AUBURN HILLS, Mich.,
July 25, 2019 /PRNewswire/
-- BorgWarner Inc. (NYSE: BWA) today reported second quarter
results.
Second Quarter Highlights:
- U.S. GAAP net sales of $2,551
million, down 5.3% compared with second quarter 2018.
-
- Excluding the impact of foreign currencies and the net impact
of acquisitions and divestitures, net sales were down 0.3% compared
with second quarter 2018.
- U.S. GAAP net earnings of $0.83
per diluted share.
-
- Excluding the $0.17 per diluted
share related to non-comparable items (detailed in the table
below), adj. net earnings were $1.00
per diluted share.
- U.S. GAAP operating income of $285
million, 11.2% of net sales.
-
- Excluding the $18 million of
pretax expenses related to non-comparable items, adj. operating
income was $303 million.
Excluding the impact of non-comparable items, adj. operating income
was 11.9% of net sales.
Full Year 2019 Guidance: The company has adjusted its
2019 full year guidance. Net sales are expected to be in the
range of $9.94 billion to
$10.18 billion. This implies
year-over-year organic sales change of down 2.5% to flat. The
company expects its market to decline in the range of 3.5% to 5.0%
in 2019. Global light vehicle production expectations remain
volatile, particularly in China. Foreign currencies are
expected to decrease year-over-year sales by $270 million, primarily due to the depreciation
of the Euro, Chinese Renminbi and Korean Won. The divestiture of
the thermostat product line will decrease year-over-year sales by
approximately $90 million. Excluding
the impact of non-comparable items, adj. operating margin is
expected to be in the range of 11.4% to 11.8%. Excluding the
impact of non-comparable items, adj. net earnings are expected to
be within a range of $3.75 to
$4.00 per diluted share. 2019
full-year free cash flow is expected to be in the range of
$525 million to $575 million.
Third Quarter 2019 Guidance: The company expects a third
quarter 2019 organic net sales change in the range of down 1.5% to
up 1.5%, compared with third quarter 2018 net sales of $2.48 billion. Foreign currencies are
expected to decrease year-over-year sales by $25 million. The divestiture of the
thermostat product line will decrease year-over-year sales by
approximately $29 million. Excluding
the impact of non-comparable items, adj. net earnings are expected
to be within a range of $0.83 to
$0.90 per diluted share.
Financial Results:
The company believes the following
table is useful in highlighting non-comparable items that impacted
its U.S. GAAP net earnings per diluted share:
Net earnings per
diluted share
|
Three Months Ended
June 30,
|
|
Six Months Ended June
30
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
U.S.
GAAP
|
$
|
0.83
|
|
|
$
|
1.30
|
|
|
$
|
1.60
|
|
|
$
|
2.36
|
|
|
|
|
|
|
|
|
|
|
|
Non-comparable
items:
|
|
|
|
|
|
|
|
|
Restructuring
expense
|
0.05
|
|
|
0.11
|
|
|
0.11
|
|
|
0.14
|
|
|
Merger, acquisition
and divestiture expense
|
0.02
|
|
|
0.01
|
|
|
0.02
|
|
|
0.02
|
|
|
Officer stock awards
modification
|
—
|
|
|
(0.02)
|
|
|
0.01
|
|
|
(0.02)
|
|
|
Loss on
arbitration
|
—
|
|
|
—
|
|
|
0.07
|
|
|
—
|
|
|
Gain on commercial
settlement
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.01)
|
|
|
Pension settlement
loss
|
0.10
|
|
|
—
|
|
|
0.10
|
|
|
—
|
|
|
Tax
adjustments
|
—
|
|
|
(0.21)
|
|
|
0.09
|
|
|
(0.21)
|
|
|
|
|
|
|
|
|
|
|
|
Non – U.S.
GAAP
|
$
|
1.00
|
|
|
$
|
1.18
|
|
*
|
$
|
1.99
|
|
*
|
$
|
2.28
|
|
|
* Column does not add
due to rounding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales were $2,551 million in
second quarter 2019, down 5.3% from $2,694
million in second quarter 2018. Net income in second
quarter 2019 was $172 million, or
$0.83 per diluted share, compared
with $272 million, or $1.30 per diluted share, in second quarter
2018. Adj. net income per share in second quarter 2019 was
$1.00 down from $1.18 in second quarter 2018. Adj. net
income in second quarter 2019 excluded non-comparable items of
$0.17 per diluted share. Adj.
net income in second quarter 2018 excluded net non-comparable items
of $(0.11) per diluted share.
