CHICAGO -- BorgWarner Inc. on Monday said its first-quarter earnings would be higher than Wall Street estimates because of a jump in new business and demand for its fuel-efficiency technology in Europe.
The company said it expects strong demand for its fuel-efficient engine and transmission systems in Europe and computer-controlled four-wheel and all-wheel drive systems in North America to drive growth even if worldwide auto production remains softer than in the past several years.
First-quarter earnings are expected to rise to $1.65 per share from $1.18 a year earlier.
Analysts, on average, had been expecting BorgWarner to earn $1.44 per share, according to research firm Thomson First Call.
BorgWarner also reiterated its forecast for full-year earnings of $6.20 to $6.35 per share, helped by a strong first half of the year.
The analyst consensus forecast was $6.16 a share.