BorgWarner has reported earnings of $US1.70 per share on an 18% sales increase to $712.4 million in the 2002 second quarter.

During the quarter, the company continued to improve margins and deliver significant cash flow that enabled it to reduce debt by $29.4 million. All of the company’s operating groups contributed to the record second quarter.

For the 2002 second quarter, the company reported net earnings of $45.7 million, or $1.70 per share, compared with $24.7 million, or $.93 per share for the 2001 second quarter.

Sales were $712.4 million compared with $602.0 million in the prior year’s second quarter.

Net earnings for the first six months of 2002 were $77.2 million or $2.88 per share before the cumulative effect of the change in accounting for goodwill, compared with $45.8 million, or $1.73 per share for the 2001 first half.

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Sales were up 11% to $1.3 billion, compared with $1.2 billion in 2001.