BorgWarner made revenue and operating profit gains in the first quarter.
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Dow Jones said the company reported net income of $61.3m, or $1.06 a share, a penny above the Thomson First Call analyst consensus estimate. First-quarter net income includes a $2.9m, or 4 cents a share, impact of an accounting change.
First-quarter revenue was $1.15bn, up from $1.08bn last year and net income in the quarter was down from last year’s $77.6m, or $1.36 a share, but that figure included special gains of $21.9m, or 38 cents a share, the report said, adding that, without those gains, 2005 first-quarter net income was 98 cents a share.
BW chairman and chief executive Tim Manganello noted in a statement cited by the news agency that BorgWarner’s revenue was up 7%, while worldwide vehicle production was up only 4%.
Dow Jones said the company’s engine group saw sales up 9% and earnings before interest and taxes up 30% as demand picked up for its turbochargers, timing systems and emissions products from European and Asian auto makers.
But the drivetrain group, which makes transmission controls, saw its earnings before interest and taxes dip 12% despite a 2% increase in sales, hurt by lower production of trucks and SUVs by US automakers, the report added.
Dow Jones said the company reiterated its 2006 earnings forecast of $4.22 to $4.57 a share while analysts polled by Thomson First Call are expecting $4.47 a share.
