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August 1, 2014

US: Borgwarner’s Q2 operating profit up 15.3%

Borgwarner's net sales for the second quarter ended 30 June 2014 was up 16% to US$2.19bn as compared with $1.89bn in the same period year ago. Operating income was up 15.3% to $280.6m compared with $243.4m.

Borgwarner’s net sales for the second quarter ended 30 June 2014 were up 16% to US$2.19bn as compared with $1.89bn in the same period year ago. Operating income was up 15.3% to $280.6m compared with $243.4m. Earnings before income taxes and non-controlling interests were up 15.6% to $285.2m compared with $246.7m. Net income was up 9.3% to $190.2m compared with $174.1m in the 2013 period.

Sales for the six months ended 30 June 2014 were up 14.3% to $4.28bn compared with $3.74bn in the year ago period. Operating income was up 16.3% to $513.8m compared with $441.9m. Earnings before income taxes and non-controlling interests were 16.7% to $520.5m compared with $446.2m. Net income was up 10.5% to $349.3m compared with $316.1m in the 2013 period.

“The global adoption of our leading edge powertrain technology, combined with the recent Wahler acquisition, drove tremendous sales growth in the quarter, while operational efficiency boosted our results,” said James Verrier, president and chief executive officer. “Net sales grew 16% in the second quarter and operating income as a percentage of net sales, excluding non-comparable items, was 13.5%. A strong quarter for the company.”

The company has an improved outlook for 2014. Net sales growth is now expected to be 13% to 15% compared with 2013, up from 12% to 15% previously. Operating income, as a percentage of net sales, is now expected to approach 13% versus 12.5% or better. The company is also raising its net earnings guidance to a range of $3.25 to $3.35 per diluted share from a previous range of $3.15 to $3.30 per diluted share. Both net earnings guidance ranges exclude non-comparable items.

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