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Share Name | Share Symbol | Market | Type |
---|---|---|---|
BorgWarner Inc | NYSE:BWA | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.91 | 2.74% | 34.09 | 34.095 | 33.04 | 33.26 | 264,445 | 15:36:49 |
Delaware | 1-12162 | 13-3404508 | ||
State or other jurisdiction of | Commission File No. | (I.R.S. Employer | ||
Incorporation or organization | Identification No.) |
3850 Hamlin Road, Auburn Hills, Michigan | 48326 | |
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit Number | Description |
99.1 | Press release regarding earnings issued by BorgWarner Inc. dated February 12, 2015 |
BorgWarner Inc. | ||
Date: February 12, 2015 | By: | /s/ John J. Gasparovic |
Name: John J. Gasparovic | ||
Title: Secretary |
EXHIBIT INDEX | |
Exhibit Number | Description |
99.1 | Press release regarding earnings issued by BorgWarner Inc. dated February 12, 2015 |
Immediate Release |
Contact: Ken Lamb |
248.754.0884 |
• | Net sales of $1,992 million, up 6% compared with fourth quarter 2013. |
◦ | Excluding the impact of foreign currencies and the Wahler acquisition, net sales were up 7% compared with fourth quarter 2013. |
• | U.S. GAAP net earnings of $0.61 per diluted share. |
◦ | Excluding the $(0.14) per diluted share impact of restructuring, pension settlement activities and intangible asset impairment, net earnings were $0.75 per diluted share. |
• | Operating income of $212 million. |
◦ | Excluding the $34 million pretax impact of restructuring, pension settlement activities and intangible asset impairment, operating income was $246 million, or 12.4% of net sales. |
• | Record net sales of $8,305 million. |
◦ | Excluding the impact of foreign currencies and the Wahler acquisition, net sales were up 8% from 2013. |
• | U.S. GAAP earnings of $2.86 per diluted share. |
◦ | Excluding net non-comparable items, 2014 earnings were $3.25 per diluted share, a record for the company, up 12% from 2013 comparable results. |
• | Operating income of $964 million, or 11.6% of net sales. |
◦ | Excluding non-comparable items, operating income was 12.9% of net sales, a full year record. |
• | Acquired Gustav Wahler GmbH u. Co. KG., a producer of exhaust gas recirculation (EGR) valves and tubes as well as engine thermostats for both on- and off-road applications. |
• | Repurchased over 2.4 million shares of common stock. |
• | Declared a 4% increase in the quarterly cash dividend. |
Net earnings per diluted share | Fourth Quarter | Full Year | ||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Non – U.S. GAAP | $ | 0.75 | $ | 0.79 | $ | 3.25 | $ | 2.89 | ||||||||
Reconciliations: | ||||||||||||||||
Restructuring expense | (0.09 | ) | (0.15 | ) | (0.33 | ) | (0.15 | ) | ||||||||
Intangible asset impairment | (0.04 | ) | (0.05 | ) | (0.04 | ) | (0.05 | ) | ||||||||
Pension settlement | (0.01 | ) | ||||||||||||||
Program termination agreement | (0.03 | ) | ||||||||||||||
Retirement related obligations | (0.02 | ) | ||||||||||||||
Tax adjustments | 0.02 | 0.05 | ||||||||||||||
U.S. GAAP | $ | 0.61 | * | $ | 0.62 | * | $ | 2.86 | * | $ | 2.70 | * | ||||
*Column does not add due to rounding |