These items are listed in the table above, which is provided by the
company for comparison with other results and the most directly
comparable U.S. GAAP measures. The impact of foreign
currencies decreased net sales by approximately $106 million and decreased net earnings by
approximately $0.04 per diluted share
in second quarter 2019 compared with second quarter 2018. The
decline in net earnings is primarily due to the impact of lower
revenue, cost of recently enacted tariffs and supplier cost
reductions not keeping pace with normal customer price
deflation.
For the first six months of 2019, net sales were $5,117 million, down 6.6% from $5,478 million in the first six months of
2018. Net income in the first six months of 2019 was
$332 million, or $1.60 per diluted share, compared with
$497 million, or $2.36 per diluted share, in the first six months
of 2018. Adj. net income per share in the first six months
of 2019 was $1.99 down from
$2.28 in the first six months of
2018. Adj. net income in the first six months of 2019
excluded net non-comparable items of $0.40 per diluted share. Adj. net income in
the first six months of 2018 excluded net non-comparable items of
$(0.08) per diluted share. These
items are listed in the table above, which is provided by the
company for comparison with other results and the most directly
comparable U.S. GAAP measures. The impact of foreign currencies
decreased net sales by approximately $233
million and decreased net earnings by approximately
$0.10 per diluted share in the first
six months of 2019 compared with the first six months of 2018. The
impact of the divestiture of the thermostat product line decreased
net sales by $30 million in the first
six months of 2019 compared with the first six months of
2018. The decline in net earnings is primarily due to the
impact of lower revenue, cost of recently enacted tariffs and
supplier cost reductions not keeping pace with normal customer
price deflation.
Net cash provided by operating activities was $467 million in first six months of 2019 compared
with $305 million the first six
months of 2018. Investments in capital expenditures,
including tooling outlays, totaled $244
million in the first six months of 2019, compared with
$269 million in the first six months
of 2018. Balance sheet debt decreased $14
million, and cash and restricted cash decreased by
$29 million at the end of second
quarter 2019 compared with the end of 2018.
Engine Segment Results: Engine segment net sales
were $1,569 million in second quarter
2019 compared with $1,674 million in
second quarter 2018. Excluding the impact of foreign
currencies and the divestiture of the thermostat product line, net
sales were down 0.4% from the prior year's quarter. Adj.
earnings before interest, income taxes and non-controlling interest
("Adj. EBIT") were $249 million in
second quarter of 2019. Excluding the impact of foreign
currencies, Adj. EBIT was $258
million, down 6.9% from second quarter of 2018. The
decline in Adj. EBIT is primarily due to industry volume declines
and supplier cost reductions not keeping pace with normal customer
price deflation.
Drivetrain Segment Results: Drivetrain segment net
sales were $998 million in second
quarter 2019 compared with $1,034
million in second quarter 2018. Excluding the impact
of foreign currencies, net sales were up 0.2% from the prior year's
quarter. Adj. EBIT was $102
million in second quarter 2019. Excluding the impact
of foreign currencies, Adj. EBIT was $106
million, down 8.6% from second quarter 2018. The
decline in Adj. EBIT is primarily due to higher research and
development spending and startup costs for launches.
Recent Highlights:
- BorgWarner's reputation as a global leader in combustion
technologies is demonstrated by the use of the company's innovative
regulated two-stage (R2S®) turbocharging system for BMW Group's
latest 2.0 liter TwinPower turbo 4-cylinder diesel engine, featured
in most of the latest and upcoming vehicle models across the
range. The extraordinary combination of a low pressure
variable turbine geometry (VTG) turbocharger and a high pressure
wastegate turbocharger was tailored to meet the automaker's
specific demands – most R2S applications use VTG in the
high-pressure stage. BorgWarner's technology is helping
automakers comply with increasingly stringent local emissions
regulations worldwide and, in Europe, supports them in meeting the
requirements of the Euro 6d TEMP standard.
