BorgWarner says adjusted earnings rise 13% in Q4

DETROIT — BorgWarner Inc. posted $389.8 million in adjusted earnings for the fourth quarter — a 13 percent increase over the previous year.

Revenue during the quarter rose 15 percent to $2.6 billion for the turbocharger and emissions system supplier, with core business gains driving the growth.

The supplier, in a statement on Thursday, said adjusted profit for the fourth quarter exceeded analysts’ expectations with $1.07 per share, excluding non-comparable items, compared with 85 cents for the fourth quarter of 2016.

The adjusted earnings figure excludes interest, taxes and onetime events.

BorgWarner shares fell 5.5 percent to close at $51.94 on Thursday.

Revenue from the drivetrain unit shot up 16 percent to $1.02 billion from $883 million last year, while engine division’s sales surged 14 percent to $1.58 billion, from $1.38 billion from the same period in 2016.

Including onetime gains and losses, BorgWarner posted a quarterly net loss of $146 million, compared with a net loss of $293 million last year. During the recent quarter, the company recorded a $273.5 million charge for recently enacted U.S. tax reforms.

إغلاق