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BorgWarner Q1 net sales up 34.5%

ABR Staff Writer Published 02 May 2011

BorgWarner, a provider of components for vehicle powertrain applications, has reported net sales of $1.73bn for the first quarter ended 31 March 2011, an increase of 34.5%, compared to $1.28bn for the same period of 2010.

Cost of sales was $1.38bn for the first quarter of 2011, compared to $1.04bn for the same period of 2010.

The company posted a gross profit of $342.8m for the first quarter of 2011, compared to $238.5m for the comparable period of 2010.

Selling, general and administrative expenses were $165.1m for the first quarter of 2011, compared to $130.3m for the same period of 2010.

Operating income was $179.3m for the first quarter of 2011, compared to $106.6m for the same period of 2010.

The company posted net earnings of $129.4m for the first quarter of 2011, compared to $81.4m for the same period of 2010.

The company reiterated its 2011 earnings guidance range of $3.85 to $4.15 per diluted share. Revenue growth in 2011 is now expected to be 19 to 23% compared with 2010, up from the previous guidance range of 16 to 20%, primarily due to the Haldex Traction Systems acquisition that closed in January 2011.

BorgWarner chairman and CEO Timothy Manganello said the company began 2011 with a strong first quarter and the growing demand for its advanced powertrain technology enabled them to grow significantly faster than the market.

"Excluding the impact of currency and sales related to the Haldex and ENSA acquisitions, our sales were up approximately 26% in the first quarter, compared with a global market that grew only five percent."