- BorgWarner announced a new joint venture which will add battery
packs to its broad propulsion portfolio. With global
expertise supplying combustion, hybrid and electric vehicle
propulsion solutions, BorgWarner is continuing to build its
electrification portfolio and systems expertise by agreeing to form
a joint venture with Romeo Power Technology, a technology-leading
battery module and pack supplier. BorgWarner and Romeo Power
Technology will form a new joint venture where BorgWarner will own
60% interest. BorgWarner believes bringing together BorgWarner's
customer, product launch and quality excellence with Romeo's
leading battery module and pack technology will meet a wide range
of customers' battery-electric vehicle needs. The battery
modules and packs are expected to include intelligent battery
management systems with proprietary algorithms for enhanced
performance and cycle life, as well as proprietary thermal
engineering for active and passive cooling.
- BorgWarner has been recognized by Forbes as one of America's
Best Large Employers 2019 for excellence in workplace culture and
employee satisfaction. The survey results identified BorgWarner as
a best employer based primarily on employees' willingness to
recommend their own employer.
- BorgWarner was named a GM Innovation Award winner during
General Motors' 27th annual Supplier of the Year awards ceremony
held Thursday, May 16 in Warren,
Michigan. GM's Innovation Award recognizes the top suppliers
among thousands of global contenders that introduced innovations
that benefit customers. BorgWarner was named one of four 2018
Innovation Award winners for its Dual Volute turbocharger for
gasoline engines. The new dual volute turbocharger was
specifically engineered for gasoline engines in light-duty vehicles
with aggressive transient response targets. BorgWarner's new
turbocharger delivers a noticeably quicker engine response time
when accelerating from low speeds. General Motors is the
first OEM to put this innovative technology in a production
vehicle, the 2019 Chevy Silverado 1500 and 2019 GMC Sierra 1500
pickup truck models powered by GM's 2.7-liter four-cylinder
turbocharged engine.
At 9:30 a.m. ET today, a brief
conference call concerning second quarter 2019 results and guidance
will be webcast at:
http://www.borgwarner.com/en/Investors/default.aspx.
BorgWarner Inc. (NYSE: BWA) is a global product leader in clean
and efficient technology solutions for combustion, hybrid and
electric vehicles. With manufacturing and technical
facilities in 67 locations in 19 countries, the company employs
approximately 30,000 worldwide. For more information, please visit
borgwarner.com.
Statements in this press release may constitute forward-looking
statements as contemplated by the 1995 Private Securities
Litigation Reform Act that are based on management's current
outlook, expectations, estimates and projections. Words such as
"anticipates," "believes," "continues," "could," "designed,"
"effect," "estimates," "evaluates," "expects," "forecasts," "goal,"
"guidance," "initiative," "intends," "may," "outlook," "plans,"
"potential," "predicts," "project," "pursue," "seek," "should,"
"target," "when," "will," "would," and variations of such words and
similar expressions are intended to identify such forward-looking
statements. Forward-looking statements are not guarantees of
performance, and the Company's actual results may differ materially
from those expressed, projected or implied in or by the
forward-looking statements. These risks and uncertainties, among
others, include: our dependence on automotive and truck production,
both of which are highly cyclical; our reliance on major OEM
customers; commodities availability and pricing; supply
disruptions; fluctuations in interest rates and foreign currency
exchange rates; availability of credit; our dependence on key
management; our dependence on information systems; the uncertainty
of the global economic environment; the outcome of existing or any
future legal proceedings, including litigation with respect to
various claims; future changes in laws and regulations, including,
by way of example, tariffs, in the countries in which we operate,
as well as other risks noted in reports that we file with the
Securities and Exchange Commission, including the Risk Factors in
our most recently filed Annual Report on Form 10-K. We do not
undertake any obligation to update or announce publicly any updates
to or revision to any of the forward-looking statements in this
press release to reflect any change in our expectations or any
change in events, conditions, circumstances, or assumptions
underlying the statements.
BorgWarner
Inc.
