Auto parts company BorgWarner
For the period ended Sept. 30, BorgWarner's revenues rose 6% to $725 million. Net earnings increased 12.5% to $35.9 million from $31.9 million. Per share, it made $1.30 versus $1.18.
Sales for the first nine months of the year improved 12% to $2.3 billion. Earnings are ahead of the prior year for the same period by 14.5% to $125 million.
One thing that helps BorgWarner is its international business. North American auto production actually fell 5% in the third quarter; fortunately, Borg Warner's sales in other markets offset that weakness. Strong European demand for the company's turbochargers and other engine parts boosted results for the period. BorgWarner's also moving into countries such as China and India, and is finding markets for its products there, as well.
Looking ahead to fiscal 2004, BorgWarner is expecting earnings growth of 12%-16% on sales growth of 8%-11%. Continued strong demand for its power trains and fuel-efficient devices in existing markets, as well as increased business in new markets, will help BorgWarner keep rolling.