AUBURN
HILLS, Mich., May 2, 2024
/PRNewswire/ -- BorgWarner Inc. (NYSE: BWA) today reported
first quarter results.
Charging Forward Update:
- BorgWarner has solidified two high voltage hairpin (HVH) eMotor
business wins with XPeng, a leading Chinese Smart EV manufacturer,
for use on two upcoming SUV models. The contracts include
BorgWarner's advanced oil-cooling 800V eMotor systems, comprised of
stator and rotor components. Start of production is planned for
2025.
- BorgWarner has secured contracts with Polestar and a major
European OEM to supply electric Torque Vectoring Disconnect (eTVD)
systems for battery electric vehicles (BEVs). BorgWarner's eTVD is
part of the Company's electric Torque Management System (eTMS),
which helps improve BEV traction and safety. BorgWarner's eTVD is
currently in production for the Polestar 3 SUV. Production for the
major European OEM is expected to begin later in 2024.
- BorgWarner repurchased approximately $100 million of its outstanding shares during the
first quarter.
- BorgWarner announced that its Board of Directors has authorized
an additional share repurchase program of up to $500 million to be executed over the next three
years. Combined with the $267 million
remaining under the Company's prior authorization, BorgWarner has
authorization to repurchase up to $767
million of its outstanding shares.
First Quarter Highlights (continuing operations
basis):
- U.S. GAAP net sales of $3,595
million, an increase of 6% compared with first quarter 2023.
- Excluding the impact of foreign currencies and the net impact
of net M&A, organic sales were up 7% compared with first
quarter 2023.
- U.S. GAAP net earnings of $0.93
per diluted share.
- Excluding $(0.10) of net losses
per diluted share related to non-comparable items (detailed in the
table below), adjusted net earnings were $1.03 per diluted share.
- U.S. GAAP operating income of $295
million, or 8.2% of net sales.
- Excluding $44 million of pretax
expenses related to non-comparable items, adjusted operating income
was $339 million, or 9.4% of net
sales.
- Net cash used in operating activities of $118 million.
- Free cash flow of $(308)
million.
Financial Results (continuing operations basis):
The
Company believes the following table is useful in highlighting
non-comparable items that impacted its U.S. GAAP net earnings per
diluted share. The non-comparable items presented below are
calculated after tax using the corresponding effective tax rate
discrete to each item and the weighted average number of diluted
shares for the periods presented. The Company defines adjusted
earnings per diluted share as earnings per diluted share adjusted
to eliminate the impact of restructuring expense, merger,
acquisition and divestiture expense, other net expenses,
discontinued operations, other gains and losses not reflective of
the Company's ongoing operations, and related tax effects.
|
Three Months Ended
March 31,
|
|
2024
|
|
2023
|
Earnings per diluted
share
|
$
0.93
|
|
$
0.72
|
|
|
|
|
Non-comparable
items:
|
|
|
|
Merger and acquisition
expense, net
|
0.01
|
|
0.03
|
Restructuring
expense
|
0.06
|
|
0.01
|
Other non-comparable
items
|
0.02
|
|
(0.01)
|
Unrealized loss on
debt and equity securities
|
0.01
|
|
0.05
|
Corporate synergy from
spin-off
|
—
|
|
0.02
|
Tax
adjustments
|
—
|
|
(0.01)
|
|
|
|
|
Adjusted earnings
per diluted share
|
$
1.03
|
|
$
0.81
|
Net sales were $3,595 million for
the first quarter 2024, an increase of 6% compared with net sales
of $3,383 million for the first
quarter 2023, primarily due to increased demand for the Company's
products, partially offset by the negative impact of foreign
currencies. Net earnings for the first quarter 2024 were
$213 million, or $0.93 per diluted share, compared with net
earnings of $168 million, or
$0.72 per diluted share, for the
first quarter 2023. Adjusted net earnings per diluted share for the
first quarter 2024 were $1.03, up
from adjusted net earnings per diluted share of $0.81 for the first quarter 2023. Adjusted net
earnings for the first quarter 2024 excluded net non-comparable
items of $(0.10) per diluted share,
while adjusted net earnings for the first quarter 2023 excluded net
non-comparable items of $(0.09) per
diluted share. These items are listed in the table above, which is
provided by the Company for comparison with other results and the
most directly comparable U.S. GAAP measures. The increase in
adjusted net earnings per diluted share was primarily due to the
benefit of higher sales, a lower effective tax rate and a lower
share count.
