NEW YORK (AP) -- Wabco Holdings Inc. said Friday that its second-quarter net income fell 15 percent, pulled down by a slowdown in commercial vehicle production, especially in Europe.
The Brussels, Belgium-based company reported net income of $75.6 million, or $1.15 per share, for the three months ended June 30, down from $88.6 million, or $1.26 per share, in the same quarter last year.
Excluding one-time items such as a pension-related gain, the company said it posted an adjusted profit of $1.19 per share for the recent quarter. Analysts polled by FactSet expected earnings of $1.17 per share.
Revenue fell 14 percent to $635.2 million from $737.7 million. That was well below average analysts' predictions of $674.6 million.
Wabco said the drop in sales was partially a result of a 7 percent decrease in bus and truck production in Europe, the company's largest market. In local currencies, sales fell 4.5 percent, the company said.
Wabco backed its previous full-year guidance, saying it still expects to post an adjusted profit of $4.30 to $4.80 per share. Analysts expect $4.59 per share.
The company also repeated its forecast of 2012 sales to range from a 2 percent decline to a 3 percent increase over last year. Based on the company's $2.79 billion in 2011 sales, the guidance projects 2012 sales of between $2.73 billion and $2.87 billion. Analysts expect $2.66 billion in sales.
Its shares rose $3, or 5.7 percent, to $55.74 in midday trading. They are up 63 percent since hitting a 52-week low of $34.17 in October 2011 and are 14 percent below their high of $64.97 last August.