BorgWarner has reported first-quarter net sales up 15.7% to US$2.8bn with operating income of US334m.
The supplier reaffirmed its 2018 full-year net sales guidance which is expected to be US$10.8bn – US$10.9bn, implying organic sales growth of 5% to 7%. Foreign currencies are expected to increase sales by $405 million, due to the appreciation of the Euro and Chinese Yuan.
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The acquisition of Sevcon will increase sales by around US$50m.
The company expects second quarter 2018 organic net sales growth of 7% to 9%, compared with second quarter 2017 net sales of $2.39bn.
Net earnings are expected to be within a range of US$1.09 to US$1.11 per diluted share, including a negative year over year impact of US$0.02 per diluted share due to higher minority interest and lower equity income.
BorgWarner produces solutions for combustion, hybrid and electric vehicles. With manufacturing and technical facilities in 67 locations in 18 countries, the company employs around 29,000 people worldwide.
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