BorgWarner has said raised its earnings forecast for the year after reporting an 18% rise to quarterly profit on higher demand for its products, including turbochargers.
The company said that net earnings in Q3 were $1.40 per diluted share, up 18% from third quarter 2012 on a comparable basis.
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Net sales of $1,806m were booked for the quarter. Excluding the favourable impact of foreign currencies and 2012 dispositions, net sales were up approximately 6% compared with third quarter 2012.
BorgWarner’s third quarter operating income was $226 million, or 12.5% of net sales, a new third quarter record.
“Our operations continued to perform at a high level in the third quarter,” said James Verrier, President and CEO of BorgWarner. “Operational efficiency and cost controls enabled us to post a strong operating income margin of 12.5% in the quarter. The focus on fuel economy and improved emissions continued to drive growth for BorgWarner.”
For the first nine months of 2013, net sales were posted at $5,551 million, up 2% from $5,464 million in the first nine months of 2012. Net earnings in the first nine months of 2013 were $483 million, or $4.16 per diluted share, compared with $380 million, or $3.15 per diluted share, in the first nine months of 2012.
