BorgWarner's second-quarter results beat estimates on auto parts demand
Reuters
Published Aug 02, 2023 08:04AM ET
(Reuters) - Auto parts supplier BorgWarner (NYSE:BWA) reported second-quarter results on Wednesday that beat analysts' estimates, helped by sustained demand from automakers ramping up output.
The Michigan-based company, whose customers include Volkswagen (ETR:VOWG_p), General Motors (NYSE:GM) and Ford, over the past two years has also been realigning itself to become an EV supplier.
On an adjusted basis, BorgWarner earned $1.35 per share in the second quarter, beating estimates of $1.08 per share, according to Refinitiv IBES data.
The company posted a quarterly revenue of $4.52 billion, compared with estimates of $4.07 billion.
BorgWarner, however, trimmed its full-year sales outlook to between $14.2 billion and $14.6 billion, compared with its prior forecast of $17.1 billion to $17.9 billion, to take into account the impact of discontinued operations related to a spin-off.
The company said in February it would spin off its fuel systems and aftermarket segments, and form a new company called PHINIA.
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Written By: Reuters
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