BorgWarner’s second-quarter earnings slipped 2% but were ahead of analysts’ consensus estimate, as increased demand for its fuel-efficient engine technology and four-wheel drive systems more than offset the impact of lower industry production, Dow Jones reported.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The engine and transmission-systems maker also reiterated its 2003 guidance and said it continues to see strong sales growth for its turbochargers and four-wheel drive systems, the report said.
According to Dow Jones, BorgWarner said earnings for the second quarter decreased to $US44.8 million, or $1.65 a share, from $45.7 million, or $1.70 a share, a year earlier, while sales rose 8% to $769.5 million from $712.4 million last year.
Wall Street expected BorgWarner to earn $1.54 on sales of $746.8 million, according to Thomson First Call, Dow Jones noted.
For 2003, the company said it still anticipates earnings of $6.20 to $6.35 a share, compared with Wall Street’s mean estimate of $6.20 a share and 2002 earnings of $5.58 a share, the report added.
“BorgWarner’s performance continues to outpace global auto industry growth because our powertrain technology serves the fastest-growing areas of the market,” chief executive Timothy Manganello said, according to Dow Jones.
