Mexican Media Brands
BorgWarner’s Income Slides 47%
BorgWarner Inc. says one-time charges cut its net income in the third quarter to $83 million from $157 million a year ago.
#economics
Share
BorgWarner Inc. says one-time charges cut its net income in the third quarter to $83 million from $157 million a year ago.
Revenue for the period surged 18% to $2.2 billion, mainly because of BorgWarner’s purchase of Remy International Inc. last November. The acquisition boosted sales by the company’s drivetrain division 48% to $866 million. Sales by the unit grew 6% when the Remy deal and currency exchange are ignored.
Sales by BorgWarner’s engine division rose 4% to $1.4 billion in July-September. When adjusted for currency fluctuations, the unit’s sales rose 11%.
BorgWarner has narrowed its guidance for the full year. The company expects net sales growth between 15.2% and 16%. It forecasts net earnings of $3.24-$3.28 per diluted share.
RELATED CONTENT
-
China and U.S. OEMs
When Ford announced its 3rd quarter earning on October 24, the official announcement said, in part, “Company revenue was up 3 percent year over year, with net income and company adjusted EBIT both down year over year, primarily driven by continued challenges in China.” The previous day, perhaps as a preemptive move to answer the question “If things are going poorly in China, what are you doing about it?, Ford announced that it was establishing Ford China as a stand-alone business unit.
-
Mazda, CARB and PSA North America: Car Talk
The Center for Automotive Research (CAR) Management Briefing Seminars, an annual event, was held last week in Traverse City, Michigan.
-
Ford’s $42 Billion Cash Cow
F-Series pickups generate about 30% of the carmaker’s revenue. The tally is about twice as much as what McDonald’s pulls in.