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BorgWarner Q3 net sales up 27%

ABR Staff Writer Published 01 November 2011

BorgWarner, a provider of components for vehicle powertrain applications, has reported net sales of $1.80bn for the third quarter ended 30 September 2011, an increase of 27%, compared to $1.41bn for the same period in 2010.

Gross profit for the third quarter of 2011 was $350.8m, compared to $273.3m for the same period last year.

Net earnings in the quarter were $142 million, or $1.15 per diluted share, compared with $106.7m, or $0.87 per diluted share in third quarter of 2010.

BorgWarner chairman and CEO Timothy Manganello said the industry's steadfast focus on fuel economy and improved emissions continued to drive the adoption of the company's technology around the world, and above market growth for its company.

"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 approximately 16% in the third quarter, compared with 5% growth in global vehicle production," Manganello said.

"While growing our sales in the quarter, we also successfully managed costs, which resulted in a record quarterly operating income margin of 11.1%."