BorgWarner has recorded Q1 net sales of US$2.3bn, up 14.3%, with operating income of US$264m.
The company has updated its 2016 full year guidance with net sales growth now expected to be within a range of 12.7% to 17.5% compared with 2015.
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Engine segment net sales were US$1.399bn in first quarter, 2016, compared with US$1.381bn million in first quarter 2015. Excluding the impact of foreign currencies, primarily the euro, net sales were up 4.5% from the prior year’s quarter.
Adjusted earnings before interest, income taxes and non-controlling interest were US$233m in first quarter 2016. Excluding the impact of foreign currencies, adjusted EBIT was US$240m, up 4.2% from first quarter 2015.
Drivetrain segment net sales were US$879m compared with US$611m in first quarter 2015. Excluding the impact of foreign currencies, primarily the Euro and the Remy acquisition, net sales were up 4.8% from the prior year’s quarter.
Adjusted EBIT was US$84m and excluding the impact of foreign currencies and the Remy acquisition, adjusted EBIT was US$76m, up 6.4% from first quarter 2015.
