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BorgWarner raises full-year 2024 adjusted profit outlook

Published 05/02/2024, 07:07 AM
Updated 05/02/2024, 07:45 AM
© Reuters.

(Reuters) - Auto parts supplier BorgWarner (NYSE:BWA) raised its full-year adjusted profit outlook on Thursday, aided by sustained demand from its exhausts, turbos and emission control systems.

BorgWarner, which supplies parts to Ford Motor (NYSE:F) and Volkswagen (ETR:VOWG_p), develops and manufactures products to improve fuel economy, EV powertrains, chargers and battery systems, among other components.

The company has benefited from automakers rushing to put out vehicles with smaller engines that are powerful and meet modern emission norms.

BorgWarner now expects its full-year adjusted profit per share to be between $3.80 and $4.15, compared with its prior outlook of $3.65 to $4.00.

On an adjusted basis, BorgWarner earned $1.03 per share in the quarter ended March 31, compared with LSEG estimates of 87 cents.

The company's first-quarter revenue rose about 6.3% from a year earlier to $3.6 billion, compared with analysts' estimates of about $3.51 billion.

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