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BorgWarner Q4 net sales up 28%

ABR Staff Writer Published 11 February 2011

BorgWarner, a provider of engineered components and systems for vehicle powertrain applications worldwide, has reported net sales of $1.53bn for the fourth quarter of 2010, an increase of 28%, compared to $1.19bn for the same period in 2009.

Net earnings were $115.6m for the fourth quarter of 2010, compared to $56.6m for the comparable period in 2009 while operating income was $157.4m, compared to $67.3m for the same period in 2009.

For the twelve months of 2010, net sales were $5.65bn, compared to $3.96bn for the same period in 2009 while net earnings were $396.2m, compared to $36.4m for the same period in 2009.

The company posted an operating income of $504.3m for the twelve months of 2010, compared to $50.83m for the comparable period in 2009.

BorgWarner chairman and CEO Timothy Manganello said the fourth quarter was a strong finish to an exceptional year for their company and their sales were up 28% in fourth quarter 2010 compared with fourth quarter 2009, or 33% excluding the impact of currency, while global vehicle production was up five percent.

"New business growth was the driving force behind our fourth quarter results as it had been throughout the year," Manganello said.

"For the full year, we posted record sales and earnings, and our operating income margin was the highest it has been in several years.

"These are remarkable accomplishments considering they were achieved with depressed volumes and immediately following one of the most difficult periods in our history."