BorgWarner has announced 2008 earnings guidance of $US2.85 to $3.00 per share, which suggests earnings growth of 20% to 25% compared with 2007.
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The company expects operating margins to be up from 2007 and within its historical range of 8.5% to 9.0% due to additional income from new business and more focus on cost reductions, which is expected to more than offset margin lost on lower sales in North America, continued raw material cost pressures, and the costs related to global expansion.
BorgWarner expects sales growth of 8% to 10% in 2008 compared with 2007 despite lower sales in the US market and moderate global vehicle production growth. North American industry vehicle production is expected to be down, European industry vehicle production is expected to be relatively flat, and solid growth is anticipated in Asia. The impact of foreign currencies is expected to be minimal.
“In 2008, we expect another record year for sales and earnings,” said chairman and CEO Tim Manganello.
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