BorgWarner Q4 Net Sales Up 28%
Net earnings were $115.6m for the fourth quarter of 2010, compared to $56.6m for the same period in 2009. Gross profit was $306.1m, compared to $213.2m for the same period in 2009.
Selling, administrative and general expenses were $148.3m for the fourth quarter of 2010, compared to $144.4m for the same period in 2009. Operating income was $157.4m, compared to $67.3m for the same period in 2009.
For the twelve months ended December 31, 2010, net sales were $5.65 billion, compared to $3.96 billion for the same period in 2009. Net earnings were $396.2m, compared to $36.4m for the same period in 2009.
Selling, general and administrative expenses were $566.6m for the twelve months of 2010, compared to of $459.8m for the same period in 2009. Gross profit was $1.09m, compared to $560.8m for the same period in 2009.
The company posted an operating income of $504.3m for the twelve months of 2010, compared to $50.83m for the same period in 2009.
Timothy Manganello, chairman and CEO of BorgWarner, said: â€œThe fourth quarter was a strong finish to an exceptional year for our company. Our sales were up 28 percent in fourth quarter 2010 compared with fourth quarter 2009, or 33 percent excluding the impact of currency, while global vehicle production was up five percent. New business growth was the driving force behind our fourth quarter results as it had been throughout the year.
â€œFor the full year, we posted record sales and earnings, and our operating income margin was the highest it has been in several years. These are remarkable accomplishments considering they were achieved with depressed volumes and immediately following one of the most difficult periods in our history.â€
Will the company improve net sales in Q1?
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