Mexican Media Brands
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.
#economics
Share
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.
RELATED CONTENT
-
Global Car Market to Shrink for 2-3 Years
Global sales of light vehicles will decline year on year through at least 2021, predicts LMC Automotive at its annual outlook conference outside Detroit, Mich.
-
On Urban Transport, the Jeep Grand Wagoneer, Lamborghini and more
Why electric pods may be the future of urban transport, the amazing Jeep Grand Wagoneer, Lamborghini is a green pioneer, LMC on capacity utilization, an aluminum study gives the nod to. . .aluminum, and why McLaren is working with TUMI.
-
Study: Border Tax, NAFTA Exit Would Hurt U.S.
The U.S. auto industry would lose at least 31,000 manufacturing jobs and 450,000 units of annual sales if the U.S. imposes 35% tariffs on cars from Mexico, as President-elect Donald Trump has vowed to do.