Wabco Holdings Inc., which supplies components for commercial vehicle manufacturers, posted first-quarter net income Wednesday of $30.7 million, citing higher truck and bus production in emerging markets.
The company also lifted its full-year forecast.
The Brussels-based company said earnings for the three months ended March 31 came to 47 cents per share. That compares with a loss of $36.4 million, or 57 cents per share, in the same period last year.
Excluding items, the company earned 51 cents per share. Results on that basis breezed past Wall Street estimates. According to Thomson Reuters, analysts expected 25 cents per share, on average.
Revenue rose to $491.1 million from $333.9 million. Analysts expected $427.8 million.
"The commercial vehicle industry is recovering," said Wabco Chairman and CEO Jacques Esculier.
The company said Asia and South America showed "significant growth" during the quarter, adding that 75 percent of the world's truck and bus production took place in China, India and Brazil.
Wabco raised its full-year earnings forecast to $1.27 to $1.67 per share, excluding items, citing a recovery in European truck and bus demand. Analysts expect $1.32 per share.
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