BorgWarner Inc., Chicago, has reported 2003 earnings of $6.40 per share on sales of $3.07 billion.
The powertrain systems supplier delivered record results in spite of a decline in worldwide car and truck production. Strong demand for the company's fuel-efficient engine technology and increased volumes from new business continued to drive growth.
The company also announced that its board of directors has approved a two-for-one stock split subject to shareholder approval of an increase in the number of shares of authorized common stock. This proposal will be voted on at the annual meeting in April.
For the 2003 fourth quarter, sales were $798.8 million compared with $700.8 million in the 2002 fourth quarter. Net income in the quarter was $50.0 million, or $1.80 per share compared with $40.8 million, or $1.52 per share, in last year's fourth quarter. Sales for 2003 totaled $3.07 billion compared with $2.73 billion in 2002. Full-year 2003 net income was $174.9 million, or $6.40 per share, compared with $149.9 million, or $5.58 per share, of net income before an accounting change in 2002.
"Once again, we delivered growth levels that significantly outpaced worldwide car and truck production because our technology is targeted at the fastest growing parts of the market," said Timothy M. Manganello, chairman and CEO. "In 2004, we expect to deliver continued growth from new business and to benefit from a number of long-term trends. These trends include strong demand in Europe for our more fuel-efficient engine and transmission systems, the popularity of four-wheel drive vehicles in North America and the on-going shift to engine chain timing systems worldwide."
The powertrain systems supplier delivered record results in spite of a decline in worldwide car and truck production. Strong demand for the company's fuel-efficient engine technology and increased volumes from new business continued to drive growth.
The company also announced that its board of directors has approved a two-for-one stock split subject to shareholder approval of an increase in the number of shares of authorized common stock. This proposal will be voted on at the annual meeting in April.
For the 2003 fourth quarter, sales were $798.8 million compared with $700.8 million in the 2002 fourth quarter. Net income in the quarter was $50.0 million, or $1.80 per share compared with $40.8 million, or $1.52 per share, in last year's fourth quarter. Sales for 2003 totaled $3.07 billion compared with $2.73 billion in 2002. Full-year 2003 net income was $174.9 million, or $6.40 per share, compared with $149.9 million, or $5.58 per share, of net income before an accounting change in 2002.
"Once again, we delivered growth levels that significantly outpaced worldwide car and truck production because our technology is targeted at the fastest growing parts of the market," said Timothy M. Manganello, chairman and CEO. "In 2004, we expect to deliver continued growth from new business and to benefit from a number of long-term trends. These trends include strong demand in Europe for our more fuel-efficient engine and transmission systems, the popularity of four-wheel drive vehicles in North America and the on-going shift to engine chain timing systems worldwide."
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