EXCLUDING NON-COMPARABLE ITEMS, THE COMPANY POSTS RECORD EARNINGS OF $1.36 PER DILUTED SHARE, UP 21% FROM SECOND QUARTER 2011 ON A COMPARABLE BASIS REVISES 2012 FULL YEAR SALES GROWTH GUIDANCE TO 4% TO 6% (9% TO 11% EXCLUDING CURRENCY) AND EARNINGS GUIDANCE TO $5.05 TO $5.25 PER DILUTED SHARE EXCLUDING NON-COMPARABLE ITEMS
Auburn Hills, Michigan, July 26, 2012 – BorgWarner Inc. (NYSE: BWA) today reported second quarter 2012 U.S. GAAP net earnings of $1.00 per diluted share. Excluding non-comparable items, net earnings were $1.36 per diluted share, a new record for the company. Net sales were $1,856 million in the quarter.
Second Quarter Highlights:
Second Quarter Performance: “We executed very well in the second quarter,” said Timothy Manganello, Chairman and CEO of BorgWarner. “Despite declines in light vehicle and commercial vehicle production in Europe, our largest market, the focus on fuel economy and improved emissions around the globe continued to drive growth for BorgWarner. Excluding the negative impact of foreign currencies and 2011 dispositions, our net sales were up approximately 10% in the second quarter compared with second quarter 2011. Our growth was in line with global light vehicle production growth of 10%, although much of the industry's growth was in Japan, a market that comprises less than 5% of our sales. While growing our net sales in the quarter, we did an excellent job managing costs, which resulted in an all-time record operating income margin of 12.5%, excluding non-comparable items.”
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