Full Year 2024 Guidance: The Company has maintained full
year sales and margin guidance, while EPS guidance has increased.
Net sales for 2024 are expected to be in the range of $14.4 billion to $14.9 billion, compared with 2023 sales of
approximately $14.2 billion. This
implies a year-over-year increase in organic sales of 2% to 5%. The
Company expects its 2024 eProduct sales to be $2.5 billion to $2.8
billion, up from approximately $2.0
billion in 2023. Foreign currencies are expected to result
in a year-over-year decrease in sales of approximately
$100 million primarily due to the weakening of the Chinese
Renminbi and Korean Won against the U.S. dollar. The Company
expects its weighted light and commercial vehicle markets to be in
the range of down 2.5% to roughly flat in 2024. The acquisitions of
SSE and the Electric Hybrid Systems business segment of Eldor
Corporation are expected to increase year-over-year sales by
approximately $30 million.
Operating margin for the full year is expected to be in the
range of 8.2% to 8.5%. Excluding the impact of non-comparable
items, adjusted operating margin is expected to be in the range of
9.2% to 9.6%. Net earnings are expected to be within a range of
$3.54 to $3.86 per diluted share. Excluding the impact of
non-comparable items, adjusted net earnings are expected to be
within a range of $3.80 to
$4.15 per diluted share. Full-year
operating cash flow is expected to be in the range of $1,325 million to $1,375
million, while free cash flow is expected to be in the range
of $475 million to $575 million.
At 9:30 a.m. ET today, a brief
conference call concerning first quarter 2024 results and guidance
will be webcast at:
https://www.borgwarner.com/investors. Additionally, an
earnings call presentation will be available at
https://www.borgwarner.com/investors.
For more than 130 years, BorgWarner Inc. (NYSE: BWA) has been a
transformative global product leader bringing successful mobility
innovation to market. Today, we're accelerating the world's
transition to eMobility -- to help build a cleaner, healthier,
safer future for all.
Forward Looking Statements: This press release may
contain forward-looking statements as contemplated by the 1995
Private Securities Litigation Reform Act that are based on
management's current outlook, expectations, estimates and
projections. Words such as "anticipates," "believes," "continues,"
"could," "designed," "effect," "estimates," "evaluates," "expects,"
"forecasts," "goal," "guidance," "initiative," "intends," "may,"
"outlook," "plans," "potential," "predicts," "project," "pursue,"
"seek," "should ," "target," "when," "will," "would," and
variations of such words and similar expressions are intended to
identify such forward-looking statements. Further, all statements,
other than statements of historical fact, contained or incorporated
by reference in this press release that we expect or anticipate
will or may occur in the future regarding our financial position,
business strategy and measures to implement that strategy,
including changes to operations, competitive strengths, goals,
expansion and growth of our business and operations, plans,
references to future success and other such matters, are
forward-looking statements. Accounting estimates, such as those
described under the heading "Critical Accounting Policies and
Estimates" in Item 7 of our most recently filed Annual Report on
Form 10-K ("Form 10-K"), are inherently forward-looking. All
forward-looking statements are based on assumptions and analyses
made by us in light of our experience and our perception of
historical trends, current conditions and expected future
developments, as well as other factors we believe are appropriate
under the circumstances. Forward-looking statements are not
guarantees of performance, and the Company's actual results may
differ materially from those expressed, projected or implied in or
by the forward-looking statements.
