BorgWarner Q2 Profit Tops Estimates

(RTTNews) - BorgWarner Inc. (BWA) reported that its second quarter adjusted earnings per share declined to $1.05 from $1.08, prior year. On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $0.85, for the quarter. Analysts' estimates typically exclude special items.

Net earnings attributable to BorgWarner was $216 million or $0.91 per share compared to $247 million or $1.03 per share, last year.

U.S. GAAP net sales were $3.76 billion, roughly flat compared with a year ago. Excluding the impact of foreign currencies, the 2022 acquisition of Santroll's light vehicle eMotor business and the 2021 divestiture of the Water Valley, Mississippi business, organic sales were up 7% from a year ago. Analysts on average had estimated $3.7 billion in revenue.

The company has affirmed its full year sales, margin and cash flow guidance, while increasing EPS guidance. Net sales are expected to be in the range of $15.5 billion to $16.0 billion. This implies a year-over-year increase in organic sales of 11% to 14%. Net earnings are expected to be within a range of $3.40 to $3.80 per share. Excluding the impact of non-comparable items, adjusted net earnings are expected to be within a range of $4.00 to $4.40 per share.

BorgWarner believes it is already on track to achieve approximately $3.7 billion of electric vehicle revenue by 2025. The company now expects its 2022 electric vehicle revenue to grow to approximately $850 million, which is more than double what it was in 2021.

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