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November 3, 2015

US: BorgWarner’s net sales down 7.3% in Q3

BorgWarner's net sales for the third quarter ended 30 September 2015 was down 7.3% to US$1.88bn compared with $2.03bn in the same period year ago.

BorgWarner's net sales for the third quarter ended 30 September 2015 was down 7.3% to US$1.88bn compared with $2.03bn in the same period year ago. Operating income was marginally down to $231.1m compared with $237.7m. Earnings before income taxes and non-controlling interest were down 4.9% to $232.8m compared with $244.9m. Net earnings attributable to BorgWarner were down 5.5% to $157.4m compared with $166.6m in the year ago period.

BorgWarner's net sales for the nine months ended 30 September 2015 was down 6.5% to $5.90bn compared with $6.31bn in the 2014 period. Operating income was down 1.64% to $739.2m compared with $751.5m. Earnings before income taxes and non-controlling interest were down 4.6% to $730.2m compared with $765.4m. Net earnings attributable to BorgWarner were down 6.1% to $484.4m compared with $515.9m in the year ago period.

2015 Guidance:

The company has adjusted its 2015 full year guidance. Net sales growth is now expected to be within a range of -6% to -5% compared with 2014. Excluding the impact of foreign currencies, net sales growth is expected to be approximately 4.5%. Net earnings per share, excluding non-comparable items are expected to be within a range of $2.95 to $3.00 per diluted share. Operating income, as a percentage of net sales, excluding non-comparable items, is expected to be approximately 13%.

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