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations (Unaudited)
|
|
|
|
|
(millions, except per
share amounts)
|
|
|
|
|
|
|
|
Three Months
Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Net sales
|
$
|
2,551
|
|
|
$
|
2,694
|
|
|
$
|
5,117
|
|
|
$
|
5,478
|
|
Cost of
sales
|
2,038
|
|
|
2,114
|
|
|
4,085
|
|
|
4,307
|
|
Gross
profit
|
513
|
|
|
580
|
|
|
1,032
|
|
|
1,171
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
212
|
|
|
237
|
|
|
438
|
|
|
490
|
|
Other expense,
net
|
16
|
|
|
30
|
|
|
45
|
|
|
35
|
|
Operating
income
|
285
|
|
|
313
|
|
|
549
|
|
|
646
|
|
|
|
|
|
|
|
|
|
Equity in affiliates'
earnings, net of tax
|
(9)
|
|
|
(13)
|
|
|
(18)
|
|
|
(23)
|
|
Interest
income
|
(2)
|
|
|
(1)
|
|
|
(5)
|
|
|
(3)
|
|
Interest
expense
|
14
|
|
|
15
|
|
|
28
|
|
|
31
|
|
Other postretirement
expense (income)
|
27
|
|
|
(2)
|
|
|
27
|
|
|
(5)
|
|
Earnings before
income taxes and noncontrolling interest
|
255
|
|
|
314
|
|
|
517
|
|
|
646
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
73
|
|
|
30
|
|
|
164
|
|
|
125
|
|
Net
earnings
|
182
|
|
|
284
|
|
|
353
|
|
|
521
|
|
|
|
|
|
|
|
|
|
Net earnings
attributable to the noncontrolling interest, net of tax
|
10
|
|
|
12
|
|
|
21
|
|
|
24
|
|
Net earnings
attributable to BorgWarner Inc.
|
$
|
172
|
|
|
$
|
272
|
|
|
$
|
332
|
|
|
$
|
497
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share —
diluted
|
$
|
0.83
|
|
|
$
|
1.30
|
|
|
$
|
1.60
|
|
|
$
|
2.36
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding — diluted
|
206.8
|
|
|
209.9
|
|
|
207.0
|
|
|
210.3
|
|
|
|
|
|
|
|
|
|
Supplemental
Information (Unaudited)
|
|
|
|
|
|
|
|
(millions of
dollars)
|
|
|
|
|
|
|
|
|
Three Months
Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Capital expenditures,
including tooling outlays
|
$
|
127
|
|
|
$
|
109
|
|
|
$
|
244
|
|
|
$
|
269
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
$
|
107
|
|
|
$
|
109
|
|
|
$
|
214
|
|
|
$
|
218
|
|
BorgWarner
Inc.
|
|
|
|
|
|
|
|
Net Sales by
Reporting Segment (Unaudited)
|
|
|
|
|
|
|
(millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Engine
|
$
|
1,569
|
|
|
$
|
1,674
|
|
|
$
|
3,167
|
|
|
$
|
3,390
|
|
Drivetrain
|
998
|
|
|
1,034
|
|
|
1,980
|
|
|
2,117
|
|
Inter-segment
eliminations
|
(16)
|
|
|
(14)
|
|
|
(30)
|
|
|
(29)
|
|
Net sales
|
$
|
2,551
|
|
|
$
|
2,694
|
|
|
$
|
5,117
|
|
|
$
|
5,478
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Earnings
Before Interest, Income Taxes and Noncontrolling Interest ("Adj.
