DETROIT -- Supplier BorgWarner Inc. said today first quarter profits rose 63 percent to $124.5 million, aided by growing demand for its advanced powertrain technology.
Sales for the quarter ending March 31 rose 34.5 percent from the same period last year to $1.73 billion, BorgWarner said today in a statement.
BorgWarner also repurchased about 2.5 million shares of its common stock during the quarter.
"We began 2011 with a strong first quarter," CEO Timothy Manganello said in a statement. "Growing demand for our advanced powertrain technology enabled us to grow significantly faster than the market."
The company's drivetrain segment had net sales of $486.4 million in the first quarter 2011, up 26.1 percent from $385.8 million in the prior year's quarter. This, the company said, was a result of strong four-wheel drive system sales in Asia, higher dual-clutch transmission module sales in Europe, higher traditional automatic transmission component sales around the world and the January acquisition of the traction systems unit of Sweden-based Haldex AB.
Michigan-based BorgWarner upped its 2011 revenue growth expectations from 16-20 percent to 19-23 percent.
On a per-share basis, BorgWarner posted earnings of $1 a share, above the analysts' average estimate of 96 cents, according to Thomson Reuters I/B/E/S.
The company said it expected supply disruptions stemming from the March 11 Japan earthquakes to have a "limited" impact.
Reuters contributed to this report.