BorgWarner’s net income climbs 15% during first quarter
Michigan-based automotive supplier BorgWarner reported a strong performance during the first quarter with a US$ 189.2 million net income, up 15% from the same period a year earlier. Total revenue for the quarter climbed 6.1% to US$ 2.4 billion.
The company said in its release that revenue took about a US$ 49 million hit from negative currency exchange rates, as well as a US$ 90 million negative impact from the sale of its Remy aftermarket business.
BorgWarner said it expects to increase sales for its global hybrid and electric vehicle parts, even as a U.S. review of fuel economy standards threatens to slow emissions improvements. The company expects to boost revenue from eco-friendly technology to around 16% of total by 2023, from around 1% currently.
BorgWarner is a manufacturer of powertrain products for major automakers. Its products include four-wheel-drive and all-wheel-drive transfer cases (primarily for light trucks and sport utility vehicles), as well as automatic transmission and timing chain systems. These products are produced and sold worldwide, primarily to original equipment manufacturers.
The corporation owns five production facilities in Mexico located in the cities of San Luis Potosi, Juarez, El Salto, Ramos Arizpe and Irapuato.