BorgWarner Q4 Profit From Cont. Ops. Declines; Organic Sales Up 4.4%

(RTTNews) - BorgWarner Inc. (BWA) reported fourth quarter net earnings from continuing operations of $149 million, or $0.64 per share, compared with $172 million, or $0.73 per share, last year. Adjusted net earnings per share were $0.90, down from $0.94, a year ago.

Net sales from continuing operations were $3.52 billion, an increase of 6.2% from $3.32 billion, last year, primarily due to increased demand for the products and higher industry production compared to the prior year. Organic sales were up 4.4%.

For full year 2024, the company expects net sales to be in the range of $14.4 billion to $14.9 billion, which implies a year-over-year organic increase in sales of 1% to 5%. The company expects 2024 eProduct sales to be $2.5 billion to $2.8 billion.

Sepatately, BorgWarner announced a strategic relationship agreement with FinDreams Battery, a subsidiary of BYD Company Limited. BorgWarner will be the only non-OEM localized manufacturer, unaffiliated with FinDreams, with rights to localize LFP battery packs for commercial vehicles utilizing FinDreams Battery blade cells in Europe, the Americas, and select regions of Asia Pacific. Also, BorgWarner will receive a license from FinDreams to use FinDreams Battery's intellectual property related to its battery pack design and manufacturing process.

The Board of BorgWarner declared a quarterly cash dividend of $0.11 per share of common stock. The dividend is payable on March 15, 2024, to stockholders of record on March 1, 2024.

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