BorgWarner has posted a fourth-quarter net loss of US$146m, although net sales reached US$2.6bn, up 14.5% from last year.
Full-year 2017 net sales were US$9.8bn, up 8% from US$9.1bn in 2016, while full-year 2017 net earnings were US$440m compared with US$119m million last year.
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Full-year 2018 guidance:
The company has reaffirmed its 2018 full year organic growth guidance. Full-year net sales are expected to be US$10.52bn – US$10.69bn, implying organic sales growth of 5% to 7%.
Foreign currencies are expected to increase sales by US$170m, due to the appreciation of the Euro and Chinese Yuan. The acquisition of Sevcon will increase sales by around US$45m.
Net earnings are expected to be within a range of US$4.25 to US$4.35 per diluted share, with the increase in guidance primarily due to a lower tax rate assumption and larger benefit from foreign currencies.
Last December, BorgWarner announced the appointment of Frederic Lissalde as executive vice president and chief operating officer, effective 1 January, 2018.
Lissalde will be responsible for the operations of the company with the business presidents reporting to him. He in turn will report to James Verrier, president and CEO.
