BorgWarner (NYSE: BWA) reported Q1 EPS of $0.77, $0.27 better than the analyst estimate of $0.50. Revenue for the quarter came in at $2.28 billion versus the consensus estimate of $2.03 billion.

GUIDANCE:

BorgWarner sees FY2020 revenue of $7.25-8 billion, versus the consensus of $8.51 billion.

• The company is providing updated 2020 full year guidance. This guidance is for BorgWarner as currently consolidated and excludes the potential impact from the acquisition of Delphi Technologies PLC, which BorgWarner announced on January 28, 2020. Net sales are expected to be in the range of $7.25 billion to $8.0 billion. This implies a year-over-year decrease in organic sales of 20% to 27%. The company expects its blended light-vehicle market to decline in the range of approximately 25% to 31% in 2020. Due to the impact of COVID-19/coronavirus, global light vehicle production expectations remain volatile. Foreign currencies are expected to result in a year-over-year decrease in sales by approximately $120 million, primarily due to the depreciation of the Euro, Chinese Renminbi and Korean Won against the U.S. dollar. The divestiture of the thermostat product line decreased year-over-year sales by approximately $30 million. Full-year operating cash flow is expected to be in the range of $530 million to $780 million, while free cash flow is expected to be in the range of $100 million to $300 million.

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