BorgWarner Earnings Surge 44%
Posted: July 26, 2013 at 2:18 am
BorgWarner Inc. net profit jumped to $174 million in the second quarter of 2013 compared with $121 million a year earlier.
Revenue rose 2% to $1.9 billion. The company cites continuing strong demand for its fuel-efficient, low-emissions powertrain technology.
Quarterly operating income climbed 26% year over year to $243 million for a record 12.9% return on sales.
BorgWarner’s engine unit boosted adjusted earnings before interest and taxes 5% to $220 million in the April-June period. Revenue edged up 1% to $1.3 billion.
The drivetrain group hiked adjusted EBIT 10% to $60 million in the latest quarter. Revenue advanced 3% to $614 million.
The company upgraded its guidance for adjusted 2013 earnings to as much as $5.55 per share, 10 cents higher than the upper end of its previously estimated range. BorgWarner also narrowed its prediction for full-year revenue growth to a range of 3% to 5% from its earlier forecast of 2% to 6%.