Skip navigation
Newswire

UPDATE 1-BorgWarner profit up on engine system sales

(Adds earnings details, background)

CHICAGO, Oct 27 (Reuters) - Auto parts maker BorgWarner Inc. said on Monday its quarterly earnings rose 13 percent, boosted by growth in its engine and four-wheel drive businesses.

The Chicago-based company said its third-quarter net income rose to $35.9 million, or $1.30 a share, from $31.9 million, or $1.18 a share, a year ago.

Analysts on average had expected earnings of $1.29 a share, with estimates ranging from $1.18 to $1.36, according to Reuters Research, a unit of Reuters Group Plc.

Sales climbed to $725.2 million from $684.0 million.

BorgWarner narrowed its full-year 2003 earnings forecast to a range of $6.25 to $6.35 a share, at the upper end of its prior forecast of $6.20 to $6.35 a share.

For 2004, the company forecast earnings growth of 12 percent to 16 percent on sales growth of 8 percent to 11 percent.

Analysts had expected earnings of $6.31 a share in 2003 and $7.03 a share in 2004, according to Reuters Research.