BorgWarner Expects to Beat Q1 Concensus by 7 Cents
21 April 2000
BorgWarner Expects to Beat Q1 Concensus by 7 Cents; Cites Demand For Engine-Related SystemsNEW YORK, April 19 BorgWarner Inc. (NYSE: BWA) announced today that it expects first-quarter results to be 7 cents above First Call earnings consensus of $1.46 per share. The anticipated first quarter earnings of $1.53 per share would be 16% above 1999 first quarter earnings of $1.32 per share. Speaking to participants at the Morgan Stanley Dean Witter Global Automotive Seminar in New York City, BorgWarner Chief Executive Officer John F. Fiedler cited ongoing, increased penetration by the company's engine-related products in various markets for the better than expected quarter. "Our strategy to provide engine components and systems that improve fuel performance and reduce emissions drives our ability to outpace even a strong auto market," said Fiedler. "Business is good across all our operations. Sales of engine timing systems, turbochargers and emissions products were especially strong during the quarter, both in Europe and North America." During its comments, the company said that it expects earnings for the full year to be in the range of $5.70 to $5.75 per share. The company will release complete first quarter results on Thursday, April 27. Chicago-based BorgWarner is a product leader in highly engineered components and systems for vehicle powertrain applications worldwide. The company operates 60 manufacturing and technical facilities in 13 countries. Customers include Ford, DaimlerChrysler, General Motors, Toyota, Caterpillar, Navistar, PSA and VW Group. The Internet address for BorgWarner is: http://www.bwauto.com . Statements contained in this news release may contain forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act that are based on management's current expectations, estimates and projections. Words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those projected or implied in the forward-looking statements. Such risks and uncertainties include: fluctuations in domestic or foreign automotive production, the continued use of outside suppliers by original equipment manufacturers, fluctuations in demand for vehicles containing the Company's products, general economic conditions, as well as other risks detailed in the Company's filings with the Securities and Exchange Commission, including the Cautionary Statements filed as Exhibit 99.1 to the Form 10-K for the fiscal year ended December 31, 1999.