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AUBURN HILLS, Mich., Oct. 28, 2009 — BorgWarner Inc. appear third division U.S. GAAP antithesis of $0.15 per adulterated allotment today compared with $(1.12) per adulterated allotment in the third division of 2008. The consecutive accretion in assets from additional division 2009 is attributable to connected advance in operational ability in aggregate with college sales. Absolute chargeless banknote breeze of $13.6 actor in the division (net banknote provided by operating activities beneath basic expenditures, including applique outlays), added adequate the antithesis sheet.
Comment and Outlook: “BorgWarner’s connected focus on beheading generated absolute after-effects during the quarter,” said Timothy Manganello, Chairman and CEO. “Our antithesis achievement in the third quarter, which has aerial us to abreast breakeven levels year to date on a alternating basis, is a absolute aftereffect of resizing our business for advantage at these sales levels. Our decremental allowance in the division was about 15%, decidedly bigger than our ambition ambit of 20% to 25%. As a aftereffect of accomplishments taken over the aftermost twelve months, BorgWarner is a abundant bacteria aggregation now with a renewed allegation to operational arete and efficiency.”
Commenting on the butt of the year, Manganello noted, “We abide to be carefully optimistic about the fourth quarter. We apprehend assembly volumes to be incrementally college than third division levels in North America, while afterimage in Europe charcoal bound due to ambiguity surrounding chump demand, the appulse of expiring government-sponsored allurement programs and added bazaar dynamics. Ultimately, we apprehend it to be addition assisting division for our company. Furthermore, our administration in fuel-efficient technologies, accumulated with the company’s adapted chump abject and ample geographic attendance should accredit BorgWarner to accomplish abiding assisting advance over the connected term.”
Financial Results: For the third division 2009, sales were $1,027.8 million, bottomward 22.0% compared with $1,316.9 actor in the third division 2008. Excluding the abrogating appulse of currency, the abatement would accept been about 18%. Net assets in the division was $17.2 million, or $0.15 per adulterated share, compared with a accident of $(130.4) million, or $(1.12) per adulterated share, in third division 2008. The third division 2008 accident included a restructuring allegation of $(0.16) per adulterated share, a allegation of $(1.27) per adulterated allotment for a amicableness acclimation accompanying to the BERU acquisition, a appraisal acclimation for adopted tax credits of $(0.12) per adulterated share, and a allegation accompanying to the aftereffect of retiree healthcare allowances action of $(0.03) per adulterated share. The appulse of adopted currencies, primarily the lower Euro, bargain sales by about $50 actor in third division 2009 compared with third division 2008, and bargain antithesis by about $(3) million, or $(0.03) per adulterated share.
For the aboriginal nine months of 2009, sales were $2,763.5 million, bottomward 36.2% compared with $4,332.4 actor in the aboriginal nine months of 2008. Excluding the abrogating appulse of currency, the abatement would accept been about 31%. Net assets in the aboriginal nine months of 2009 was a accident of $(25.7) million, or $(0.22) per adulterated share, compared with assets of $45.8 million, or $0.39 per adulterated share, in the aboriginal nine months of 2008. The accident in the aboriginal nine months of 2009 included a $(0.29) per adulterated allotment accident accompanying to restructuring activities, a $(0.03) per adulterated allotment net accident from absorption amount acquired agreements, a $(0.03) per adulterated allotment accident aloft acceptance of Topic 805, Business Combinations (formerly referred to as FAS 141R), for the analysis of on-going acquisition-related activity, and a $0.15 per adulterated allotment net accretion accompanying to retiree obligations consistent from the cease of the Muncie, Indiana, Drivetrain facility. The aboriginal nine months of 2008 net assets included a third division restructuring allegation of $(0.16) per adulterated share, a allegation of $(1.24) per adulterated allotment for a amicableness acclimation accompanying to the BERU acquisition, a appraisal acclimation for adopted tax credits of $(0.11) per adulterated share, a allegation accompanying to the aftereffect of retiree healthcare allowances action of $(0.03) per adulterated share, and acquirement accounting adjustments accompanying to the accretion of BERU of $(0.04) per adulterated share. The appulse of adopted currencies, primarily the lower Euro, bargain sales by about $232 actor in the aboriginal nine months of 2009 compared with aboriginal nine months of 2008, and bargain the accident in antithesis by about $(3) million, or $(0.03) per adulterated share.
The afterward table reconciles the company’s non-U.S. GAAP amounts included in the columnist absolution to the best anon commensurable U.S. GAAP amounts and is provided for comparisons with added results:
The Company’s operating assets was $27.5 actor in third division 2009 against an operating accident of $(103.9) actor in third division 2008. Excluding non-recurring items, operating assets in third division 2008 was $71.9 million, or 5.5% of sales. Research and development spending was $41.4 million, or 4.0% of sales, against $50.7 million, or 3.8% of sales, in third division 2008.
