BorgWarner third quarter net sales up 37.3 per cent

Third quarter net earnings up to $106.7m

BorgWarner has reported net sales of $1.41bn for the third quarter ended 30 September 2010, an increase of 37.3 per cent, compared to $1.03bn for the same period in 2009.

For the third quarter of 2010, BorgWarner posted an operating income of $123m, compared to $27.5m for the same period in 2009.

Gross profit was $273.3m, compared to $151.8m for the same period in 2009.

Net earnings in the quarter were $106.7m, or $0.87 per diluted share, compared with $17.2m, or $0.15 per diluted share in third quarter 2009.

Third quarter 2010 net earnings included a non-recurring item of $0.17 per diluted share.

For the nine months ended 30 September 2010, net sales were $4.11bn, an increase of 49.1 per cent, compared to $2.76bn for the same period in 2009.

Operating income was $346.9m, compared to an operating loss of $16.5m for the same period in 2009.

Gross profit was $787.2m for the nine months of 2010, compared to $347.6m for the same period in 2009.

BorgWarner chairman and CEO Timothy Manganello said, the company sales were up 37 per cent in third quarter 2010 compared with third quarter 2009, or 44 per cent excluding the impact of currency, while global vehicle production was up 10 per cent.

"We grew in every major region of the world, most notably in China where our sales were up nearly 70 per cent," Manganello said.

"Our sales in China now represent approximately 6 per cent of our consolidated sales and have nearly doubled from 2009."