Wabco Holdings Inc. has reported lower revenue and net income in a tough global market over the second quarter.
Net income fell $70.6 million from $104.4 million for the period that ended 30 June the commercial vehicle technology specialist announced.
Revenue also declined $913 million for the Switzerland company, which is based in Bern, compared with $1 billion a year earlier amid lower sales in overall truck, bus and trailer markets.
Sales in North America increased 3.5 per cent to 4.4 per cent excluding foreign currency translation effects.
Europe where growth slowed is where Wabco does 76 per cent of its business.
“The second quarter of 2019 was affected by a slowdown in economic growth expectations across most regions, leading to a further deterioration in key markets where we operate," the company said in a statement.
"This impact was partially offset through agile management of our variable cost structure and discretionary operating expenses. Due to the size and speed of the drop in markets, we were unable to fully offset the market impact.”
Over the first half of the year net income fell $192 million.
Total year-to-date sales in North America increased 1.2% — 2.2% excluding foreign currency translation effects.
Sales to truck and bus manufacturers also increased by 7.1 per cent to 8.2 per cent in North America.
In March ZF Friedrichshafen AG.entered into an agreement to acquire Wabco for over $7 billion. Wabco shareholders
Wabco entered into a $7 billion agreement to be acquired by ZF Friedrichshafen AG. Wabco shareholders adopted the plan June 27.
Oil and lubricants specialist, Valvoline, is the oldest lubricant trademarked company in America. In recent times the company has moved to lower its carbon output locally to coincide with several production line technological improvements it has made in just the past few years.