AUBURN HILLS, Mich.,
Oct. 27 /PRNewswire-FirstCall/ --
BorgWarner Inc. (NYSE: BWA) today reported third quarter 2010 U.S.
GAAP earnings of $0.87 per diluted
share compared with $0.15 per diluted
share a year ago. Sales were up 37.3% from third quarter
2009, sharply higher than global vehicle production growth of
approximately 10%.
Third Quarter Highlights:
- Record third quarter sales of $1,410.9
million, up 37.3% from third quarter 2009.
- U.S. GAAP earnings were $0.87 per
diluted share. For comparison with other periods, third quarter
2010 earnings were $0.71 per diluted
share excluding a non-recurring item.
- The non-recurring item was a $21.2
million gain related to the reversal of a foreign tax credit
valuation allowance.
- Operating income was $123.0
million, or 8.7% of sales.
- The Company repurchased approximately 1.0 million shares of its
common stock.
- Today, the Company raised earnings guidance for 2010 to
$2.85 – $2.95 per diluted share, excluding non-recurring
items.
Third Quarter Performance: "New business growth
drove our third quarter results as our leading-edge powertrain
technology continued to penetrate the global market," said
Timothy Manganello, Chairman and CEO
of BorgWarner. "Our sales were up 37% in third quarter 2010
compared with third quarter 2009, or 44% excluding the impact of
currency, while global vehicle production was up 10%. We grew in
every major region of the world, most notably in China where our sales were up nearly 70%. Our
sales in China now represent
approximately 6% of our consolidated sales and have nearly doubled
from a year ago. Favorable macroeconomic trends, such as the
continued volume shift in Europe
toward vehicles with higher BorgWarner content, including diesels,
also drove higher sales. A continued focus on execution at our
operations resulted in a strong operating income margin of 8.7% in
the third quarter, up from 2.7% a year ago."
2010 Improved Outlook: Today, the Company raised
its earnings guidance for 2010 to a range of $2.85 to $2.95 per diluted share from a previous
range of $2.60 to $2.80 per diluted
share. Both the current guidance range and the previous guidance
range exclude non-recurring items. Revenue growth in 2010 is
now expected to be approximately 40% compared with 2009. "Our
outlook for vehicle production in North
America, Europe and
China has improved since our
July 2010 guidance," Manganello said.
"More importantly, we expect our growth to outpace the market as
demand for our products continues to gain momentum. It is our
expectation that 2010 will be a record year for the Company for
both sales and earnings."
Financial Results: Sales were $1,410.9 million in third quarter 2010, up 37.3%
from $1,027.8 million in third
quarter 2009. Net earnings in the quarter were $106.7 million, or $0.87 per diluted share, compared with
$17.2 million, or $0.15 per diluted share in third quarter 2009.
Third quarter 2010 net earnings included a non-recurring item of
$0.17 per diluted share. The impact
of foreign currencies in third quarter 2010, primarily the Euro,
lowered sales by $(64.3) million, and
lowered net earnings $(0.01) per
diluted share.
For the first nine months of 2010, sales were $4,119.4 million, up 49.1% from $2,763.5 million in the first nine months of
2009. Net earnings in the first nine months of 2010 were
$265.7 million, or $2.18 per diluted share, compared with a net loss
of $(25.7) million, or $(0.22) per diluted share, in the first nine
months of 2009. Net earnings in the first nine months of 2010
included net non-recurring items of $0.05 per diluted share. The Company's net loss
in the first nine months of 2009 included net non-recurring items
of $(0.20) per diluted share. These
non-recurring items are listed in the table below as
reconciliations of non-U.S. GAAP measures, which are provided by
the Company for comparison with other results, with the most
directly comparable U.S. GAAP measures. The impact of foreign
currencies, primarily the Euro, lowered sales by $(28.8) million in the first nine months of 2010
compared with the first nine months of 2009, while the impact on
net earnings was $0.04 per diluted
share.
The following table reconciles the Company's non-U.S. GAAP
measures included in the press release, which are provided for
comparison with other results, with the most directly comparable
U.S. GAAP measures:
|
|
Net earnings
or (loss) per diluted share
|
Third
Quarter
|
First Nine
Months
|
|
|
2010
|
2009
|
2010
|
2009
|
|
|
|
|
|
|
|
Non – U.S.
GAAP
|
$0.71
|
$0.15
|
$2.14
|
$(0.03)
|
|
|
|
|
|
|
|
Reconciliations:
|
|
|
|
|
|
Reversal of foreign
tax credit valuation allowance
|
0.17
|
|
0.17
|
|
|
Environmental
litigation settlement
|
|
|
(0.14)
|
|
|
BERU-Eichenauer
equity investment gain
|
|
|
0.04
|
|
|
Medicare Part D tax
law change
|
|
|
(0.02)
|
|
|
Restructuring
activities
|
|
|
|
(0.29)
|
|
Interest rate
derivative agreements
|
|
|
|
(0.03)
|
|
Adoption of ASC
Topic 805—acquisition activity
|
|
|
|
(0.03)
|
|
Muncie closure
retiree obligation net gain
|
|
|
|
0.15
|
|
|
|
|
|
|
|
U.S.
