borgwarner inc (BWA) Key Developments
BorgWarner Celebrates its Plant Opening in Oroszlany, Hungary
Aug 6 15
BorgWarner celebrated its plant opening in Oroszlany, Hungary, on July 28, 2015. The wholly-owned campus provides production capacity (43,400 square feet /4,032 square meters) for advanced all-wheel drive (AWD) solutions such as transfer cases, feeder pumps, valves and AWD couplings for global automakers. BorgWarner has been manufacturing innovative technologies in Hungary for over a decade. Located 76 kilometers outside of Budapest, the Oroszlany campus already produces turbochargers for gasoline and diesel engines. The energy-efficient facility uses waste heat from air compressors and furnaces and will recycle rainwater for watering lawns as well as condensation wastewater. Additionally, the building uses linear fluorescent lamps (LFLs) in most of the production and office areas, and compact fluorescent lamps (CFLs) in the remaining facility to reduce energy consumption.
BorgWarner Inc. Supplies S-Series Turbochargers for Mercedes-Benz Actros Trucks
Aug 5 15
BorgWarner Inc. has supplied S-Series turbochargers for Mercedes-Benz Actros heavy-duty trucks powered by its new engine, now produced in Brazil. BorgWarner supports the company with localized manufacturing for its entire Euro V engine line, producing turbochargers at its facility in Itatiba City, Brazil.
BorgWarner Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Revised Earnings Guidance for the Fiscal 2015
Jul 30 15
BorgWarner Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported net sales were $2,031.9 million against $2,197.0 million a year ago. The impact of foreign currencies decreased second quarter 2015 net sales growth by approximately 11% compared with second quarter 2014. Excluding the impact of foreign currencies, net sales were up 4% compared with second quarter 2014. Operating income was $242.5 million against $280.6 million a year ago. Earnings before income tax and non-controlling interest were $237.6 million against $285.2 million a year ago. Net earnings attributable to the company were $148.1 million against $190.2 million a year ago. Diluted earnings per share were $0.65 against $0.83 a year ago. Capital expenditures, including tooling outlays were $145 million against $131.1 million a year ago. Adjusted EBIT was $300.1 million against $330.8 million a year ago. Excluding the $0.08 per diluted share impact of restructuring and the $0.02 per diluted share impact of tax adjustments, net earnings were $0.75 per diluted share. The impact of foreign currencies decreased net earnings by approximately $0.09 per diluted share in second quarter 2015 compared with second quarter 2014. Excluding the $20 million pretax impact of restructuring expense, operating income was $262 million, or 12.9% of net sales, down from 13.5% in second quarter 2014.
For the six months, the company reported net sales were $4,016.1 million against $4,281.1 million a year ago. Operating income was $502.1 million against $513.8 million a year ago. Earnings before income tax and non-controlling interest were $497.4 million against $520.5 million a year ago. Net earnings attributable to the company were $327 million against $349.3 million a year ago. Diluted earnings per share were $1.44 against $1.52 a year ago. Capital expenditures, including tooling outlays were $285 million against $257.3 million a year ago. Adjusted EBIT was $601.5 million against $643.0 million a year ago. Net cash provided by operating activities was $319.3 million against $326.2 million a year ago.
For the fiscal 2015, due to the impact of weaker than expected market conditions on its business, particularly slower light vehicle production growth in China, unfavorable mix of light vehicle production in North America and weak commercial vehicle markets around the world, the company has updated its 2015 full year guidance: Net sales growth is now expected to be within a range of -5.5% to -2.5% compared with 2014, down from -4% to 0% previously. Net earnings per share, excluding non-comparable items, is now expected to be within a range of $2.95 to $3.10 per diluted share compared with a previous range of $3.10 to $3.30 per diluted share. Operating income, as a percentage of net sales, excluding non-comparable items, is now expected to be "approximately 13%" compared with "above 13%", previously.
BorgWarner Engine Announces Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2015
Jul 30 15
BorgWarner Engine announced unaudited earnings results for the second quarter and six months ended June 30, 2015. Net sales were $1,413 million in second quarter 2015 compared with $1,498 million in second quarter 2014. Excluding the impact of foreign currencies, primarily the Euro, net sales were up 7% from the prior year's quarter, primarily due to higher sales of turbochargers. Adjusted earnings before interest, income taxes and non-controlling interest were $228 million in second quarter 2015, down 6% from $242 million in second quarter 2014. Excluding the impact of foreign currencies, adjusted EBIT was $252 million, up 4% from second quarter 2014.
For the six months, net sales were $2,793.9 million and adjusted EBIT was $458.4 million against net sales of $2,909.6 million and adjusted EBIT of $473.4 million for the same period a year ago.
BorgWarner Inc. Declares Quarterly Cash Dividend, Payable on September 15, 2015
Jul 29 15
The board of directors of BorgWarner Inc. declared a quarterly cash dividend of $0.13 per share of common stock. The dividend is payable on September 15, 2015 to shareholders of record on September 1, 2015.