You should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
Forward-looking statements are subject to risks and uncertainties,
many of which are difficult to predict and generally beyond our
control, that could cause actual results to differ materially from
those expressed, projected or implied in or by the forward-looking
statements. These risks and uncertainties, among others, include:
supply disruptions impacting us or our customers, commodity
availability and pricing, and an inability to achieve expected
levels of recoverability in commercial negotiations with customers
concerning these costs; competitive challenges from existing and
new competitors, including original equipment manufacturer ("OEM")
customers; the challenges associated with rapidly changing
technologies, particularly as they relate to electric vehicles, and
our ability to innovate in response; the difficulty in forecasting
demand for electric vehicles and our electric vehicles revenue
growth; potential disruptions in the global economy caused by wars
or other geopolitical conflicts; the ability to identify targets
and consummate acquisitions on acceptable terms; failure to realize
the expected benefits of acquisitions on a timely basis; the
possibility that our 2023 tax-free spin-off of our former Fuel
Systems and Aftermarket segments into a separate publicly traded
company will not achieve its intended benefits; the failure to
promptly and effectively integrate acquired businesses; the
potential for unknown or inestimable liabilities relating to the
acquired businesses; our dependence on automotive and truck
production which is highly cyclical and subject to disruptions; our
reliance on major OEM customers; impacts of any future strikes
involving any of our OEM customers and any actions such OEM
customers take in response; fluctuations in interest rates and
foreign currency exchange rates; our dependence on information
systems; the uncertainty of the global economic environment; the
outcome of existing or any future legal proceedings, including
litigation with respect to various claims, or governmental
investigations, including related litigation; future changes in
laws and regulations, including, by way of example, taxes and
tariffs, in the countries in which we operate; impacts from any
potential future acquisition or disposition transactions; and the
other risks, noted in reports that we file with the Securities and
Exchange Commission, including Item 1A, "Risk Factors" in our most
recently-filed Form 10-K and/or Quarterly Report on Form 10-Q. We
do not undertake any obligation to update or announce publicly any
updates to or revisions to any of the forward-looking statements in
this press release to reflect any change in our expectations or any
change in events, conditions, circumstances, or assumptions
underlying the statements.
BorgWarner
Inc.
|
|
|
|
Condensed Consolidated
Statements of Operations (Unaudited)
|
(in millions, except
per share amounts)
|
|
|
|
Three Months Ended
March 31,
|
|
2024
|
|
2023
|
Net sales
|
$
3,595
|
|
$
3,383
|
Cost of
sales
|
2,951
|
|
2,806
|
Gross
profit
|
644
|
|
577
|
Gross
margin
|
17.9 %
|
|
17.1 %
|
|
|
|
|
Selling, general and
administrative expenses
|
329
|
|
299
|
Restructuring
expense
|
19
|
|
3
|
Other operating
expense, net
|
1
|
|
1
|
Operating
income
|
295
|
|
274
|
|
|
|
|
Equity in affiliates'
earnings, net of tax
|
(5)
|
|
(1)
|
Unrealized loss on debt
and equity securities
|
2
|
|
15
|
Interest expense,
net
|
5
|
|
10
|
Other postretirement
expense
|
3
|
|
2
|
Earnings from
continuing operations before income taxes and noncontrolling
interest
|
290
|
|
248
|
|
|
|
|
Provision for income
taxes
|
62
|
|
67
|
Net earnings from
continuing operations
|
228
|
|
181
|
Net (loss) earnings
from discontinued operations
|
(7)
|
|
49
|
Net earnings
|
221
|
|
230
|
Net earnings from
continuing operations attributable to noncontrolling
interest
|
15
|
|
13
|
Net earnings
attributable to BorgWarner Inc.
