Sector: Consumer Discretionary|Industry: Auto Parts|Market Cap: $7.02B|Employees: 40K
BorgWarner Inc., together with its subsidiaries, provides solutions for combustion, hybrid, and electric vehicles worldwide. It offers turbochargers, eBoosters, eTurbos, timing systems, emissions systems, thermal systems, gasoline ignition technology, smart remote actuators, powertrain sensors, cabin heaters, battery modules and systems, battery heaters, and battery charging. The company provides power electronics, control modules, software, friction, and mechanical products for automatic transmissions and torque-management products. It sells its products to original equipment manufacturers of light vehicles, which comprise passenger cars, sport-utility vehicles, vans, and light trucks; commercial vehicles, including medium-duty and heavy-duty trucks, and buses; and off-highway vehicles, such as agricultural and construction machinery, and marine applications, as well as to tier one vehicle systems suppliers and the aftermarket for light, commercial, and off-highway vehicles. The company was formerly known as Borg-Warner Automotive, Inc. BorgWarner Inc. was incorporated in 1987 and is headquartered in Auburn Hills, Michigan.
Net sales for the three months ended September 30, 2024, totaled $3,449 million, a decrease of $173 million, or 5%, compared to the three months ended September 30, 2023. The weighted average market production, as estimated by the Company, was down approximately 6% from the three months ended September 30, 2023.
Gross profit and gross margin were $636 million and 18.4%, respectively, during the three months ended September 30, 2024, compared to $652 million and 18.0%, respectively, during the three months ended September 30, 2023. The increase in gross margin was primarily due to the factors discussed above.
Net earnings from continuing operations were $257 million for the three months ended September 30, 2024, compared to $105 million for the three months ended September 30, 2023. This was primarily due to a decrease in sales and an increase in restructuring expenses.