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

BMW’s 550i xDrive has long been considered as one of the most successful business sedans in the world. For the brand, this may not be enough as it has officially...
by - January 20, 2017
Amazon is now moving beyond the four corners of online retailing. Only recently, the retail giant has been awarded a patent for its Road Network system. Since the patented technology...
by - January 20, 2017
The newest version of the Lamborghini Huracan is not a Superleggera, but a Performante. When Lamborghini filed for a patent for a new name, there were still debates whether this...
by - January 20, 2017
What is hotter and more menacing than a Hellcat? If we ask Dodge, its answer would be the “Demon.” Of course, we aren’t talking about a demon with horns and...
by - January 20, 2017
The 2018 model year could be an exciting year for fans and enthusiasts of the Chevrolet Corvette. This comes as the 2018 version of the Corvette is bound to feature...
by - January 19, 2017
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