BorgWarner second quarter 2005 sales were $US1,111.4 million, up 24% from $893.2 million in second quarter 2004. For the first six months of 2005, sales were $2,194.9 million, up 22% from $1,796.2 million in the first six months of 2004.
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Net income in the quarter was $35.9 million, or $0.63 per diluted share, compared with $54.7 million, or $0.97 per diluted share in last year’s second quarter.
For the first six months of 2005, net income was $113.6 million, or $1.99 per diluted share, compared with $105.8 million, or $1.88 per diluted share in the first six months of 2004.
Second quarter 2005 net income includes normalized earnings related to Beru of $1.5 million, or $0.03 per share, and a $(28.7) million charge, after taxes, related to the anticipated cost of settling all Crystal Springs-related alleged environmental contamination personal injury and property damage claims, or $(0.50) per share.
The increase in the Euro and other currencies added $21.0 million to sales in second quarter 2005 compared with 2004, and $2.1 million to net income.
The company reiterated its 2005 full year earnings expectation of $4.15 to $4.31 per share, which includes the ($0.50) per share second quarter Crystal Springs charge, the release of tax accruals and net of the immediate write-off of the excess purchase price associated with Beru’s in-process R&D.
The company also reconfirmed its earnings expectation of $4.27 to $4.43 per share, excluding these items.
