CHICAGO, April 22 (Reuters) - Auto parts maker BorgWarner Inc. on Tuesday reported a strong quarterly profit, versus a year-ago loss, helped by new business and solid demand for its products in Europe.
BorgWarner, which makes turbochargers, transmissions and all-wheel drive systems, said it earned $44.2 million, or $1.65 a share, in the first quarter, reversing a year-ago loss of $237.5 million, or $8.90 a share, that included a write-down for a goodwill accounting change. Sales rose 22 percent to $775.7 million.
Excluding items, the company earned $31.5 million, or $1.18 a share, a year ago.
BorgWarner last week had said it expected to earn $1.65 a share in the first quarter. Analysts had expected earnings of $1.64 a share on average, according to Thomson First Call.
The Chicago-based company also reiterated its forecast full-year earnings guidance of $6.20 to $6.35 a share. It previously forecast second-quarter earnings of $1.45 to $1.55 a share.