BorgWarner: Q2 Earnings Snapshot
AUBURN HILLS, Mich. (AP) _ BorgWarner Inc. (BWA) on Wednesday reported second-quarter net income of $247 million, after reporting a loss in the same period a year earlier.
The Auburn Hills, Michigan-based company said it had profit of $1.03 per share. Earnings, adjusted for non-recurring costs, came to $1.08 per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 79 cents per share.
The auto parts supplier posted revenue of $3.76 billion in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $3.44 billion.
BorgWarner expects full-year earnings in the range of $4.15 to $4.40 per share, with revenue in the range of $15.2 billion to $15.6 billion.
BorgWarner shares have risen 28% since the beginning of the year, while the S&P’s 500 index has increased 18%. The stock has increased 34% in the last 12 months.