BorgWarner posts Q2 net loss of US$98m

BorgWarner has recorded a second-quarter net loss of US$98m, while sales fell 44% to US$1.43bn.

For the first six months of 2020, net sales were US$3.7bn, down 28% from US$5.12bn in the first six months of 2019 due primarily to production disruptions arising from the COVID-19 pandemic.

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Net income in the first six months of 2020 was US$31m, compared with US$332m the previous year.

Full Year 2020 Guidance:

The company is providing updated 2020 full year guidance.

This guidance is for BorgWarner as currently consolidated and excludes the potential impact from the acquisition of Delphi Technologies, which BorgWarner announced on 28 January, 2020.

Net sales are expected to be in the range of US$8bn to US$8.4bn, with the assumption there are not additional production disruptions arising from COVID-19.

This implies a year-over-year decrease in organic sales of 16% to 20%.

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