BorgWarner Expects Electric Vehicle Sales To Grow Significantly In 2023

(RTTNews) - BorgWarner Inc. (BWA) said, for 2023, the company expects net earnings to be within a range of $3.81 to $4.13. Excluding the impact of non-comparable items, adjusted net earnings are expected to be within a range of $4.50 to $5.00 per share. Net sales are expected to be in the range of $16.7 billion to $17.5 billion. This implies a year-over-year organic increase in sales of 7% to 12%.

Analysts polled by Thomson Reuters expect the company to report profit per share of $4.92 on revenue of $16.82 billion. Analysts' estimates typically exclude special items.

BorgWarner expects its 2023 electric vehicle sales to grow to $1.5 billion to $1.8 billion, up significantly from $870 million in 2022. The company believes it is already on track to achieve approximately $4.3 billion of electric vehicle sales by 2025.

Fourth quarter adjusted earnings per share was $1.26 compared to $1.06, prior year. Analysts on average had expected the company to earn $1.08 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Net income was $255 million, or $1.09 per share compared with $129 million, or $0.54 per share, in last year's fourth quarter.

The company's revenue for the quarter rose 12.3% to $4.11 billion from $3.66 billion last year. Analysts on average had estimated $3.90 billion in revenue.

On February 8, 2023, the Board of BorgWarner Inc. declared a quarterly cash dividend of $0.17 per share of common stock. The dividend is payable on March 15, 2023, to stockholders of record on March 1, 2023.

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