BorgWarner's Profit Fall In Third Quarter

Autoparts Report, Nov 3, 2001

BorgWarner Inc. said that earnings dropped 26 percent in its third-quarter. Chicago-based BorgWarner, which makes automotive powertrains and other components, posted a profit of $18.4 million, or 70 cents per share, compared with $24.9 million, or 95 cents per share before a restructuring charge, a year earlier.

Analysts on average had expected the company to earn 72 cents per share, with estimates ranging from 69 cents to 76 cents per share, according to research firm Thomson Financial/First Call. The quarterly results came in at the low end of the company's earlier range of expectations. BorgWarner Chief Executive John Fiedler said the company anticipated its fourth-quarter results would be similar to its third-quarter results, given current industry conditions, and said it would earn $3.10 to $3.20 per share for the 2001 year.