BorgWarner said today first quarter profits rose 63 percent to $124.5 million

Article by Christian Andrei, on April 28, 2011

In the first three months of 2011, the profits of BorgWarner Inc. increased by 63% to $124.5 million. The company attributed this improvement to the increasing demand for its advanced powertrain technology.

According to a company statement, sales for the quarter that ended on March 31 climbed by 34.5% compared to the same period last year to $1.73 billion. In the first quarter, BorgWarner also was able to repurchase about 2.5 million shares of its common stock.

CEO Timothy Manganello said BorgWarner had a strong start for the year as it is able to grow faster than the market due to the “growing demand for [its] advanced powertrain technology.”

Its drivetrain segment posted net sales of $486.4 million in the first quarter, a 26.1% increase from $385.8 million in the quarter the previous year. BorgWarner said that this was caused by the increase in dual-clutch transmission module sales in Europe, robust four-wheel drive system sales in Asia, while throughout the world, it had higher traditional automatic transmission component sales.

Another factor cited was the January acquisition of the traction systems unit of Sweden-based Haldex AB. BorgWarner raised its 2011 revenue growth forecast from 16-20% to 19-23%.

Thomson Reuters I/B/E/S said that on a per-share basis, BorgWarner recorded earnings of $1 a share, above the analysts' average estimate of 96 cents. BorgWarner said that the supply disruptions related to the March 11 disaster in Japan will have a "limited" impact.

Topics: borgwarner

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

Hyundai is making the green vehicle race more competitive by offering three powertrain types -- pure electric (EV), hybrid (EV plus combustion engine) and plug-in hybrid (PHEV) – in one...
by - December 9, 2016
Although specs for the new Renault Megane had already surfaced several weeks ago, we didn’t know that the company has cooked up something new. Aside from the 200hp gasoline, Renault‘s...
by - December 9, 2016
For the first time in fifty-eight years, Infiniti registers its first US-Spec Q60 Coupe in Cuba. American products have not been allowed entry into Cuba for six decades. But it...
by - December 9, 2016
Chevrolet has already given out the pricing for some of its 2018 Equinox models. Not only will the new Equinox be available in both the US and Canada, it is...
by - December 9, 2016
Nearly all details have been set with regards to the upcoming market introduction of the new Jaguar I-Pace. Its production version was recently previewed at the 2016 Los Angeles Auto...
by - December 8, 2016
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries