Automotive Supplier BorgWarner Achieves Record Earnings in First Quarter

May 2, 2008
Fuel-efficient technologies in Europe and Asia drive growth.

Despite a weak auto market in North America, BorgWarner Inc. reported record sales and earnings for the first quarter of 2008. Powering that growth was demand for its fuel-efficient technologies in Europe and Asia, the Auburn Hills, Mich.-based powertrain systems supplier said May 2.

Sales were $1.4989 billion, a 17% increase over the same quarter a year ago, or up 8% excluding currency. Net income for the quarter was $88.7 million, or 75 cents per diluted share, compared with $58.4 million in the first quarter of 2007.

BorgWarner also noted that the impact of foreign currencies, most notably the euro, increased sales by $115.3 million in the first quarter compared with the same quarter a year ago.

Looking ahead, the company reaffirmed its full-year earnings guidance in the range of $2.85 to $3 per diluted share, or earnings growth of 20% to 25% over 2007. The strength of the platforms we are on has allowed us to more than offset general vehicle schedule declines, stated Tim Manganello, BorgWarner chairman and CEO.

Popular Sponsored Recommendations

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

3 Best Practices to Create a Product-Centric Competitive Advantage with PRO.FILE PLM

Jan. 25, 2024
Gain insight on best practices and strategies you need to accelerate engineering change management and reduce time to market. Register now for your opportunity to accelerate your...

How Manufacturers Can Optimize Operations with Weather Intelligence

Nov. 2, 2023
The bad news? Severe weather has emerged as one of the biggest threats to continuity and safety in manufacturing. The good news? The intelligence solutions that build weather ...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!