BorgWarner has reported fourth quarter net earnings of USD141.4m, 16.7% ahead of last year.
Net sales in the quarter rose to USD1.885bn from USD1.719bn in the prior year. The results were in line with analyst expectations.
Full year 2013 net sales were USD7,437m, up 4% on 2012. Full year 2013 net earnings were $624 million, or $2.70 per diluted share, compared with $501 million, or $2.09 per diluted share, in 2012.
"As we look ahead to 2014, we expect organic net sales growth of 7% to 11% compared with 2013, earnings of $3.10 to $3.25 per diluted share and an operating income margin of 12.5% or better. This excludes the impact of the pending Wahler acquisition. A return to historical growth rates, combined with improved operational proficiency, should result in another great year for BorgWarner in 2014," said Verrier.