BorgWarner beats third-quarter profit estimates on turbo, powertrain demand
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BorgWarner Inc logo is seen displayed in this illustration taken April 10, 2023. REUTERS/Dado Ruvic/Illustration
(Reuters) -Auto parts supplier BorgWarner topped analysts' expectations for third-quarter profit on Thursday, aided by strong demand for its turbochargers and powertrains.
Shares of the company, which counts Ford and Volkswagen as customers, were up about 2.5% in premarket trading.
The Trump administration's sweeping tariffs initially hurt suppliers such as BorgWarner, which employed cost-saving measures to cushion the blow, but demand for efficient turbochargers and powertrains has remained steady from automakers continuing to ramp up production.
The company also tightened its annual sales forecast between $14.1 billion and $14.3 billion, compared to its prior estimate of between $14.0 billion to $14.4 billion.
On an adjusted basis, BorgWarner posted a profit per share of $1.24 for the quarter ended September 30, compared to estimates of $1.16, according to data compiled by LSEG.
Its overall quarterly net sales rose 4.1% to about $3.59 billion, roughly in line with estimates.
(Reporting by Nathan Gomes in Bengaluru; Editing by Shailesh Kuber)
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