ADJUSTS FULL YEAR NET SALES AND NET EARNINGS GUIDANCE FOR WEAKENING FOREIGN CURRENCIES
Auburn Hills, Michigan, October 30, 2014 – BorgWarner Inc. (NYSE: BWA) today reported third quarter 2014 U.S. GAAP net earnings of $0.73 per diluted share. Excluding non-comparable items, net earnings were $0.79 per diluted share. Net sales were $2,032 million in the quarter.
Third Quarter Highlights:
Third Quarter Results: “Our third quarter results reaffirm the benefits of our focus on fuel efficient powertrain technologies,” said James R. Verrier, President and Chief Executive Officer, BorgWarner. "The global adoption of our technology, combined with the recent Wahler acquisition, drove 13% sales growth in the quarter. Operating income as a percentage of net sales, excluding noncomparable items, was 12.5%. A strong quarter for the company." 2014 Guidance: The company has updated its 2014 full year guidance. Due to weakening foreign currencies, net sales growth is now expected to be 12% to 13% compared with 2013, down from 13% to 15% previously. As a result, the company is also lowering its net earnings guidance to a range of $3.23 to $3.28 per diluted share from a previous range of $3.25 to $3.35 per diluted share. Both net earnings guidance ranges exclude non-comparable items. Operating income, as a percentage of net sales, is still expected to approach 13%, excluding non-comparable items.
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