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.
“2013 was a remarkable year for our company,” said James R. Verrier, President and Chief Executive Officer, BorgWarner. “Faced with cost pressures and a challenging environment for growth, we maintained our focus on operational efficiency and cost management and achieved record profitability. Additionally, we signed an agreement to purchase Wahler, a leading producer of EGR valves, EGR tubes and thermostats. This strategic acquisition will strengthen our competitive position in EGR systems, a technology automakers and commercial vehicle makers are rapidly adopting to help improve fuel economy and meet tightening emissions standards around the world.”
“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.
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