BorgWarner Q1 boosted by growth from drivetrain products
DETROIT (Reuters) -- Supplier BorgWarner Inc., which makes a variety of fuel-saving components including dual-clutch transmissions, posted a rise in quarterly profit, helped by higher sales in its drivetrain segment.
Revenue from the segment jumped about 25 percent to $611.4 million, according to a company statement released today.
Net income rose to $163 million, or $1.28 per share, from $129.7 million, or $1.00 per share, a year ago. The profit excludes a $5 million payment for net interest.
Total revenue rose 10 percent to $1.91 billion.
"The focus on fuel economy and improved emissions around the globe continued to drive demand for BorgWarner technology, and above-market growth for our company," CEO Tim Manganello said in a statement.
"Excluding the impact of currency and 2011 acquisitions and divestitures, our net sales were up approximately 13 percent in the first quarter compared with first quarter 2011, while global vehicle production grew only 4 percent. While growing our net sales in the quarter, we also successfully managed costs, which resulted in a strong quarterly operating income margin of 11.8 percent."
BorgWarner shares closed down 3 percent at $79.99 in trading Thursday.Contact Automotive News