Net banknote provided by operating activities was $226.3 actor in the aboriginal nine months of 2009 against $265.1 actor in the aboriginal nine months of 2008. Investments in basic expenditures, including applique outlays, totaled $127.2 actor during the aboriginal nine months of 2009, compared with $265.6 actor for the aforementioned aeon in 2008. Antithesis area debt added by $67.4 actor at the end of the division compared with the end of 2008 primarily due to the net appulse of the arising of $373.8 actor in convertible chief notes, the retirement of $136.7 actor in chief addendum and payments accompanying to added abbreviate appellation debt obligations. Banknote on duke added by $155.4 actor during the aforementioned period.
Engine Group Results: Appeal for the company’s agent articles in the third division was an advance over the additional quarter, but was still anemic compared with the aforementioned aeon a year ago. Engine articulation net sales decreased to $735.3 million, or 24.5%, compared with $974.1 actor in the above-mentioned year’s quarter. Excluding the abrogating appulse of currency, sales were bottomward about 21%. Antithesis afore absorption and assets taxes were $56.6 million.
Drivetrain Group Results: Drivetrain articulation third division sales were almost able because the attenuated accompaniment of the industry. Sales were $296.8 million, bottomward alone 14.5% compared with $347.2 actor in third division 2008. Excluding the abrogating appulse of currency, sales were bottomward about 10%. Antithesis afore absorption and assets taxes were $7.5 million.
Recent Highlights: During the quarter, the aggregation appear it has been called to accumulation turbochargers and bankrupt gas recirculation (EGR) valves for assorted cars and ablaze bartering cartage bogus by Aboriginal Automotive Works (FAW), China’s oldest and better agent manufacturer, alpha in 2010. Located in Changchun, China, FAW awash 1.5 actor cartage in 70 countries aftermost year. BorgWarner’s accurate turbocharging and EGR technologies will advice FAW accommodated China 4 emissions standards, which are agnate to Euro 4 emissions standards.
Also, BorgWarner has been called to accumulation its abrasion abstracts and plates for the new ZF 8-speed automated manual (8HP), debuting on the 2010 BMW 760i. BorgWarner’s abrasion technology helps abate annoyance losses, acceptance the manual to accomplish bigger ammunition abridgement and outstanding performance.
The Aggregation additionally appear the accumulation of aggregate abrasion packs and roller one-way clamp assemblies for the new bearing of six-speed front-wheel drive automated transmissions from the Hyundai-Kia Automotive Group. Consisting of bristles variants, the new manual ancestors will ultimately drive 16 Hyundai and Kia cartage powered by 2.0- to 3.8-liter gasoline and agent engines. Debuting on the Hyundai Grandeur/Azera near-luxury sedans beforehand this year, approaching applications for the new manual ancestors will accommodate Hyundai’s new Tucson, Sonata and Santa Fe, as able-bodied as Kia’s new Sorento and Borrego (Mohave), amid others.
Additionally, BorgWarner was called to accumulation capricious agent geometry (VTG) turbochargers to addition John Deere Power Systems Interim Tier 4/Stage III B PowerTech(TM) PVX and PowerTech(TM) PSX 4.5L, 6.8L and 13.5L agent engines for agricultural, construction, forestry and OEM applications. BorgWarner’s turbocharging technology helps these new automated engines accommodated acrimonious Interim Tier 4/Stage III B regulations for off-highway applications. These regulations crave up to a 50% abridgement in nitrogen oxide (NOx) emissions compared with antecedent standards.
And, BorgWarner appear addition eGearDrive(TM) manual appliance on the all-electric CODA sedan, appointed for addition in California in 2010. Ideally ill-fitted for abounding achievement electric cartage on either front-wheel drive or rear-wheel drive axle driveline applications, the BorgWarner 31-03 eGearDrive(TM) single-speed manual delivers aerial torque capacity, aerial efficiency, and low noise, beating and acerbity (NVH) in a bunched package.
At 9:00 a.m. ET today, a abrupt appointment alarm apropos third division after-effects will be webcast at: http://www.borgwarner.com/invest/webcasts.shtml
Auburn Hills, Michigan-based BorgWarner Inc. is a artefact baton in awful engineered apparatus and systems for agent powertrain applications worldwide. The FORTUNE 500 aggregation operates accomplishment and abstruse accessories in 60 locations in 18 countries. Customers accommodate VW/Audi, Ford, Toyota, Renault/Nissan, Accepted Motors, Hyundai/Kia, Daimler, Chrysler, Fiat, BMW, Honda, John Deere, PSA, and MAN. The Internet abode for BorgWarner is: http://www.borgwarner.com/.
Additional Important Information
Statements independent in this account absolution may accommodate advanced statements as advised by the 1995 Private Balance Action Reform Act that are based on management’s accepted expectations, estimates and projections. Words such as “outlook”, “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” variations of such words and agnate expressions are advised to analyze such advanced statements. Advanced statements are accountable to risks and uncertainties, abounding of which are difficult to adumbrate and about above our control, that could account absolute after-effects to alter materially from those expressed, projected or adumbrated in or by the advanced statements. Such risks and uncertainties include: fluctuations in calm or adopted agent production, the connected use of alfresco suppliers, fluctuations in appeal for cartage absolute our products, changes in accepted bread-and-butter conditions, and added risks abundant in our filings with the Balance and Barter Commission, including the Risk Factors, articular in our best afresh filed Annual Report on Form 10-K. We do not undertake any obligation to amend any advanced statements.
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