.0 million, operating income of $270.9 million compared to $331.0 million, income before income taxes of $297.5 million compared to $356.8 million, net income attributable to company of $275.2 million or $4.72 per diluted share compared to $291.5 million or $4.81 per diluted share, net cash provided by operating activities of $395.3 million compared to $314.4 million, purchases of property, plant and equipment of $89.7 million compared to $123.8 million, adjusted sales of $3,039.9 million compared to $2,851.0 million, adjusted operating income of $411.1 million compared to $371.4 million and free cash flow of $294.7 million compared to $178.5 million for the last year.
For the fourth quarter of 2015, the company announced impairment on property, plant and equipment of $7.7 million compared to $0.8 million in last year.
The company expected full year 2016 sales growth to range from 6 to 11% in local currencies. On a performance basis, as a result of the European Commission's decision in January 2016 against the Belgian tax authority, the company's 2016 guidance includes the company's current estimate of a performance tax rate of 20% which reflects certain mitigating actions that WABCO is considering. On a performance basis, the company expects 2016 operating margin to range from 13.8 to 14.3%, resulting in diluted EPS to range from $5.30 to $5.80. On a U.S. GAAP basis, the company's 2016 guidance includes the company's current estimate of a tax rate of 20%. On a U.S. GAAP basis, the company expects 2016 operating margin to range from 12.7 to 13.2%, and diluted EPS to range from $3.43 to $3.93. The company expected reported sales guidance in the range of $2,700.0 to $2,830.0 million, reported net income attributable to company in the range $192.2 to $220.2 million, performance net income attributable to company in the range $296.8 to $324.8 million, reported net income attributable to company per diluted common share in the range of $3.43 to $3.93.