Mexican Media Brands
BorgWarner Cuts Outlook As Profits Dip
BorgWarner Inc. reports its net sales in the third quarter fell 7% to $1.9 billion.
#economics
Share
BorgWarner Inc. reports its net sales in the third quarter fell 7% to $1.9 billion. Operating income from continuing operations declined 2% to $250 million, and net profit fell 6% to $167 million.
BorgWarner, which makes turbochargers and engine components, lowered its full-year sales and profit guidance. The company cites unfavorable exchange rates, a weak market in China and softening global demand for commercial vehicles.
Early this year BorgWarner expected sales to grow as much as 6%. Now it anticipates full-year revenue will fall 5%-6%. The company also predicts per-share earnings between $2.95 and $3, down from an initial forecast range of $3.35-$3.55.
CEO James Verrier tells analysts that 16% of BorgWarner’s revenue comes from Volkswagen AG. But he says less than half of one percent of its revenue is linked to diesels VW plans to recall because they were rigged to cheat on emission tests.
RELATED CONTENT
-
Fuel Economy Gains in July
What you’re looking at here is a sales-weighted fuel economy chart (the numbers in the white boxes represent miles per gallon) that was put together by two diligent researchers, Michael Sivak and Brandon Schoettle, of the University of Michigan Transportation Research Institute.
-
MTU Research to Boost Fuel Economy ~20%
Researchers are using V2X communications and other methods to provide vehicles with a significant increase in fuel economy.
-
On Global EV Sales, Lean and the Supply Chain & Dealing With Snow
The distribution of EVs and potential implications, why lean still matters even with supply chain issues, where there are the most industrial robots, a potential coming shortage that isn’t a microprocessor, mapping tech and obscured signs, and a look at the future