• | BorgWarner officially opened its new production plant in Viana do Castelo, Portugal. The state-of-the-art building expands the company's production capacity to meet growing demand for several exhaust gas recirculation technologies as well as glow plug control modules for passenger cars and commercial vehicles. The new facility provides 50 percent more manufacturing space, than the currently rented site in Valença and has additional space for future expansion. |
• | BorgWarner manufacturing facilities in Frankfort, Illinois; Water Valley, Mississippi; and Ithaca, New York, received 2014 Supplier Quality Excellence Awards from General Motors (GM), which were presented to only 17 percent of GM’s 2,300 suppliers in the United States and Canada. Also, the company's manufacturing plant in Manesar, India, was presented with a 2014 Supplier Quality Excellence Award from GM India. |
• | BorgWarner supplies its advanced turbocharging technology for Volkswagen’s latest 1.4-liter four-cylinder gasoline engine for the Chinese market. The wastegate turbocharger applies a mixed-flow turbine to deliver superior responsiveness over the entire engine speed range. |
• | The company announced that it is supplying its GenV electro-hydraulic actuated all-wheel drive coupling for Lamborghini’s new Huracán LP610-4 sports car. The intelligent coupling automatically distributes power between the rear and front wheels using a new lightweight and compact design for reduced vehicle complexity and easier integration into the drivetrain. |
• | BorgWarner supplies its inverted tooth silent chain for JATCO’s CVT7 continuously variable transmission. The silent chain technology drives the oil pump used to lubricate the system and generate hydraulic pressure to adjust the pulleys that enable torque transfer in a continuously variable transmission. The transmission propels a wide variety of automobiles, including Nissan, Suzuki and Mitsubishi. |
• | The company is supplying its high-performance friction technology for Audi’s new dual-clutch transmission. The advanced technology features an innovative friction plate design that significantly improves shift quality, helps increase fuel economy and reduces noise, vibration and harshness (NVH). Audi’s new dual-clutch transmission was introduced on the Audi A6. |
• | BorgWarner is supplying its advanced front cross differential technology (FXD) for the new SEAT Leon CUPRA. Designed for high-performance front-wheel drive (FWD) vehicles, the electronic limited slip differential significantly improves vehicle handling, traction and stability in nearly all driving conditions. FXD technology provides automakers with a cost-effective and fuel-efficient alternative to all-wheel drive (AWD) systems. |
• | BorgWarner produces plug top ignition coils with integrated electronics at its plant in Ramos, Mexico, for Volkswagen’s 2.0- and 1.8-liter I4 engines built in Mexico. These engines power the Volkswagen Jetta and Beetle as well as other models designated for the U.S. market. The compact plug top technology delivers more ignition energy and higher voltage than conventional plug top or pencil ignition coils. |
BorgWarner Inc. | |||||||||||||||
Condensed Consolidated Statements of Operations (Unaudited) | |||||||||||||||
(millions, except per share amounts) | |||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Net sales | $ | 1,991.9 | $ | 1,885.4 | $ | 8,305.1 | $ | 7,436.6 | |||||||
Cost of sales | 1,578.6 | 1,478.8 | 6,548.7 | 5,879.1 | |||||||||||
Gross profit | 413.3 | 406.6 | 1,756.4 | 1,557.5 | |||||||||||
