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This excerpt taken from the BWA 8-K filed Jul 31, 2008. Comment and
Outlook: “Our record second quarter performance, which was
achieved despite rapidly declining conditions in the North American auto
industry, reaffirms the benefits of our diversified customer base, focus on fuel
efficient technologies and our broad geographic footprint,” said Tim Manganello,
BorgWarner Chairman and CEO. “BorgWarner sales outside of the U.S. were up 13%,
excluding the impact of currency, comparing favorably with non-U.S. vehicle
production which was 6% higher. Conversely, our sales in the U.S.
were down 17%, consistent with U.S. vehicle production which was down 18% during
the quarter.
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“We are
taking proactive steps to maintain and enhance our global competitive
advantage,” Manganello continued. “These steps include further
restructuring our North American operations in the third quarter. Our
decision was not made lightly or without regard for the interests of our
employees, but was necessary to address what we view as a continuing,
fundamental, permanent shift in the North American auto industry. By
taking action now, we expect to successfully manage our business through an
extremely difficult period and provide a solid base from which to address our
U.S. customers’ growing needs for fuel efficient cars and
trucks. Higher oil prices, while currently disruptive, highlight the
critical need for fuel efficient technologies like ours.”
Commenting
on the remainder of the year, Manganello said: “We are managing our
global business in two distinct operating environments. In Europe and
Asia, our businesses are expected to experience sustained
growth. Conversely, in North America, our operations will remain
focused on fuel efficiency and cost management. While we anticipate
that the European automotive market will experience a slow down in the second
half of 2008, we expect that demand for down-sized turbocharged gas and diesel
engines and more efficient dual-clutch transmissions will continue to drive our
above-average market growth. Our guidance balances North American
schedule declines and global commodity pricing pressures with continued strength
in other key markets.”
This excerpt taken from the BWA 8-K filed May 2, 2008. Comment and
Outlook: “The year got off to a strong start, with excellent
results in Europe and Asia,” said Tim Manganello, Chairman and
CEO. “Despite recession worries, we are seeing stable growth driven
by our product technologies that improve fuel economy, lower emissions and
provide better vehicle performance. Our sales outside of the
U.S. were up 15%, excluding the impact of currency, compared with vehicle
production outside of the U.S. that was up only 4%. Our sales in the
U.S. declined 4% due to lower U.S. vehicle production, which was down
8%.”
Commenting on the
remainder of the year, Manganello pointed to the Company’s reaffirmation of its
2008 earnings guidance in the range of $2.85 to $3.00 per diluted share, which
implies earnings growth of 20% to 25% compared with 2007. “We expect
2008 to be another record year for BorgWarner,” he said. “Consumers
want better fuel economy and reduced emissions in every region of the world.
These needs are driving demand for BorgWarner’s leading powertrain technologies
like turbochargers and dual-clutch transmission modules for which we are
launching new programs and expanding capacity. The strength of the platforms we
are on has allowed us to more than offset general vehicle schedule declines, and
will enable our continued growth to outpace that of the industry in the
future.”
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