BorgWarner's net sales reached US$1.73 billion in the first quarter, up 34.5% year-on-year
American auto parts supplier Borg Warner announced that its first quarter 2011 (for the three months ended March 31, 2011) net sales of 1.73 billion US dollars, compared with 1.28 billion US dollars in the same period in 2010 year-on-year Rose 34.5%.
According to data released by BorgWarner, the company’s first quarter sales cost was 1.38 billion US dollars, compared with 1.40 billion US dollars in the same period last year. The gross profit of the company was 343 million U.S. dollars in the quarter, and 239 million U.S. dollars in the same period last year. The company said that the company’s sales, general and administrative expenses for the quarter were US$165 million, compared with US$130 million in the same period last year. In the quarter, the company’s net profit was US$129 million, compared to US$81.4 million in the same period last year.
In addition, the company reiterated its 2011 earnings forecast. The company expects its diluted earnings per share for 2011 will be 3.85-4.15 USD. At the same time, the company stated that due to the completion of the acquisition of the Haldex system project in January 2011, it is expected that its revenue will increase by 19-23% from 2010 (previously the increase was expected to be 16-20%).
Timothy M. Manganello, president and chief executive officer of BorgWarner, said: “Without taking into account changes in foreign exchange and the impact of the acquisition of Hudson Systems and Spain’s ENSA, our first quarter sales The amount rose by about 26%, while sales in the global market for the same business rose by only 5%."
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