Counterman
Search
Article > News

BorgWarner Posts Second Quarter Earnings of $0.78 Per Diluted Share


8/23/2010

 
AUBURN HILLS, Mich. — BorgWarner reported second quarter 2010 U.S. GAAP earnings of $0.68 per diluted share. Excluding non-recurring items in both periods, earnings were $0.78 per diluted share compared with a net loss of $(0.05) per diluted share a year ago. Sales were up 55.2 percent from second quarter 2009 as growing demand for its fuel-efficient technologies drove the global powertrain systems supplier’s strong results.

Second quarter highlights:

•Sales were $1.421 billion, up 55.2 percent from second quarter 2009.

•U.S. GAAP earnings were $0.68 per diluted share. For comparison with other periods, second quarter 2010 earnings were $0.78 per diluted share excluding non-recurring items.

Non-recurring items included a $28 million environmental litigation settlement, partially offset by an $8 million equity investment gain.

•Operating income was $117.3 million, on a reported basis. Excluding non-recurring items, operating income was $137.3 million, or 9.7 percent of sales.

•The company repurchased approximately 4.1 million shares of its common stock.

Net debt to capital ratio at the end of the quarter was 27.5 percent.

“Growing demand for our leading-edge powertrain products drove our second quarter results,” said Timothy Manganello, chairman and CEO of BorgWarner. “Our sales were up 55 percent in second quarter 2010 compared with second quarter 2009, while global vehicle production was up 29 percent. The primary driver of our out-performance was new business growth as our product technology continued to penetrate the global market. Favorable macroeconomic trends, such as the continued volume shift in Europe toward vehicles with higher BorgWarner content, including diesels, also boosted results.”












Advertise     Contact Us     Subscribe    
Babcox Media • www.babcox.com
3550 Embassy Parkway, Akron, OH 44333
330-670-1234 • (FAX) 330-670-0874
Babcox Website Counterman: Home