|
$
206
|
|
$
217
|
|
|
|
|
Amounts attributable to
BorgWarner Inc.:
|
|
|
|
Net earnings from
continuing operations
|
$
213
|
|
$
168
|
Net (loss) earnings
from discontinued operations
|
(7)
|
|
49
|
Net earnings
attributable to BorgWarner Inc.
|
$
206
|
|
$
217
|
|
|
|
|
Earnings per share
from continuing operations — basic
|
$
0.94
|
|
$
0.72
|
Earnings per share
from discontinued operations — basic
|
(0.03)
|
|
0.21
|
Earnings per share
attributable to BorgWarner Inc. — basic
|
$
0.91
|
|
$
0.93
|
|
|
|
|
Earnings per share
from continuing operations — diluted
|
$
0.93
|
|
$
0.72
|
Earnings per share
from discontinued operations — diluted
|
(0.03)
|
|
0.21
|
Earnings per share
attributable to BorgWarner Inc. — diluted
|
$
0.90
|
|
$
0.93
|
|
|
|
|
Weighted average shares
outstanding:
|
|
|
|
Basic
|
227.7
|
|
232.8
|
Diluted
|
228.3
|
|
234.4
|
BorgWarner
Inc.
|
|
|
|
Net Sales by Reportable
Segment (Unaudited)
|
|
|
(in
millions)
|
|
|
|
|
Three Months Ended
March 31,
|
|
2024
|
|
2023
|
Air
Management
|
$
2,030
|
|
$
1,979
|
Drivetrain &
Battery Systems
|
1,159
|
|
956
|
ePropulsion
|
436
|
|
487
|
Inter-segment
eliminations
|
(30)
|
|
(39)
|
Net sales
|
$
3,595
|
|
$
3,383
|
|
|
|
|
Segment Adjusted
Operating Income (Loss) (Unaudited)
|
(in
millions)
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2024
|
|
2023
|
Air
Management
|
$
308
|
|
$
285
|
Drivetrain &
Battery Systems
|
158
|
|
111
|
ePropulsion
|
(62)
|
|
(35)
|
Segment Adjusted
Operating Income
|
404
|
|
361
|
Corporate, including
stock-based compensation
|
65
|
|
61
|
Restructuring
expense
|
19
|
|
3
|
Intangible asset
amortization expense
|
17
|
|
17
|
Merger and acquisition
expense, net
|
2
|
|
8
|
Other non-comparable
items
|
6
|
|
(2)
|
Equity in affiliates'
earnings, net of tax
|
(5)
|
|
(1)
|
Unrealized loss on debt
and equity securities
|
2
|
|
15
|
Interest expense,
net
|
5
|
|
10
|
Other postretirement
expense
|
3
|
|
2
|
Earnings from
continuing operations before income taxes and noncontrolling
interest
|
290
|
|
248
|
Provision for income
taxes
|
62
|
|
67
|
Net earnings from
continuing operations
|
228
|
|
181
|
Net earnings from
continuing operations attributable to noncontrolling
interest
|
15
|
|
13
|
Net earnings from
continuing operations attributable to BorgWarner Inc.
|
$
213
|
|
$
168
|
BorgWarner
Inc.
|
|
|
|
Condensed Consolidated
Balance Sheets (Unaudited)
|
(in
millions)
|
|
|
|
|
|
|
|
|
March 31,
2024
|
|
December 31,
2023
|
ASSETS
|
|
|
|
Cash, cash equivalents
and restricted cash
|
$
1,037
|
|
$
1,534
|
Receivables,
net
|
3,289
|
|
3,109
|
Inventories,
net
|
1,333
|
|
1,313
|
Prepayments and other
current assets
|
298
|
|
261
|
Total current
assets
|
5,957
|
|
6,217
|
|
|
|
|
Property, plant and
equipment, net
|
3,766
|
|
3,783
|
Other non-current
assets
|
4,399
|
|
4,453
|
Total
assets
|
$
14,122
|
|
$
14,453
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Short-term
debt
|
$
445
|
|
$
73
|
Accounts
payable
|
2,378
|
|
2,546
|
Other current
liabilities
|
1,046
|
|
1,148
|
Total current
liabilities
|
3,869
|
|
3,767
|
|
|
|
|
Long-term
debt
|
3,295
|
|
3,707
|
Other non-current
liabilities
|
916
|
|
913
|
Total
liabilities
|
8,080
|
|
8,387
|
|
|
|
|
Total BorgWarner Inc.
