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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.
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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.
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