EBIT") (Unaudited)
|
|
|
|
|
(millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Engine
|
$
|
249
|
|
|
$
|
279
|
|
|
$
|
490
|
|
|
$
|
559
|
|
Drivetrain
|
102
|
|
|
116
|
|
|
207
|
|
|
237
|
|
Adj. EBIT
|
351
|
|
|
395
|
|
|
697
|
|
|
796
|
|
Restructuring
expense
|
13
|
|
|
31
|
|
|
27
|
|
|
39
|
|
Merger, acquisition
and divestiture expense
|
5
|
|
|
1
|
|
|
6
|
|
|
3
|
|
Other expense
(income)
|
—
|
|
|
—
|
|
|
14
|
|
|
(5)
|
|
Officer stock awards
modification
|
—
|
|
|
(4)
|
|
|
2
|
|
|
(4)
|
|
Corporate, including
equity in affiliates' earnings and stock-based
compensation
|
39
|
|
|
41
|
|
|
81
|
|
|
94
|
|
Interest
income
|
(2)
|
|
|
(1)
|
|
|
(5)
|
|
|
(3)
|
|
Interest
expense
|
14
|
|
|
15
|
|
|
28
|
|
|
31
|
|
Other postretirement
expense (income)
|
27
|
|
|
(2)
|
|
|
27
|
|
|
(5)
|
|
Earnings before
income taxes and noncontrolling interest
|
255
|
|
|
314
|
|
|
517
|
|
|
646
|
|
Provision for income
taxes
|
73
|
|
|
30
|
|
|
164
|
|
|
125
|
|
Net
earnings
|
182
|
|
|
284
|
|
|
353
|
|
|
521
|
|
Net earnings
attributable to the noncontrolling interest, net of tax
|
10
|
|
|
12
|
|
|
21
|
|
|
24
|
|
Net earnings
attributable to BorgWarner Inc.
|
$
|
172
|
|
|
$
|
272
|
|
|
$
|
332
|
|
|
$
|
497
|
|
BorgWarner
Inc.
|
|
|
|
Condensed
Consolidated Balance Sheets (Unaudited)
|
(millions of
dollars)
|
|
|
|
|
|
|
|
|
June 30,
2019
|
|
December 31,
2018
|
Assets
|
|
|
|
|
|
|
|
Cash
|
$
|
710
|
|
|
$
|
739
|
|
Receivables,
net
|
2,063
|
|
|
1,988
|
|
Inventories,
net
|
817
|
|
|
781
|
|
Prepayments and other
current assets
|
259
|
|
|
250
|
|
Assets held for
sale
|
—
|
|
|
47
|
|
Total current
assets
|
3,849
|
|
|
3,805
|
|
|
|
|
|
Property, plant and
equipment, net
|
2,891
|
|
|
2,904
|
|
Other non-current
assets
|
3,491
|
|
|
3,386
|
|
Total
assets
|
$
|
10,231
|
|
|
$
|
10,095
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
|
Notes payable and
other short-term debt
|
$
|
171
|
|
|
$
|
173
|
|
Accounts payable and
accrued expenses
|
2,089
|
|
|
2,144
|
|
Income taxes
payable
|
53
|
|
|
59
|
|
Liabilities held for
sale
|
—
|
|
|
23
|
|
Total current
liabilities
|
2,313
|
|
|
2,399
|
|
|
|
|
|
Long-term
debt
|
1,929
|
|
|
1,941
|
|
Other non-current
liabilities
|
1,487
|
|
|
1,410
|
|
|
|
|
|
Total BorgWarner Inc.
stockholders' equity
|
4,394
|
|
|
4,226
|
|
Noncontrolling
interest
|
108
|
|
|
119
|
|
Total
equity
|
4,502
|
|
|
4,345
|
|
Total liabilities and
equity
|
$
|
10,231
|
|
|
$
|
10,095
|
|
BorgWarner
Inc.
