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BorgWarner Sales Climb 13%
BorgWarner Inc. hiked third-quarter revenue to $2 billion from $1.8 billion in the same period last year on strong demand for its turbochargers and other technologies.
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BorgWarner Inc. hiked third-quarter revenue to $2 billion from $1.8 billion in the same period last year on strong demand for its turbochargers and other technologies. Operating income rose 5% to $238 million.
But one-time restructuring and pension settlement charges left net income in July-Sept unchanged at $167 million.
BorgWarner lowered its full-year guidance, citing weakening foreign currencies. The company now expects revenue growth of 12%-13% in 2014 compared with 13%-15% forecast previously. It also lowered its net earnings guidance to $3.23-$3.28 per share from $3.25-$3.35.
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