BorgWarner Inc. (BWA) said, for 2023, the company expects net earnings to be within a range of $3.81 to $4.13. Excluding the impact of non-comparable items, adjusted net earnings are expected to be within a range of $4.50 to $5.00 per share. Net sales are expected to be in the range of $16.7 billion to $17.5 billion. This implies a year-over-year organic increase in sales of 7% to 12%.
Analysts polled by Thomson Reuters expect the company to report profit per share of $4.92 on revenue of $16.82 billion. Analysts' estimates typically exclude special items.
BorgWarner expects its 2023 electric vehicle sales to grow to $1.5 billion to $1.8 billion, up significantly from $870 million in 2022. The company believes it is already on track to achieve approximately $4.3 billion of electric vehicle sales by 2025.
Fourth quarter adjusted earnings per share was $1.26 compared to $1.06, prior year. Analysts on average had expected the company to earn $1.08 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
Net income was $255 million, or $1.09 per share compared with $129 million, or $0.54 per share, in last year's fourth quarter.
The company's revenue for the quarter rose 12.3% to $4.11 billion from $3.66 billion last year. Analysts on average had estimated $3.90 billion in revenue.
On February 8, 2023, the Board of BorgWarner Inc. declared a quarterly cash dividend of $0.17 per share of common stock. The dividend is payable on March 15, 2023, to stockholders of record on March 1, 2023.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.
For comments and feedback contact: editorial@rttnews.com
Business News