For the fourth quarter of 2010, BorgWarner Inc.’s net income more than doubled from the same quarter last year. And because of this, the supplier boosted its new-business expectations for 2011 through 2013 to $2.3 billion, a 28% increase over its previous three-year projection of $1.8 billion.
BorgWarner, which makes transmissions, turbochargers and other driveline products, recorded a fourth-quarter net income of $111.7 million on revenue of $1.5 billion, compared with net income of $52.7 million on revenue of $1.2 billion for the same period a year ago.
In addition, BorgWarner said that it repurchased about 2.1 million shares of its common stock in the fourth quarter, which ended Dec. 31. In a statement, BorgWarner CEO Tim Manganello described the fourth quarter as “a strong finish to an exceptional year.”
He said that its fourth-quarter results, as for the entire year, were driven by new-business growth. The adoption rates of its leading-edge powertrain technology continued to outpace vehicle production growth in all the major regions around the world.
Manganello added that last December, the company purchased the traction systems unit of Sweden-based Haldex AB for $205 million. The unit supplies Volvo AB, the Land Rover brand of Tata Motors Ltd. and General Motors Co.'s Opel brand. [via autonews - sub. required]