US: Black ink still flows at BorgWarner
BorgWarner has reported 2005 full-year net income of US$239.6 million, or $4.17 per share, compared with $218.3 million, or $3.86 per share in 2004.
Sales reached $4,293.8 million, up 21.8% from $3,525.3 million in 2004.
The powertrain systems supplier said it delivered solid results in spite of flat vehicle production in North America and Europe. Strong demand for its technology in Europe and Asia, along with continued cost efficiencies, helped boost results.
The company reiterated that it expects 2006 earnings per share in the range of $4.22 to $4.57 and expects to maintain operating margins despite continued raw material and energy cost increases, rising healthcare costs and the costs related to global expansion.
Fourth quarter 2005 sales were $1,048.0 million, up 17.9% from $889.2 million in fourth quarter 2004.
Net income in the quarter was down a little at $64.6 million, or $1.12 per share, compared with $67.7 million, or $1.19 per share in last year's fourth quarter.
Fourth quarter 2005 net income included final purchase accounting adjustments related to the first quarter 2005 acquisition of a majority stake in Beru of $5.1 million, or $0.09 per share.