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BorgWarner reports second quarter 2019 U.S. GAAP net earnings of $0.83 per diluted share, or $1.00 per diluted share excluding non-comparable items

BorgWarner Inc. today reported second quarter results

Full Year 2019 Guidance: The company has adjusted its 2019 full year guidance. Net sales are expected to be in the range of $9.94 billion to $10.18 billion. This implies year-over-year organic sales change of down 2.5% to flat.

The company expects its market to decline in the range of 3.5% to 5.0% in 2019. Global light vehicle production expectations remain volatile, particularly in China. Foreign currencies are expected to decrease year-over-year sales by $270 million, primarily due to the depreciation of the Euro, Chinese Renminbi and Korean Won.

The divestiture of the thermostat product line will decrease year-over-year sales by approximately $90 million. Excluding the impact of noncomparable items, adj. operating margin is expected to be in the range of 11.4% to 11.8%. Excluding the impact of non-comparable items, adj. net earnings are expected to be within a range of $3.75 to $4.00 per diluted share. 2019 full-year free cash flow is expected to be in the range of $525 million to $575 million.

Third Quarter 2019 Guidance: The company expects a third quarter 2019 organic net sales change in the range of down 1.5% to up 1.5%, compared with third quarter 2018 net sales of $2.48 billion.

Foreign currencies are expected to decrease year-over-year sales by $25 million. The divestiture of the thermostat product line will decrease year-over-year sales by approximately $29 million. Excluding the impact of non-comparable items, adj. net earnings are expected to be within a range of $0.83 to $0.90 per diluted share.

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SOURCE: BorgWarner

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