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State: 17.08.2024 | 11PM
Thu, 31.10.2024       BorgWarner
US0997241064

AUBURN HILLS, Mich., Oct. 31, 2024 /PRNewswire/ -- BorgWarner Inc. (NYSE: BWA) today reported third quarter results.

Third Quarter and 2024 Guidance Update

BorgWarner achieved an adjusted operating margin of 10.1% during the third quarter, which equated to a U.S. GAAP operating margin of 7.8%. The Company also generated net cash provided by operating activities of $356 million or $201 million in free cash flow, despite a 5.6% decline in the Company's weighted light and commercial vehicle markets.The Company increased the midpoint of its full year adjusted operating margin guidance by 20 basis points and adjusted earnings per share guidance by approximately $0.18 or 4% per diluted share. This increase is being driven by strong third quarter operational performance, continued cost controls, a lower effective tax rate, and the Company's third quarter share repurchases. The Company reduced its full year mid-point net sales guidance by $150 million primarily due to a lower market production outlook.BorgWarner completed the repurchase of $300 million of the Company's outstanding shares during the third quarter. BorgWarner has now repurchased $400 million of its outstanding shares during 2024.
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