Selling, general and administrative expenses | 169.4 | 167.1 | 698.9 | 639.7 | |||||||||||
Other expense, net | 31.7 | 51.8 | 93.8 | 62.6 | |||||||||||
Operating income | 212.2 | 187.7 | 963.7 | 855.2 | |||||||||||
Equity in affiliates’ earnings, net of tax | (11.5 | ) | (12.3 | ) | (47.3 | ) | (43.5 | ) | |||||||
Interest income | (1.2 | ) | (1.5 | ) | (5.5 | ) | (4.8 | ) | |||||||
Interest expense and finance charges | 10.2 | 7.6 | 36.4 | 34.2 | |||||||||||
Earnings before income taxes and noncontrolling interest | 214.7 | 193.9 | 980.1 | 869.3 | |||||||||||
Provision for income taxes | 67.3 | 44.5 | 292.6 | 218.3 | |||||||||||
Net earnings | 147.4 | 149.4 | 687.5 | 651.0 | |||||||||||
Net earnings attributable to the noncontrolling interest, net of tax | 7.5 | 8.0 | 31.7 | 26.7 | |||||||||||
Net earnings attributable to BorgWarner Inc. | $ | 139.9 | $ | 141.4 | $ | 655.8 | $ | 624.3 | |||||||
Earnings per share — diluted | $ | 0.61 | $ | 0.62 | $ | 2.86 | $ | 2.70 | |||||||
Weighted average shares outstanding — diluted | 228.0 | 229.5 | 228.9 | 231.3 | |||||||||||
Supplemental Information (Unaudited) | |||||||||||||||
(millions of dollars) | |||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Capital expenditures, including tooling outlays | $ | 165.1 | $ | 119.9 | $ | 563.0 | $ | 417.8 | |||||||
Depreciation and amortization: | |||||||||||||||
Fixed assets and tooling | $ | 76.9 | $ | 70.3 | $ | 303.2 | $ | 272.7 | |||||||
Intangible assets and other | 6.5 | 6.6 | 27.2 | 26.7 | |||||||||||
$ | 83.4 | $ | 76.9 | $ | 330.4 | $ | 299.4 |
BorgWarner Inc. | |||||||||||||||
Net Sales by Reporting Segment (Unaudited) | |||||||||||||||
(millions of dollars) | |||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Engine | $ | 1,383.9 | $ | 1,266.0 | $ | 5,705.9 | $ | 5,022.1 | |||||||
Drivetrain | 615.0 | 627.6 | 2,631.4 | 2,446.5 | |||||||||||
Inter-segment eliminations | (7.0 | ) | (8.2 | ) | (32.2 | ) | (32.0 | ) | |||||||
Net sales | $ | 1,991.9 | $ | 1,885.4 | $ | 8,305.1 | $ | 7,436.6 | |||||||
Adjusted Earnings Before Interest, Income Taxes and Noncontrolling Interest ("Adjusted EBIT") (Unaudited) | |||||||||||||||
(millions of dollars) | |||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Engine | $ | 228.0 | $ | 207.9 | $ | 924.0 | $ | 826.0 | |||||||
Drivetrain | 65.7 | 70.5 | 303.3 | 252.2 | |||||||||||
Adjusted EBIT | 293.7 | 278.4 | 1,227.3 | 1,078.2 | |||||||||||
Restructuring expense | 23.2 | 39.8 | 90.8 | 39.8 | |||||||||||
Intangible asset impairment | 10.3 | 12.5 | 10.3 | 12.5 | |||||||||||
Pension settlement | 0.4 | — | 3.1 | — | |||||||||||
Program termination agreement | — | — | — | 11.3 | |||||||||||
Retirement related obligations | — | — | — | 5.9 | |||||||||||
Corporate, including equity in affiliates' earnings and stock-based compensation | 36.1 | 26.1 | 112.1 | 110.0 | |||||||||||
Interest income | (1.2 | ) | (1.5 | ) | (5.5 | ) | (4.8 | ) | |||||||
Interest expense and finance charges | 10.2 | 7.6 | 36.4 | 34.2 | |||||||||||
Earnings before income taxes and noncontrolling interest | 214.7 | 193.9 | 980.1 | 869.3 | |||||||||||
Provision for income taxes | 67.3 | 44.5 | 292.6 | 218.3 | |||||||||||
Net earnings | 147.4 | 149.4 | 687.5 | 651.0 | |||||||||||
Net earnings attributable to the noncontrolling interest, net of tax | 7.5 | 8.0 | 31.7 | 26.7 | |||||||||||
