BorgWarner Inc. - BWA STOCK NEWS

BorgWarner announces leadership transition as Joseph Fadool, current EVP and COO, will succeed Frédéric Lissalde as President and CEO effective February 6, 2025. Lissalde will retire after 25 years with the company and remain in an advisory role until August 30, 2025. Fadool, a 14-year veteran of the company who has led four business units, brings extensive industry experience and operational expertise. The succession plan reflects the company's commitment to maintaining its leadership in electrified vehicle technology and market-leading product portfolio.

BorgWarner (NYSE: BWA) has announced its quarterly dividend declaration. The company's Board of Directors declared a quarterly cash dividend of $0.11 per share of common stock on November 6, 2024. The dividend will be paid on December 16, 2024, to stockholders of record as of December 2, 2024. BorgWarner, a global product leader in mobility innovation for over 130 years, continues its commitment to advancing eMobility solutions for a sustainable future.

BorgWarner has secured extensions on two transfer case contracts with a major North American OEM for upcoming vehicle launches. The company will supply Electro-Mechanical On-Demand (EMOD) and Electric Shift-on-the-Fly (ESOF) transfer cases for combustion and hybrid passenger truck platforms. Production is scheduled to begin in 2027 for two platforms and 2028 for the third. The EMOD offers faster response and improved torque accuracy, while the ESOF is designed for rugged part-time four-wheel drive systems. Both transfer cases feature BorgWarner's HY-VO® driveline chain and will be manufactured in Seneca, South Carolina.

BorgWarner has secured three major High Voltage Coolant Heater (HVCH) contracts in Asia. A Chinese OEM selected HVCH for an electric SUV with production starting Q2 2025, while a Korean manufacturer chose it for an electric pickup starting Q1 2025. Additionally, BorgWarner won its first HVCH contract with a Japanese OEM, with production beginning in 2028. The HVCH technology features a compact, modular design with Thick Film Element technology, offering power ranges from 3 to 10 kW and voltage compatibility from 250 to 800 volts. The system enhances battery performance, enables rapid cabin heating, and improves driving range efficiency.

BorgWarner (NYSE: BWA) reported Q3 2024 results with net sales of $3,449 million, down 5% year-over-year. The company achieved an adjusted operating margin of 10.1% and generated $356 million in operating cash flow. Despite a 5.6% decline in vehicle markets, earnings per share reached $1.08. BorgWarner increased its full-year adjusted operating margin guidance by 20 basis points and adjusted EPS guidance by 4%. The company completed a $400 million share repurchase program in 2024, with $300 million executed in Q3. Notable new business wins include transfer case awards and high-voltage coolant heater contracts.

BorgWarner has been recognized on Forbes' World's Top Companies for Women 2024 list, a prestigious award presented in collaboration with Statista. The selection process involved surveys of approximately 100,000 women across 37 countries, collecting over 750,000 data points. The evaluation was based on three key metrics: an Employer Brand Score measuring gender-related performance and workplace satisfaction, a Public Opinion Score assessing women's perception of gender equality, and a Leadership Score examining objective criteria like female CEO presence and women's representation in leadership positions.

BorgWarner (NYSE: BWA) has announced its upcoming 2024 Third Quarter Results Conference Call, scheduled for October 31, 2024, at 9:30am Eastern Time. The webcast will be accessible live through the company's investor relations website at www.borgwarner.com/investors. For those unable to attend the live session, an archived version will be available at the same web address. BorgWarner, a global product leader in mobility innovation for over 130 years, continues its focus on accelerating the world's transition to eMobility.

BorgWarner Inc. (NYSE: BWA) has announced the full redemption of its 5.000% Senior Notes due 2025. The redemption will take place on November 1, 2024, and involves the entire outstanding $343,443,000 aggregate principal amount. The redemption price includes 100% of the principal amount plus the Applicable Premium and accrued and unpaid interest up to the Redemption Date.

The redemption is in accordance with the terms of the Indenture dated September 23, 1999, as supplemented by the Seventh Supplemental Indenture dated October 5, 2020. Deutsche Bank Trust Company Americas is acting as the indenture trustee and paying agent for this transaction. BorgWarner has confirmed that all necessary approvals for this redemption have been obtained.

BorgWarner has secured an agreement to provide twin turbochargers for the General Motors Corvette ZR1, marking the largest passenger car twin turbochargers in the market. These turbochargers will power the Corvette's 5.5-liter flat plane crankshaft V8 engine, enabling it to produce 1,064 horsepower and 828 pound-feet of torque.

The turbochargers feature a 76mm forged milled compressor wheel with ported shroud and a 67mm turbine wheel inside a mono scroll turbine housing. They incorporate BorgWarner's patented decoupled ball bearing system, offering faster response time, higher durability, and noise. Additional features include a compressor-mounted blade pass speed sensor, zero-clearance heat shielding, and an electronically actuated wastegate system.

Designed and manufactured in the United States, these turbochargers are a result of BorgWarner's extensive work with the NTT INDYCAR SERIES and their ability to provide high-performance solutions.