BorgWarner Reports Sharp Increase In Revenues, Earnings

Autoparts Report, Nov 5, 2002

BorgWarner Inc. said it had third quarter earnings of $1.18 per share on sales of $684.0 million, a 22 percent sales increase over the 2001 third quarter. The company said its robust results were boosted by strong volumes in new engine and four-wheel drive business across its worldwide customer base.

The company reported 2002 third quarter net earnings of $31.9 million, or $1.18 per share, compared with $18.4 million, or $0.70 per share ($0.94 without amortization of goodwill) last year.

Third quarter 2002 sales were $684.0 million compared with $559.9 million in the 2001 third quarter.

Net earnings for the first nine months of 2002 were $109.1 million or $4.07 per share before the cumulative effect of the change in accounting for goodwill, compared with $64.2 million, or $2.43 per share for the 2001 period. Sales were $2,030.3 million, up 15 percent over 2001 nine-month sales of $1,768.8 million.