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UPDATE 1-BorgWarner profit, sales miss estimates; cuts 2015 forecast
2015年7月30日 / 下午1点30分 / 2 年前

UPDATE 1-BorgWarner profit, sales miss estimates; cuts 2015 forecast

(Adds CEO comment, profit margin figures, detail)

By Bernie Woodall

DETROIT, July 30 (Reuters) - Automotive supplier BorgWarner Inc missed Wall Street expectations of second-quarter profit and revenue, the company said on Thursday, as a stronger U.S. dollar made its products more expensive overseas and eroded its bottomline.

Net earnings of $148.1 million, or 65 cents per share, were 22 percent lower than a year earlier for the maker of fuel-saving turbochargers and emissions systems.

Excluding the impact of the strong dollar, net sales rose 4 percent from a year earlier. Currency issues lowered net earnings by 9 cents per share, BorgWarner said.

Sales of $2.03 billion were 7 percent lower than a year earlier, and less than the $2.08 billion expected by Wall Street analysts polled by Thomson Reuters I/B/E/S.

BorgWarner, based in Auburn Hills, Michigan, had earnings, excluding one-time items, of 75 cents a share, below expectations of 82 cents, according to Thomson Reuters I/B/E/S.

BorgWarner’s operating profit margin for the quarter was 12.9 percent, despite what Chief Executive James R. Verrier described as numerous headwinds in addition to currency issues. A year earlier, operating profit margin was 13.5 percent.

“Our growth was impacted by an unfavorable mix of light vehicle production in North America, slower light vehicle production growth in China and weak commercial vehicle markets around the world,” Verrier said in the company’s earnings statement.

BorgWarner lowered its forecast for 2015 operating profit margin to “approximately 13 percent” from “above 13 percent” earlier.

The company also lowered its 2015 forecast for net earnings to $2.95 to $3.10 per share, excluding non-comparable items, from $3.10 to $3.30 a share forecast three months ago.

Early this year, BorgWarner had forecast its 2015 net earnings excluding non-comparable items at between $3.35-$3.55 a share.

Net sales for this year compared with 2014 were forecast at between a drop of 5.5 percent and a drop of 2.5 percent, from its previously forecast decline of 4 percent to unchanged.

One-time items included 8 cents a share for restructuring and 2 cents per share for tax adjustments.

Earlier this month, BorgWarner agreed to buy Remy International Inc, a maker of electric and hybrid motors. The deal has an enterprise value of approximately $1.2 billion and is expected to close in the fourth quarter.

BorgWarner on Wednesday declared a 13-cent dividend per share. (Reporting by Bernie Woodall; Editing by Bernadette Baum)

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