BorgWarner Q3 Results Top Estimates; Lifts FY22 Earnings View Above Market

(RTTNews) - BorgWarner Inc. (BWA), an automotive supplier, reported Thursday that net earnings for the third quarter were $273 million or $1.16 per share, compared to last year's $96 million or $0.40 per share.

Adjusted net earnings per share were $1.24, compared to $0.80 in the prior year.

Net sales were $4.06 billion, an increase of 19 percent compared with $3.42 billion last year.

On average, 17 analysts polled by Thomson Reuters expected earnings of $1.04 per share for the quarter on sales of $3.98 billion. Analysts' estimates typically exclude special items. Analysts estimated revenues of C$958.33 million for the quarter.

Looking ahead for fiscal 2022, the company now expects net earnings in a range of $3.71 to $3.91 per share and adjusted earnings in a range of $4.25 to $4.45 per share.

Net sales are now expected to be in the range of $15.4 billion to $15.7 billion, compared with 2021 sales of $14.8 billion. This implies a year-over-year increase in organic sales of 12 percent to 14 percent.

The company previously expected net earnings in a range of $3.40 to $3.80 per share, adjusted earnings in a range of $4.00 to $4.40 per share, and net sales in the range of $15.5 billion to $16.0 billion, representing an increase in organic sales of 11 percent to 14 percent.

Analysts estimate earnings of $4.23 per share on sales of $15.61 billion for the year.

The Company expects its weighted light and commercial vehicle markets to increase in the range of around 3 percent to 4.5 percent in 2022.

In pre-market activity on the NYSE, BorgWarner shares were gaining around 4 percent to trade at $38.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com