CHICAGO -- Powertrain systems maker BorgWarner Inc. on Thursday said quarterly earnings rose on new business and demand for fuel-efficient engine technology.
The company also said its board approved a 2-for-1 stock split that is subject to shareholder approval. If approved, the split will be effective May 17 for shareholders of record on May 3.
The maker of turbochargers and four-wheel drive systems said fourth-quarter net income rose to $50 million, or $1.80 a share, from $40.8 million, or $1.52 a share, a year ago.
Analysts had expected earnings of $1.74 a share, with estimates ranging from $1.70 to $1.75, according to Reuters Research, a unit of Reuters Group Plc.
Fourth-quarter sales rose to $798.8 million from $700.8 million a year ago.
BorgWarner, based in Chicago, also repeated its forecast for 2004 earnings per share in a range of $7.10 to $7.30. Analysts on average expected a profit of $7.17 a share in 2004, according to Reuters Research.