BorgWarner Inc. has reported first quarter results. The company has reported U.S. GAAP net sales of $2,784 million, up 15.7 percent compared with first quarter 2017.
On a comparable basis, excluding the impact of foreign currencies and the acquisition of Sevcon, net sales were up 6.6 percent compared with first quarter 2017.
The company reported U.S. GAAP net earnings of $1.07 per diluted share. Excluding the non-comparable item, net earnings were $1.10 per diluted share.
Full Year 2018 Guidance
The company has reaffirmed its 2018 full year organic growth guidance. Full year net sales are expected to be $10.77 billion to $10.94 billion, implying organic sales growth of 5 to 7 percent. Foreign currencies are expected to increase sales by $405 million, due to the appreciation of the Euro and Chinese Yuan. The acquisition of Sevcon will increase sales by approximately $50 million. Excluding the impact of non-comparable items, operating margin is expected to be in the range of 12.5 to 12.6 percent.
Net earnings are now expected to be within a range of $4.30 to $4.40, with the increase in guidance primarily due to a larger benefit from foreign exchange rates. This guidance includes a year-over-year negative impact of 6 cents per diluted share due to higher minority interest and lower equity income.
