BORGWARNER REPORTS RECORD FOURTH QUARTER EARNINGS OF $1.19 PER DILUTED SHARE, EXCLUDING NON-RECURRING ITEMS, UP 34% FROM FOURTH QUARTER 2010
ON 16% SALES GROWTH
FOURTH QUARTER 2011 OPERATING INCOME AT 12.0% OF NET SALES,
EXCLUDING NON-RECURRING ITEMS
2011 FULL YEAR NET SALES AND EARNINGS REACH RECORD LEVELS
Auburn Hills, Michigan, February 14, 2012 – BorgWarner Inc. (NYSE: BWA) today reported fourth quarter 2011 U.S. GAAP earnings of $1.00 per diluted share compared with U.S. GAAP earnings of $0.89 per diluted share in fourth quarter 2010. Net sales were up 16% from fourth quarter 2010, while global vehicle production was up approximately 1%.
Fourth Quarter Highlights:
Net sales of $1,774 million, up 16% from fourth quarter 2010.
U.S. GAAP earnings of $1.00 per diluted share. For comparison with other periods, fourth quarter 2011 earnings were $1.19 per diluted share, excluding non-recurring items, up 34% from fourth quarter 2010.
Operating income of $191 million, or 10.8% of net sales. Excluding non-recurring items, operating income was 12.0% of net sales.
Full Year Highlights:
Record net sales of $7,115 million, up 26% from 2010.
U.S. GAAP earnings of $4.45 per diluted share. For comparison with other periods, 2011 earnings were $4.45 per diluted share, excluding net non-recurring items, up 47% from 2010 comparable results.
Operating income was $798 million, or 11.2% of net sales. Excluding non-recurring items, operating income was 11.1% of net sales.
Comment and Outlook: “The fourth quarter was a strong finish to an exceptional year for our company,” said Timothy Manganello, Chairman and CEO of BorgWarner. “Our sales were up 16% in the fourth quarter of 2011 compared with fourth quarter 2010. Excluding the impact of currency and sales related to the acquisition of the Traction Systems division of Haldex, which closed in first quarter 2011, our sales were up 12%. Global vehicle production was up 1% during the same period. New business growth drove our fourth quarter results as it did throughout the year. Adoption rates of our leading-edge powertrain technology continued to outpace vehicle production in every major region of the world. The continued focus on execution at our operations resulted in a very strong operating income margin of 12.0% in the fourth quarter, excluding non-recurring items. This is sharply higher than the 10.3% operating income margin posted in the fourth quarter of 2010.”
“For the full year, our sales, earnings and operating income margin set all-time records. In 2012, we expect 10% to 12% sales growth compared with 2011, earnings of $5.35 to $5.65 per diluted share and an operating income margin of 11.5% or better. This should continue our record financial pace,” said Manganello.
The following information was filed by Borgwarner Inc (BWA) on Tuesday, February 14, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: BWA CIK: 908255 Form Type:10-K Annual Report Accession Number: 0000908255-12-000008 Submitted to the SEC: Tue Feb 14 2012 11:22:22 AM EST Accepted by the SEC: Tue Feb 14 2012 Period: Saturday, December 31, 2011 Industry: Motor Vehicle Parts And Accessories