stockholders' equity
|
5,841
|
|
5,828
|
Noncontrolling
interest
|
201
|
|
238
|
Total
equity
|
6,042
|
|
6,066
|
Total liabilities and
equity
|
$
14,122
|
|
$
14,453
|
BorgWarner
Inc.
|
|
|
|
Condensed Consolidated
Statements of Cash Flows (Unaudited)
|
(in
millions)
|
|
|
|
|
Three Months Ended
March 31,
|
|
2024
|
|
2023
|
OPERATING ACTIVITIES
OF CONTINUING OPERATIONS
|
|
|
|
Net cash (used in)
provided by operating activities from continuing
operations
|
$
(118)
|
|
$
59
|
INVESTING ACTIVITIES
OF CONTINUING OPERATIONS
|
|
|
|
Capital expenditures,
including tooling outlays
|
(190)
|
|
(239)
|
Payments for businesses
acquired, net of cash acquired
|
—
|
|
(19)
|
Proceeds from
settlement of net investment hedges, net
|
12
|
|
13
|
Proceeds from the sale
of business, net
|
3
|
|
—
|
Proceeds from asset
disposals and other, net
|
—
|
|
1
|
Net cash used in
investing activities from continuing operations
|
(175)
|
|
(244)
|
FINANCING ACTIVITIES
OF CONTINUING OPERATIONS
|
|
|
|
Additions to
debt
|
—
|
|
1
|
Repayments of debt,
including current portion
|
(12)
|
|
(2)
|
Payments for purchase
of treasury stock
|
(100)
|
|
—
|
Payments for
stock-based compensation items
|
(23)
|
|
(25)
|
Dividends paid to
BorgWarner stockholders
|
(25)
|
|
(39)
|
Dividends paid to
noncontrolling stockholders
|
(23)
|
|
(25)
|
Net cash used in
financing activities from continuing operations
|
(183)
|
|
(90)
|
CASH FLOWS FROM
DISCONTINUED OPERATIONS
|
|
|
|
Operating activities of
discontinued operations
|
(10)
|
|
(71)
|
Investing activities of
discontinued operations
|
—
|
|
(38)
|
Net cash used in
discontinued operations
|
(10)
|
|
(109)
|
Effect of exchange rate
changes on cash
|
(11)
|
|
(4)
|
Net decrease in cash,
cash equivalents and restricted cash
|
(497)
|
|
(388)
|
Cash, cash equivalents
and restricted cash at beginning of year
|
1,534
|
|
1,338
|
Cash, cash equivalents
and restricted cash at end of period
|
$
1,037
|
|
$
950
|
Less: Cash, cash
equivalents and restricted cash of discontinued operations at end
of period
|
$
—
|
|
$
181
|
Cash, cash equivalents
and restricted cash of continuing operations at end of
period
|
$
1,037
|
|
$
769
|
|
|
|
|
Supplemental
Information (Unaudited)
|
|
|
|
(in
millions)
|
|
|
|
|
Three Months Ended
March 31,
|
|
2024
|
|
2023
|
Depreciation and
tooling amortization
|
$
133
|
|
$
125
|
Intangible asset
amortization
|
$
17
|
|
$
17
|
Non-GAAP Financial Measures
This press release
contains information about BorgWarner's financial results that is
not presented in accordance with accounting principles generally
accepted in the United States
("GAAP"). Such non-GAAP financial measures are reconciled
to their closest GAAP financial measures below and in the Financial
Results table above. The provision of these comparable GAAP
financial measures for 2024 is not intended to indicate that
BorgWarner is explicitly or implicitly providing projections on
those GAAP financial measures, and actual results for such measures
are likely to vary from those presented. The reconciliations
include all information reasonably available to the Company at the
date of this press release and the adjustments that management can
reasonably predict.
