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.
