BorgWarner has announced second quarter 2011 profit of US$1.31 per share on record sales up 28% year on year to US$1,819m. Global vehicle production in the quarter was off 2%.
Operating income was $199m, excluding a $29m pre-tax gain related to the recent Honeywell patent lawsuit settlement.
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BW hiked its arnings guidance for 2011, excluding non-recurring items, from $4.25 to $4.45 per share from $3.85 to $4.15.
Chairman and CEO Timothy Manganello said: “Increased global demand for our advanced powertrain technology, focused on improving fuel economy, performance and emissions reduction, continued to drive growth for our company far in excess of industry growth.
“While growing our sales in the quarter, we also successfully managed costs, commodity pressures and the impact of the Japanese earthquake. This resulted in a strong operating income margin of 11.0%, excluding a non-recurring item.
“Our improved outlook is largely due to additional new business growth and good cost controls at our operations.”
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