BorgWarner has reiterated its guidance for full-year earnings per share of $US6.20 to $6.35 and expects to deliver a strong performance in the first half of 2003. New business worldwide and demand for technology for fuel-efficient engines in Europe continues to drive growth, the company said in a statement.
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BorgWarner expects first half 2003 earnings per share in a range of $3.10 to $3.20, compared with $2.88 last year, with strong financial performance balanced between the first and second quarters. First quarter earnings are expected at $1.65 per share compared with $1.18 in 2002. The 2002 quarterly and first-half numbers are before the one-time $10.08 per share charge to reflect the cumulative effect of the change in accounting principle for goodwill.
“We expect to deliver continued growth in 2003 from new business and increased sales to the faster growing parts of the auto market, even if worldwide auto production continues to be softer than in the past several years,” said BorgWarner president and CEO Timothy Manganello.
“Strong demand is expected in Europe for our fuel-efficient engine and transmission systems, and in North America for computer-controlled four-wheel and all-wheel drive systems that enhance vehicle stability.”
The company will release its first quarter results on April 22.
