BorgWarner has reported net sales of USD2,407m in the first quarter, up 6.1% on last year.
On a comparable basis, excluding the impact of foreign currencies and the sale of the Remy light vehicle aftermarket business, net sales were up 12.8% compared with first quarter 2016.
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The company said its Q1 operating income was USD293m and it reaffirmed its 2017 full year organic growth guidance.
Full year net sales are expected to be USD8.81bn-USD9.04bn, implying organic sales growth of 3.5% to 6.0%. Foreign currencies are expected to lower sales by USD310m, due to the depreciation of the Euro, Yuan and Pound. The divested Remy light vehicle aftermarket business contributed net sales of approximately USD255m in 2016. Net earnings are now expected to be within a range of USD3.50 to USD3.60 per diluted share, with the increase in guidance primarily due to a lower tax rate assumption. Excluding the impact of non-comparable items, operating margin is expected to improve by 40 to 50 basis points.
Engine segment net sales were USD1,495m in first quarter 2017 compared with USD1,399m in first quarter 2016. Drivetrain segment net sales were USD925m in first quarter 2017 compared with USD879m in first quarter 2016.
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