borgwarner inc (BWA) Key Developments
BorgWarner Seeks Acquisitions
Jun 3 15
BorgWarner Inc. (NYSE:BWA) is looking for acquisition opportunities. Ron Hundzinski, Vice President and Chief Financial Officer of BorgWarner, said, "we're going to do organically and then we're going to supplement that with M&A activity that fills those gaps that can get to us there further. So, the bottom line is it's a very robust intense process."
BorgWarner Inc. Expands Upstate Manufacturing Operations
May 28 15
BorgWarner Inc. expands its existing manufacturing operations in Oconee County. The $13.3 million investment is expected to create 50 new jobs in Seneca, S.C., over the next five years.
BorgWarner Supplies Dual-Clutch Module for Class 6 and 7 Trucks in North America
May 7 15
BorgWarner is supplying its DualTronic clutch module for the first dual-clutch transmission (DCT) for use in class 6 and 7 medium-duty trucks in North America. BorgWarner's technology helps Eaton's new Procision 7-speed DCT improve fuel economy by 8 10%, compared with similarly equipped vehicles with torque converter automatic transmissions, it is claimed.
Freightliner LLC Selects Borgwarner's Visctronic Variable Speed Fan Drives
Apr 30 15
BorgWarner Inc. announced that Freightliner LLC has selected the company's Visctronic variable speed fan drives for its Freightliner Cascadia trucks in Mexico. Built by Daimler Trucks North America and powered by Detroit DD15 engines, these commercial long-haul trucks operate in high temperatures and elevations. Featuring an electronically actuated variable speed fan drive and an innovative high-speed reservoir, the company's Visctronic fan drives respond directly to engine needs, providing dynamic cooling which results in improved available horsepower and fuel economy, as well as less noise and longer durability. The company's Visctronic variable speed fan drives use specially calibrated software to communicate with the engine's electronic control unit to continuously respond directly to the engine's needs based on engine temperature, engine speed, vehicle speed or engine load. Even under dynamic conditions, the Visctronic system operates only when needed, reducing the average fan speed in any given duty cycle. As engine needs change, the system responds quickly for more precise cooling than traditional fan drives. As a result, the engine runs more efficiently, delivers more horsepower, uses less fuel and emits fewer emissions. In addition, the technology features a maintenance-free design and improves driver comfort with low noise, vibration and harshness.
Borgwarner Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Revises Earnings Guidance for the Full Year of 2015
Apr 30 15
BorgWarner Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported net sales of $1,984.2 million against $2,084.1 million a year ago. The impact of foreign currencies decreased first quarter 2015 net sales growth by approximately 11% compared with first quarter 2014. Operating income was $259.6 million against $233.2 million a year ago. Earnings before income taxes and non-controlling interest were $259.8 million against $235.3 million a year ago. Net earnings were $187.7 million against $167.2 million a year ago. Net earnings attributable to company were $178.9 million against $159.1 million a year ago. Earnings per share - diluted were $0.79 against $0.69 a year ago. The impact of foreign currencies decreased net earnings by approximately $0.09 per diluted share in first quarter 2015 compared with first quarter 2014. Adjusted EBIT was $301.4 million against $312.2 million a year ago. Net cash provided by operating activities was $32.7 million against $46.4 million a year ago. Capital expenditures, including tooling outlays were $140.0 million against $126.2 million a year ago. Non-U.S. GAAP earnings per diluted share were $0.78 against $0.83 a year ago.
The company has updated its 2015 full year guidance. Due to weakening foreign currencies, net sales growth is now expected to be within a range of negative 4% to 0% compared with 2014, down from 2% to 6% previously. Excluding the impact of weakening foreign currencies, net sales growth is expected to be within a range of 9.5% to 12%, unchanged from the previous guidance. The company is lowering its net earnings per share guidance to a range of $3.10 to $3.30 per diluted share from a previous range of $3.35 to $3.55 per diluted share, primarily due to the impact of weakening foreign currencies on expected net sales growth. Both net earnings guidance ranges exclude non-comparable items. Operating income, as a percentage of net sales, is still expected to be above 13%, excluding non-comparable items. Estimated effective tax rate for the full year is approximately 29%.