BorgWarner second quarter 2005 sales were $US1,111.4 million, up 24% from $893.2 million in second quarter 2004. For the first six months of 2005, sales were $2,194.9 million, up 22% from $1,796.2 million in the first six months of 2004.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Net income in the quarter was $35.9 million, or $0.63 per diluted share, compared with $54.7 million, or $0.97 per diluted share in last year’s second quarter.
For the first six months of 2005, net income was $113.6 million, or $1.99 per diluted share, compared with $105.8 million, or $1.88 per diluted share in the first six months of 2004.
Second quarter 2005 net income includes normalized earnings related to Beru of $1.5 million, or $0.03 per share, and a $(28.7) million charge, after taxes, related to the anticipated cost of settling all Crystal Springs-related alleged environmental contamination personal injury and property damage claims, or $(0.50) per share.
The increase in the Euro and other currencies added $21.0 million to sales in second quarter 2005 compared with 2004, and $2.1 million to net income.
The company reiterated its 2005 full year earnings expectation of $4.15 to $4.31 per share, which includes the ($0.50) per share second quarter Crystal Springs charge, the release of tax accruals and net of the immediate write-off of the excess purchase price associated with Beru’s in-process R&D.
The company also reconfirmed its earnings expectation of $4.27 to $4.43 per share, excluding these items.