Net earnings attributable to BorgWarner Inc. | $ | 139.9 | $ | 141.4 | $ | 655.8 | $ | 624.3 |
BorgWarner Inc. | |||||||
Condensed Consolidated Balance Sheets (Unaudited) | |||||||
(millions of dollars) | |||||||
December 31, 2014 | December 31, 2013 | ||||||
Assets | |||||||
Cash | $ | 797.8 | $ | 939.5 | |||
Receivables, net | 1,443.5 | 1,248.5 | |||||
Inventories, net | 505.7 | 458.1 | |||||
Other current assets | 223.8 | 152.4 | |||||
Total current assets | 2,970.8 | 2,798.5 | |||||
Property, plant and equipment, net | 2,093.9 | 1,939.4 | |||||
Other non-current assets | 2,163.3 | 2,179.1 | |||||
Total assets | $ | 7,228.0 | $ | 6,917.0 | |||
Liabilities and Equity | |||||||
Notes payable and other short-term debt | $ | 623.7 | $ | 201.6 | |||
Accounts payable and accrued expenses | 1,530.3 | 1,383.8 | |||||
Income taxes payable | 14.2 | 38.5 | |||||
Total current liabilities | 2,168.2 | 1,623.9 | |||||
Long-term debt | 716.3 | 1,021.0 | |||||
Other non-current liabilities | 652.6 | 639.7 | |||||
Total BorgWarner Inc. stockholders’ equity | 3,616.2 | 3,560.6 | |||||
Noncontrolling interest | 74.7 | 71.8 | |||||
Total equity | 3,690.9 | 3,632.4 | |||||
Total liabilities and equity | $ | 7,228.0 | $ | 6,917.0 |
BorgWarner Inc. | |||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) | |||||||
(millions of dollars) | |||||||
Twelve Months Ended December 31, | |||||||
2014 | 2013 | ||||||
Operating | |||||||
Net earnings | $ | 687.5 | $ | 651.0 | |||
Non-cash charges (credits) to operations: | |||||||
Depreciation and amortization | 330.4 | 299.4 | |||||
Restructuring expense, net of cash paid | 45.8 | 48.5 | |||||
Deferred income tax expense (benefit) | 42.3 | (22.9 | ) | ||||
Other non-cash items | 30.0 | 15.3 | |||||
Net earnings adjusted for non-cash charges to operations | 1,136.0 | 991.3 | |||||
Changes in assets and liabilities | (334.2 | ) | (272.5 | ) | |||
Net cash provided by operating activities | 801.8 | 718.8 | |||||
Investing | |||||||
Capital expenditures, including tooling outlays | (563.0 | ) | (417.8 | ) | |||
Payments for businesses acquired, net of cash acquired | (110.5 | ) | — | ||||
Net proceeds from asset disposals | 8.4 | 23.9 | |||||
Net proceeds from sale of businesses | — | 9.1 | |||||
Net cash used in investing activities | (665.1 | ) | (384.8 | ) | |||
Financing | |||||||
Net increase (decrease) in notes payable | 493.2 | (44.4 | ) | ||||
Additions to long-term debt, net of debt issuance costs | 130.5 | 289.5 | |||||
Repayments of long-term debt, including current portion | (431.6 | ) | (77.0 | ) | |||
Repayments of accounts receivable securitization facility | (110.0 | ) | — | ||||
Payments for purchase of treasury stock | (139.9 | ) | (225.5 | ) | |||
Proceeds from stock options exercised, including the tax benefit | 16.9 | 33.0 | |||||
Taxes paid on employees' restricted stock award vestings | (23.6 | ) | (40.9 | ) | |||
Dividends paid to BorgWarner stockholders | (116.1 | ) | (56.8 | ) | |||
Dividends paid to noncontrolling stockholders | (21.1 | ) | (13.3 | ) | |||
Net cash used in financing activities | (201.7 | ) | (135.4 | ) | |||
Effect of exchange rate changes on cash | (76.7 | ) | 25.2 | ||||
Net increase in cash | (141.7 | ) | 223.8 | ||||
Cash at beginning of year | 939.5 | 715.7 | |||||
Cash at end of year | $ | 797.8 | $ | 939.5 |
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