BorgWarner has unveiled net sales of US$1.72bn for the fourth quarter, 2012, down 3% from $1.77bn in same period, 2011,while net earnings in the quarter were US$121m, down from US$122m.
Full year 2012 net sales were US$7.18bn, up 1% compared with US$7.12bn in 2011. Full year 2012 net earnings were US$501m, compared with US$550m the previous year.
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“Market conditions were challenging in the fourth quarter,” said BorgWarner president and CEO, James Verrier. “Global light vehicle production in the fourth quarter was up approximately 1% from a year ago, but light vehicle production in Europe, a market which comprises nearly half of our sales, was down approximately 11%.
“Our sales were flat during the same period, excluding the impact of foreign currencies and 2011 and 2012 dispositions. Despite this challenging sales environment, the continued focus on execution at our operations resulted in a solid operating income margin of 10.9% in the fourth quarter, excluding non-comparable items.”
“In 2012, our sales, earnings and operating income margin set all-time records on a comparable basis. In 2013, we expect reported sales growth of 2% to 6% compared with 2012, or sales growth of 3% to 7% excluding the impact of 2012 dispositions and an operating
income margin of 11.5% or better. We anticipate that this will continue our record financial pace despite difficult market conditions in Europe.”
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