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BorgWarner Quarterly Sales, Profits Drop
BorgWarner Inc. says its second-quarter revenue dropped 5% to $2.6 billion, and adjusted net earnings fell 37% to $172 million.
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BorgWarner Inc. says its second-quarter revenue dropped 5% to $2.6 billion, and adjusted net earnings fell 37% to $172 million.
The maker of turbocharges and other powertrain components blames its downturn on new tariffs, unfavorable exchange rates and parts from suppliers that cost more than expected. The company vows more intensive cost-cutting and restructuring measures.
BorgWarner says net sales in the current quarter will be somewhere between +1.5% and -1.5% of last year’s $2.5 billion for the same period. The company has lowered its full-year sales guidance to between $9.9 billion and $10.2 billion, compared with $10.5 billion in revenue generated in last year’s second quarter.
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