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BorgWarner Inc. (NYSE: BWA) is a global leader in innovative powertrain solutions aimed at improving fuel efficiency, reducing emissions, and enhancing performance for engines, transmissions, and driveline systems. With a commitment to creating a cleaner and more energy-efficient world, BorgWarner's product portfolio includes advanced technologies for both traditional and electric vehicles. The company operates through three key segments:
- Air Management: This division produces turbochargers, e-boosters, e-turbos, timing systems, emission systems, thermal systems, gasoline ignition technology, powertrain sensors, and cabin heaters.
- Drivetrain and Battery Systems: It includes automatic transmission components, torque management products, battery heaters, battery charging, and battery modules.
- e-Propulsion: Focused on e-motors, power electronics, and software and control modules.
Recent achievements for BorgWarner include securing a contract with a major Chinese OEM to supply its dual inverter with boost function for hybrid vehicles and starting eMotor rotor and stator production for XPeng Motors. The company also extended its contract to supply high voltage coolant heaters (HVCH) to a major global OEM for their battery-electric light-vehicle platforms.
Financially, BorgWarner reported net sales of $3,595 million for the first quarter of 2024, a 6% increase compared to the previous year. Net earnings were $213 million or $0.93 per diluted share. The company expects its 2024 net sales to be in the range of $14.4 billion to $14.9 billion with an operating margin of 8.2% to 8.5%.
Major customers include Ford and Volkswagen, contributing 14% and 11% of the 2023 revenue, respectively. Geographically, the revenue distribution for 2023 was 36% from Europe, 34% from Asia, and 29% from North America.
With over 130 years of experience, BorgWarner continues to be a transformative force in the automotive industry, driving the transition to eMobility and supporting environmentally friendly technologies. The company's forward-looking initiatives and strategic partnerships solidify its role as a key player in the global automotive market.
Latest News Highlights:
- BorgWarner secures a contract with a major Chinese OEM for dual inverters with boost function in hybrid vehicles.
- Begins eMotor rotor and stator production for XPeng Motors, set to supply the X9 MPV and new B-class sedan.
- Extends contract to supply high voltage coolant heaters (HVCH) for a global OEM's electric light-vehicle platforms.
- Reports first-quarter 2024 financial results with increased net sales and earnings, maintaining a positive outlook for the year.
BorgWarner Inc. (NYSE: BWA) reported strong Q2 2024 results, with an adjusted operating margin of 10.4% and U.S. GAAP operating margin of 8.2%. The company generated $462 million in net cash from operations and $297 million in free cash flow. BorgWarner increased its full-year adjusted operating margin guidance by 30 basis points and adjusted EPS guidance by $0.07 per share. However, it reduced full-year net sales guidance by $400 million due to lower market production outlook and slower eProduct sales growth. The company plans to repurchase $300 million of outstanding shares in H2 2024. BorgWarner also announced a new business unit structure and restructuring of its ePropulsion segment, expecting annual cost savings of $100 million by 2026.
BorgWarner (NYSE: BWA) announces its 2024 Second Quarter Results Conference Call on July 31, 2024, at 9:30 AM ET, available via live webcast at www.borgwarner.com/investors.
The company, with over 130 years of experience, emphasizes its commitment to advancing eMobility for a cleaner, healthier, and safer future. If you miss the live event, an archived version will be accessible.
For further details, visit their website.
BorgWarner Inc. (NYSE: BWA), a global leader in mobility innovation, has announced a quarterly cash dividend of $0.11 per share of common stock. The dividend will be payable on September 16, 2024, to stockholders of record on September 3, 2024. This declaration was made by the company's Board of Directors on July 23, 2024.
BorgWarner, with a history spanning over 130 years, is known for its transformative role in the automotive industry. The company is currently focused on accelerating the world's transition to eMobility, aiming to contribute to a cleaner, healthier, and safer future for all.
BorgWarner has unveiled its 2024 Sustainability Report, emphasizing significant progress in its sustainability efforts. Key achievements include earning 87% of revenue from EV and hybrid products, and a 32% reduction in Scope 1 and 2 GHG emissions from a 2021 baseline, targeting an 85% reduction by 2030. The company also aims to cut Scope 3 emissions by 25% by 2030. Additionally, solar power installations at nine sites led to a 48% increase in renewable energy use since 2022, and they achieved a 92.8% waste diversion rate, exceeding their 85% goal. BorgWarner filled 64% of leadership roles internally in 2023, surpassing its 50% target, and invested over $3.6 million in employee training. The company's supplier sustainability engagement reached 81.6%, beyond its set goal. CEO Frédéric Lissalde praised the team's dedication to cleaner mobility and sustainability.
For more details, visit the full report at www.borgwarner.com/company/sustainability.
BorgWarner (NYSE: BWA) has announced its 2024 second quarter results conference call scheduled for July 31, 2024, at 9:30am Eastern Time. The call will be accessible via webcast on their investor relations website. For those unable to join live, a recording will be available post-event.
BorgWarner, a company with over 130 years of history, has been a leader in mobility innovation. They are currently focusing on accelerating the global transition to eMobility, aiming for a cleaner and safer future.
BorgWarner has been recognized on USA TODAY's list of America's Best Climate Leaders 2024. This award is presented by USA TODAY and Statista Inc. and honors companies for their climate leadership based on a comprehensive two-step process involving application, research, and data analysis.
Criteria for inclusion included being headquartered in the USA, revenue of at least $50 million in 2022, independent emission reporting, and a broader environmental record. BorgWarner's recognition highlights their commitment to environmental sustainability across their business operations, including their strategy to increase production of electric and hybrid vehicle components.
Volker Weng, Vice President of BorgWarner and Environmental Sustainability Lead, emphasized the company's dedication to creating a cleaner, energy-efficient world through sustainable practices in production, materials, and partnerships.
BorgWarner (NYSE: BWA) has announced the promotion of Joseph Fadool to Executive Vice President and Chief Operating Officer, effective July 1, 2024. Fadool, currently Vice President and President and GM of Emissions, Thermal, and Turbo Systems, will oversee company operations, with business unit presidents reporting to him. The company also revealed a restructured business unit system to support its Charging Forward strategy, aiming to boost operational agility and efficiency. The new units are Emissions, Thermal and Turbo Systems, Drivetrain and Morse Systems, PowerDrive Systems, and Battery and Charging Systems. The reorganization will also align with the company's financial reporting segments starting July 1, 2024.
Josef Newgarden won the 2024 Indianapolis 500, securing his second consecutive win by passing Pato O'Ward on the final lap. Newgarden received the Borg-Warner Trophy® and a $440,000 rolling jackpot, resetting the pot for 2025. The race featured 49 lead changes among 18 drivers and was attended by 300,000 fans. This victory also marked team owner Roger Penske's 20th win in the event's history. BorgWarner's EFR™ turbochargers have powered all NTT INDYCAR SERIES® racecars since 2012.
BorgWarner Inc. reported strong first quarter results, including an increase in net sales and adjusted earnings per diluted share compared to the previous year. The company secured contracts for electric vehicle systems with XPeng, Polestar, and a major European OEM. BorgWarner also announced a share repurchase program of up to $500 million, in addition to repurchasing $100 million of its outstanding shares during the quarter. Full-year EPS guidance has been raised, with expected net sales in the range of $14.4 to $14.9 billion. Operating margin and adjusted net earnings per diluted share are also expected to increase for the full year.
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