BorgWarner beats earnings expectations and sees EV sales roughly doubling in 2023, but stock falls

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Shares of BorgWarner Inc. fell 1.5% in premarket trading Thursday, even after the provider of automotive systems for combustion, hybrid and electric vehicles...

Shares of BorgWarner Inc. BWA fell 1.5% in premarket trading Thursday, even after the provider of automotive systems for combustion, hybrid and electric vehicles reported fourth-quarter profit and sales that rose above expectations, and said it expects 2023 EV sales rise “significantly.” Net income rose to $255 million, or $1.09 a share, from $129 million, or 54 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.

5% in premarket trading Thursday, even after the provider of automotive systems for combustion, hybrid and electric vehicles reported fourth-quarter profit and sales that rose above expectations, and said it expects 2023 EV sales rise “significantly.” Net income rose to $255 million, or $1.09 a share, from $129 million, or 54 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.26 beat the FactSet consensus of $1.08. Sales grew 12.4% to $4.

 

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