BorgWarner Q3 Earnings Top Estimates

  • BorgWarner Inc BWA reported third-quarter FY22 sales growth of 19% year-on-year to $4.06 billion, beating the consensus of $4.00 billion.
  • Net sales from the Air Management segment increased 21.1% Y/Y, and the e-Propulsion & Drivetrain Segment gained 20.8%.
  • Gross profit rose 24% to $806 million, and gross margin expanded 90 basis points to 19.9%.
  • The operating margin was 9.6%, and the operating income increased 53.7% Y/Y to $389 million.
  • BorgWarner held $1.2 billion in cash and equivalents as of September 30, 2022. Net cash provided by operating activities for nine months amounted to $679 million.
  • Adjusted EPS of $1.24 beat the analyst consensus of $1.04.
  • Outlook: BorgWarner sees FY22 sales of $15.4 billion - $15.7 billion (prior view $15.5 billion - $16 billion) versus the Street view of $15.61 billion.
  • The company expects FY22 adjusted EPS of $4.25 - $4.45 (previous view $4.00 - $4.40), against the consensus of $4.23.
  • BorgWarner believes it is already on track to achieve about $4 billion of electric vehicle revenue by 2025. The company continues to expect its 2022 electric vehicle revenue to grow to $850 million, which is more than double what it was in 2021.
  • Price Action: BWA shares are trading higher by 1.26% at $37.00 on the last check Thursday.
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