BorgWarner Inc. today reported third quarter results.
Third Quarter Highlights:
- U.S. GAAP net sales of $2,534 million, up 2% compared with third quarter 2019.
◦ Excluding the impact of foreign currencies and the net impact of acquisitions and divestitures, net sales were up 1% compared with third quarter 2019.
- U.S. GAAP net earnings of $0.53 per diluted share.
◦ Excluding the $(0.35) per diluted share related to non-comparable items (detailed in the table below), adj. net income was $0.88 per diluted share.
- U.S. GAAP operating income of $284 million, or 11.2% of net sales.
◦ Excluding the $33 million of pretax expenses related to non-comparable items, adj. operating income was $317 million. Excluding the impact of non-comparable items, adj. operating income was 12.5% of net sales.
- Net cash provided by operating activities of $481 million.
◦ Free cash flow was $390 million.
The company believes the following table is useful in highlighting non-comparable items that impacted its U.S. GAAP net earnings per diluted share. The company defines adjusted earnings per diluted share as earnings per diluted share adjusted to eliminate the impact of restructuring expense, merger, acquisition and divestiture expense, other net expenses, discontinued operations, other gains and losses not reflective of the company’s ongoing operations, and related tax effects.
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