Management believes that these non-GAAP financial measures are
useful to management, investors, and banking institutions in their
analysis of the Company's business and operating performance.
Management also uses this information for operational planning and
decision-making purposes.
Non-GAAP financial measures are not and should not be considered
a substitute for any GAAP measure. Additionally, because not all
companies use identical calculations, the non-GAAP financial
measures as presented by BorgWarner may not be comparable to
similarly titled measures reported by other companies.
Adjusted Operating Income and Adjusted Operating
Margin
The Company defines adjusted operating income as
operating income adjusted to exclude the impact of restructuring
expense, merger, acquisition and divestiture expense, intangible
asset amortization expense, other net expenses, discontinued
operations, and other gains and losses not reflective of the
Company's ongoing operations. Adjusted operating margin is defined
as adjusted operating income divided by net sales.
Adjusted Net Earnings
The Company defines adjusted net
earnings as net earnings attributable to BorgWarner Inc. adjusted
to eliminate the impact of restructuring expense, merger,
acquisition and divestiture expense, other net expenses,
discontinued operations, and other gains and losses not reflective
of the Company's ongoing operations, and related tax effects. The
impact of intangible asset amortization expense will continue to be
included in adjusted net earnings.
Adjusted Earnings per Diluted Share
The Company
defines adjusted earnings per diluted share as earnings per diluted
share adjusted to eliminate the impact of restructuring expense,
merger, acquisition and divestiture expense, other net expenses,
discontinued operations, other gains and losses not reflective of
the Company's ongoing operations, and related tax effects. The
impact of intangible asset amortization expense continues to be
included in adjusted earnings per share.
Free Cash Flow
The Company defines free cash flow as
net cash provided by operating activities minus capital
expenditures and is useful to both management and investors in
evaluating the Company's ability to service and repay its debt.
Organic Net Sales Change
The Company defines organic
net sales changes as net sales change year over year excluding the
estimated impact of foreign exchange (FX) and the acquisitions of
the smart grid and smart energy businesses of Hubei Surpass Sun
Electric and the Electric Hybrid Systems business segment of Eldor
Corporation.
Adjusted Operating
Income and Adjusted Operating Margin (Unaudited)
|
|
Three Months Ended
March 31,
|
(in
millions)
|
2024
|
|
2023
|
Net sales
|
$
3,595
|
|
$
3,383
|
|
|
|
|
Operating
income
|
$
295
|
|
$
274
|
Operating
margin
|
8.2 %
|
|
8.1 %
|
|
|
|
|
Non-comparable
items:
|
|
|
|
Restructuring
expense
|
$
19
|
|
$
3
|
Intangible asset
amortization expense
|
17
|
|
17
|
Merger and acquisition
