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BorgWarner Q4 net sales up 16%

ABR Staff Writer Published 15 February 2012

BorgWarner, a provider of components for vehicle powertrain applications, has reported net sales of $1.77bn for the fourth quarter ended 31 December 2011, an increase of 16%, compared to $1.53bn for the same period in 2010.

Gross profit for the fourth quarter of 2011 was $359.7m, compared to $306m for the same period last year.

For the fourth quarter of 2011 the company posted operating income of $191.1m, compared to $157.4m for the comparable quarter last year.

The company posted net earnings of $122m, or $1.00 per diluted share, compared to $112m, or $0.89 per diluted share, for the same period prior year.

BorgWarner chairman and CEO Timothy Manganello said the fourth quarter was a strong finish to an exceptional year for the 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 12%," Manganello said.

"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 powertrain technology continued to outpace vehicle production in every major region of the world and the continued focus on execution at our operations resulted in a very strong operating income margin of 12% 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."