BorgWarner posts flat net income for Q3
BorgWarner reporteda 13 percent increase in revenue and flat net income for the third quarter after one-time charges.
The powertrain parts specialist, which generates about half of its sales in Europe, posted net income of $166.6 million, or 73 cents per diluted share, compared with 166.8 million, or 72 cents per diluted share, a year earlier.
Operating income increased to $237.7 million, up from $225.6 million a year earlier.
The company said on Thursday its earnings on a per-share basis were 79 cents when excluding one-time costs for restructuring and pension settlements.
Total revenue for the quarter reached $2.03 billion, up from $1.81 billion a year earlier. The company’s engine segment grew to $1.4 billion, up from $1.2 billion, and the drivetrain division hit $627 million, up from $604 million.
“Our third quarter results reaffirm the benefits of our focus on fuel efficient powertrain technologies,” CEO James Verrier said in a statement.
The company, which supplies turbochargers and parts to transmissions, acquired Wahler, an exhaust gas recirculation systems and engine thermostats producer, on April 1.
“The global adoption of our technology, combined with the recent Wahler acquisition, drove 13 percent sales growth in the quarter,” Verrier said. “Operating income as a percentage of net sales, excluding non-comparable items, was 12.5 percent.”
BorgWarner ranks No. 32 on the Automotive News Europe list of the top 100 global suppliers, with worldwide sales to automakers of $7.44 billion in 2013. Europe account for 48 percent of that total.