BorgWarner Income Slides 9%

BorgWarner Inc. posted net earnings of $101 million in the third quarter of 2012 compared with $142 million in the same period last year.

Revenue slid 5% to $1.7 billion. The company attributes the declines to unfavorable exchange rates and Europe's weak auto market.

BorgWarner's engine group reported adjusted operating profit of $184 million in the July-September period, down $4 million from a year earlier. The unit's revenue dropped 7% to $1.2 billion.

The drivetrain unit's adjusted operating income was flat at $44 million. Sales dipped 1% to $534 million.

Citing deteriorating conditions in Europe, BorgWarner lowered its full-year outlook. The company expects revenue between flat and up 1% from 2011's record $7.1 billion. It previously projected 4%-6% revenue growth.