|
|
|
|
Condensed
Consolidated Statements of Cash Flows (Unaudited)
|
(millions of
dollars)
|
|
|
|
|
|
|
|
|
Six Months Ended
June 30,
|
|
2019
|
|
2018
|
Operating
|
|
|
|
Net
earnings
|
$
|
353
|
|
|
$
|
521
|
|
Depreciation and
amortization
|
214
|
|
|
218
|
|
Stock-based
compensation expense
|
17
|
|
|
22
|
|
Restructuring
expense, net of cash paid
|
12
|
|
|
31
|
|
Pension settlement
loss
|
26
|
|
|
—
|
|
Deferred income tax
provision (benefit)
|
35
|
|
|
(34)
|
|
Tax reform
adjustments to provision for income taxes
|
16
|
|
|
—
|
|
Equity in affiliates'
earnings, net of dividends received, and other
|
(4)
|
|
|
(27)
|
|
Net earnings adjusted
for non-cash charges to operations
|
669
|
|
|
731
|
|
Changes in assets and
liabilities
|
(202)
|
|
|
(426)
|
|
Net cash provided by
operating activities
|
467
|
|
|
305
|
|
|
|
|
|
Investing
|
|
|
|
Capital expenditures,
including tooling outlays
|
(244)
|
|
|
(269)
|
|
Payments for business
acquired
|
(10)
|
|
|
—
|
|
Proceeds from sale of
business, net of cash divested
|
24
|
|
|
—
|
|
Payments for
investments in equity securities
|
(48)
|
|
|
(3)
|
|
Proceeds from asset
disposals and other
|
1
|
|
|
5
|
|
Net cash used in
investing activities
|
(277)
|
|
|
(267)
|
|
|
|
|
|
Financing
|
|
|
|
Net increase in notes
payable
|
—
|
|
|
1
|
|
Additions to
long-term debt, net of debt issuance costs
|
30
|
|
|
19
|
|
Repayments of
long-term debt, including current portion
|
(39)
|
|
|
(14)
|
|
Payments for purchase
of treasury stock
|
(100)
|
|
|
(110)
|
|
Payments for
stock-based compensation items
|
(15)
|
|
|
(15)
|
|
Dividends paid to
BorgWarner stockholders
|
(70)
|
|
|
(71)
|
|
Dividends paid to
noncontrolling stockholders
|
(24)
|
|
|
(25)
|
|
Net cash used in
financing activities
|
(218)
|
|
|
(215)
|
|
|
|
|
|
Effect of exchange
rate changes on cash
|
(1)
|
|
|
(6)
|
|
|
|
|
|
Net decrease in
cash
|
(29)
|
|
|
(183)
|
|
|
|
|
|
Cash and restricted
cash at beginning of year
|
739
|
|
|
545
|
|
Cash and restricted
cash at end of period
|
$
|
710
|
|
|
$
|
362
|
|
Net Earnings Per
Diluted Share Guidance Reconciliation
|
|
|
Q3 2019
|
|
Full-Year
2019
|
|
Low
|
|
High
|
|
Low
|
|
High
|
|
U.S.
GAAP
|
$
|
0.81
|
|
|
$
|
0.90
|
|
|
$
|
3.19
|
|
|
$
|
3.61
|
|
|
|
|
|
|
|
|
|
Non-comparable
items:
|
|
|
|
|
|
|
|
Restructuring
expense
|
0.02
|
|
|
—
|
|
|
0.27
|
|
|
0.10
|
|
Merger, acquisition
and divestiture expense
|
—
|
|
|
—
|
|
|
0.03
|
|
|
0.03
|
|
Officer stock awards
modification
|
—
|
|
|
—
|
|
|
0.01
|
|
|
0.01
|
|
Loss on
arbitration
|
—
|
|
|
—
|
|
|
0.07
|
|
|
0.07
|
|
Pension settlement
loss
|
—
|
|
|
—
|
|
|
0.10
|
|
|
0.10
|
|
Tax
adjustments
|
—
|
|
|
—
|
|
|
0.08
|
|
|
0.08
|
|
|
|
|
|
|
|
|
|
Non – U.S. GAAP
EPS Guidance
|
$
|
0.83
|
|
|
$
|
0.90
|
|
|
$
|
3.75
|
|
|
$
|
4.00
|
|
|
|
|
|
|
|
|
|
Free Cash Flow
Outlook Reconciliation
|
|
Full-Year
2019
|
|
Low
|
|
High
|
Free Cash
Flow:
|
|
|
|
Cash Provided By
Operating Activities
|
$
|
1,100
|
|
|
$
|
1,200
|
|
Capital
Expenditures
|
(575)
|
|
|
(625)
|
|
Free Cash
Flow
|
$
|
525
|
|
|
$
|
575
|
|
Key Definitions
Organic Revenue Change: Revenue change year over year excluding
the estimated impact of FX and net M&A.
Market: The estimated change in light vehicle production
weighted for BorgWarner's geographic exposure.
Outgrowth: BorgWarner's "Organic Revenue Change" vs.
"Market".
View original
content:http://www.prnewswire.com/news-releases/borgwarner-reports-second-quarter-2019-us-gaap-net-earnings-of-0-83-per-diluted-share-or-1-00-per-diluted-share-excluding-non-comparable-items-300890651.html
SOURCE BorgWarner Inc.