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.
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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.
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By GlobalData“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.
