BorgWarner, the auto-parts manufacturer based in Auburn Hills, Michigan, has revised its sales and earnings projections for 2023. The company is expecting less significant growth in sales of electric-vehicle components than previously anticipated.
For 2023, BorgWarner now predicts earnings per share in the range of $2.65 to $2.81. Excluding one-time items, the company anticipates earnings between $3.60 and $3.80 per share, compared to the previous estimate of $3.50 to $3.85 per share.
BorgWarner specializes in producing a variety of automotive parts. These include traditional components like ignitions for gasoline and diesel engines, as well as battery systems, chargers, and other parts for electric vehicles.
In terms of sales, BorgWarner forecasts a range of $14.1 billion to $14.3 billion for 2023. This adjustment reflects a slight decrease from the previous estimate of $14.2 billion to $14.6 billion. The fluctuation in foreign-currency exchange rates, particularly due to movements in the Renminbi, has contributed to this change.
Lowered eProduct Sales Estimate
BorgWarner has also revised its estimated sales for eProducts in 2023. The new range is projected to be between $2.0 billion and $2.1 billion, compared to the earlier estimate of $2.3 billion to $2.4 billion.
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