Wabco Holdings, a global technology leader and tier-one supplier to the commercial vehicle industry, has reported sales of $657m for the first quarter of 2012, up 0.5% in local currencies when compared to corresponding quarter previous year and down 3.1% on a US GAAP basis.

The company's diluted earnings per share (EPS) were $1.17 on a performance basis, up from $1.12 a year ago, while its diluted EPS were $1.34 on a US GAAP basis, down from $1.66 a year ago.

Wabco's operating margin was 13.9% on a performance basis, up from 13.3% a year ago; while operating margin of 13.6% on a US GAAP basis, up from 13% a year ago.

The company expects full year 2012 sales growth to range between negative 2% and positive 3% in local currencies, while it expects full year 2012 diluted EPS on a performance basis from $4.30 to $4.80.

Wabco chairman and chief executive officer Jacques Esculier said the company grew sales by half a percent in local currencies, in spite of a year-on-year contraction of 3% in new truck and bus builds in Europe, its largest market.

"Nonetheless, in Q1 2012 we delivered performance operating margin at 13.9 percent, an all-time quarterly record and yet another mark of WABCO's continued ability to deliver superior profitability," Esculier added.

Wabco has reported performance operating income of $91.3m for the first quarter of 2012, up from $90.2m a year ago, while operating income was $89.5m on a US GAAP basis, up from $88.1m a year ago.

Net income attributable to the company was $77.4m or $1.17 per diluted share, up from $77m or $1.12 per diluted share a year ago.