expense, net
|
2
|
|
8
|
Corporate synergy from
spin-off
|
—
|
|
5
|
Other non-comparable
items
|
6
|
|
(2)
|
Adjusted operating
income
|
$
339
|
|
$
305
|
Adjusted operating
margin
|
9.4 %
|
|
9.0 %
|
Free Cash Flow
Reconciliation (Unaudited)
|
|
|
|
|
Three Months Ended
March 31,
|
(in
millions)
|
2024
|
|
2023
|
Net cash (used in)
provided by operating activities from continuing
operations
|
$
(118)
|
|
$
59
|
Capital expenditures,
including tooling outlays
|
(190)
|
|
(239)
|
Free cash
flow
|
$
(308)
|
|
$
(180)
|
First Quarter 2024
Organic Net Sales Change (Unaudited)
|
|
|
(in
millions)
|
Q1 2023
Net Sales
|
|
FX
|
|
Acquisition
Impact
|
|
Organic
Net Sales
Change
|
|
Q1 2024
Net Sales
|
|
Organic
Net Sales
Change %
|
Air
Management
|
$
1,979
|
|
$ (9)
|
|
$
5
|
|
$ 55
|
|
$
2,030
|
|
2.8 %
|
Drivetrain &
Battery Systems
|
956
|
|
(13)
|
|
—
|
|
216
|
|
1,159
|
|
22.6 %
|
ePropulsion
|
487
|
|
(10)
|
|
6
|
|
(47)
|
|
436
|
|
(9.7) %
|
Inter-segment
eliminations
|
(39)
|
|
—
|
|
—
|
|
9
|
|
(30)
|
|
(23.1) %
|
Net sales
|
$
3,383
|
|
$
(32)
|
|
$
11
|
|
$ 233
|
|
$
3,595
|
|
6.9 %
|
Adjusted Operating
Income and Adjusted Operating Margin Guidance Reconciliation
(Unaudited)
|
|
|
|
|
Full-Year 2024
Guidance
|
(in
millions)
|
Low
|
|
High
|
Net sales
|
$
14,400
|
|
$
14,900
|
|
|
|
|
Operating
income
|
1,177
|
|
1,272
|
Operating
margin
|
8.2 %
|
|
8.5 %
|
|
|
|
|
Non-comparable
items:
|
|
|
|
Restructuring
expense
|
$
70
|
|
$
80
|
Intangible asset
amortization expense
|
70
|
|
70
|
Merger and acquisition
expense, net
|
2
|
|
2
|
Other non-comparable
items
|
6
|
|
6
|
Adjusted operating
income
|
$
1,325
|
|
$
1,430
|
Adjusted operating
margin
|
9.2 %
|
|
9.6 %
|
Adjusted Earnings
Per Diluted Share Guidance Reconciliation
(Unaudited)
|
|
|
|
|
Full-Year 2024
Guidance
|
|
Low
|
|
High
|
Earnings per Diluted
Share from Continuing Operations
|
$
3.54
|
|
$
3.86
|
|
|
|
|
Non-comparable
items:
|
|
|
|
Merger and acquisition
expense, net
|
0.22
|
|
0.25
|
Restructuring
expense
|
0.01
|
|
0.01
|
Unrealized loss on
debt and equity securities
|
0.01
|
|
0.01
|
Other non-comparable
items
|
0.02
|
|
0.02
|
Adjusted Earnings
per Diluted Share from Continuing Operations
|
$
3.80
|
|
$
4.15
|
Free Cash Flow
Guidance Reconciliation (Unaudited)
|
|
|
|
|
|
|
Full-Year 2024
Guidance
|
(in
millions)
|
|
Low
|
|
High
|
Net cash provided by
operating activities
|
|
$
1,325
|
|
$
1,375
|
Capital expenditures,
including tooling outlays
|
|
(850)
|
|
(800)
|
Free cash
flow
|
|
$
475
|
|
$
575
|
Full Year 2024
Organic Net Sales Change Guidance Reconciliation From Continuing
Operations (Unaudited)
|
|
|
(in
millions)
|
FY 2023
Net Sales
|
|
FX
|
|
FY 2024
Acquisition
Impact
|
|
Organic Net
Sales
Change
|
|
FY 2024 Net
Sales
|
|
Organic Net
Sales
Change %
|
Low
|
$ 14,198
|
|
$
(100)
|
|
$
30
|
|
$
272
|
|
$ 14,400
|
|
1.9 %
|
High
|
$ 14,198
|
|
$
(100)
|
|
$
30
|
|
$
772
|
|
$ 14,900
|
|
5.4 %
|
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SOURCE BorgWarner