BorgWarner Inc. (BWA) posted lower first-quarter 2013 net earnings attributable to the company of $142.0 million, or $1.22 per share, versus $158.0 million, or $1.28 per share, a year back. The recent quarter's results included net non-comparable items of $(0.08) per share, according to the company.
Excluding non-comparable items, non-GAAP net earnings were $1.30 per share in the recent period. On average, 19 analysts polled by Thomson Reuters expected earnings per share of $1.23 for the quarter. Analysts' estimates typically exclude one-time items.
Net sales were $1.85 billion in the quarter, down 3% from last year's $1.91 billion, thereby beating consensus estimates of $1.82 billion.
The company's outlook for 2013 is unchanged. Annual net sales growth is expected to be 2% to 6%, and net earnings are likely to be within a range of $5.15 to $5.45 per share, excluding non-comparable items.
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