Mexican Media Brands
BorgWarner Quarterly Sales, Profits Drop
BorgWarner Inc. says its second-quarter revenue dropped 5% to $2.6 billion, and adjusted net earnings fell 37% to $172 million.
#economics
Share
BorgWarner Inc. says its second-quarter revenue dropped 5% to $2.6 billion, and adjusted net earnings fell 37% to $172 million.
The maker of turbocharges and other powertrain components blames its downturn on new tariffs, unfavorable exchange rates and parts from suppliers that cost more than expected. The company vows more intensive cost-cutting and restructuring measures.
BorgWarner says net sales in the current quarter will be somewhere between +1.5% and -1.5% of last year’s $2.5 billion for the same period. The company has lowered its full-year sales guidance to between $9.9 billion and $10.2 billion, compared with $10.5 billion in revenue generated in last year’s second quarter.
RELATED CONTENT
-
Report Forecasts Huge Economic Upside for Self-Driving EVs
Widespread adoption of autonomous electric vehicles could provide $800 billion in annual social and economic benefits in the U.S. by 2050, according to a new report.
-
On The German Auto Industry
A look at several things that are going on in the German auto industry—from new vehicles to stamping to building electric vehicles.
-
Enterprise Edges into Self-Driving Car Market
U.S. rental car giant Enterprise Holdings Inc. is the latest company to venture into the world of self-driving vehicles.