GAAP
|
$0.87*
|
$0.15
|
$2.18*
|
$(0.22)*
|
|
*Column does not add due
to rounding
|
|
|
|
|
|
|
Net cash provided by operating activities was $312.7 million in the first nine months of 2010
compared with $226.3 million in the
first nine months of 2009. Investments in capital
expenditures, including tooling outlays, totaled $187.8 million in the first nine months of 2010,
compared with $127.2 million in the
first nine months of 2009. Balance sheet debt increased by
$349.0 million and cash on hand
increased by $74.8 million compared
with the end of 2009 primarily due to the acquisition of Dytech
ENSA SL, the repurchase of approximately 5.0 million shares of
common stock, the issuance of $250
million of 10-year senior notes, and the adoption of amended
ASC Topic 860, "Accounting for Transfer of Financial
Assets", which requires the Company to reflect its $80 million receivables securitization facility
in its financial statements. The ratio of balance sheet debt net of
cash to capital remained strong at 24.8% at the end of third
quarter 2010.
Engine Group Results: Engine segment net sales were
$1,018.8 million in third quarter
2010, up 38.6% from $735.3 million in
the prior year's quarter as a result of strong turbocharger and
timing system growth in the Asian markets along with solid
turbocharger growth in Europe.
Excluding the impact of currency, sales were up approximately 46%.
Adjusted earnings before interest and income taxes were
$136.4 million for the Engine Group
in third quarter 2010, up 141.0% from $56.6
million in third quarter 2009.
Drivetrain Group Results: Drivetrain segment net
sales were $397.1 million in third
quarter 2010, up 33.8% from $296.8
million in the prior year's quarter. Excluding the
impact of currency, sales were up approximately 39%. Strong
four-wheel drive system sales in Asia and North
America, higher dual clutch transmission module sales in
Europe and higher traditional
automatic transmission component sales around the globe boosted
results. Adjusted earnings before interest and income taxes were
$31.1 million for the Drivetrain
Group in third quarter 2010, up 314.7% from $7.5 million in third quarter 2009.
Recent Highlights:
- In September, the Company sold $250
million of 10-year senior notes with a coupon of 4.625%. The
intended use of proceeds is for general corporate purposes.
- In July, the Company's Board of Directors authorized the
repurchase of an additional 5 million shares of common stock.
- The Company announced that it supplies the engine timing system
and transmission components for the all-new 2011 Jeep® Grand
Cherokee, the first vehicle to feature Chrysler Group LLC's all-new
3.6-liter Pentastar V6 engine. Compared with its predecessor, the
new 290-horsepower engine improves torque by 11 percent, horsepower
by 38 percent and fuel economy by 11 percent, enabling the Grand
Cherokee to deliver up to 23 mpg.
At 9:30 a.m. ET today, a brief
conference call concerning third quarter results will be webcast
at: http://www.borgwarner.com/invest/webcasts.shtml.
Auburn Hills, Michigan-based
BorgWarner Inc. (NYSE: BWA) is a product leader in highly
engineered components and systems for vehicle powertrain
applications worldwide. The Company operates manufacturing and
technical facilities in 60 locations in 18 countries. Customers
include VW/Audi, Ford, Toyota, Renault/Nissan, General Motors,
Hyundai/Kia, Daimler, Chrysler, Fiat, BMW, Honda, John Deere, PSA,
and MAN. The Internet address for BorgWarner is:
http://www.borgwarner.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 "outlook", "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, many of which are difficult to predict and
generally beyond our control, that could cause actual results to
differ materially from those expressed, projected or implied in or
by the forward-looking statements. Such risks and
uncertainties include: fluctuations in domestic or foreign vehicle
production, the continued use of outside suppliers, fluctuations in
demand for vehicles containing our products, changes in general
economic conditions, and other risks detailed in our filings with
the Securities and Exchange Commission, including the Risk Factors,
identified in our most recently filed Annual Report on Form
10-K. We do not undertake any obligation to update any
forward-looking statements.
|
BorgWarner Inc.
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated
Statements of Operations (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
(millions of dollars, except
share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
1,410.9
|
|
$
1,027.8
|
|
$
4,119.4
|
|
$
2,763.5
|
|
|
Cost of sales
|
|
1,137.6
|
|
876.0
|
|
3,332.2
|
|
2,415.9
|
|
|
Gross
profit
|
|
273.3
|
|
151.8
|
|
787.2
|
|
347.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
150.2
|
|
125.9
|
|
418.3
|
|
315.4
|
|
|
Restructuring expense
|
|
-
|
|
-
|
|
-
|
|
50.3
|
|
|
Other (income)
expense
|
|
0.1
|
|
(1.6)
|
|
22.0
|
|
(1.6)
|
|
|
Operating income
(loss)
|
|
123.0
|
|
27.5
|
|
346.9
|
|
(16.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in affiliates' earnings,
net of tax
|
|
(10.5)
|
|
(6.5)
|
|
(29.8)
|
|
(11.5)
|
|
|
Interest income
|
|
(0.6)
|
|
(0.5)
|
|
(1.8)
|
|
(1.7)
|
|
|
Interest expense and finance
charges
|
|
18.4
|
|
13.0
|
|
46.8
|
|
41.1
|
|
|
Earnings (loss)
before income taxes and noncontrolling interest
|
|
115.7
|
|
21.5
|
|
331.7
|
|
(44.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit) for income
taxes
|
|
4.2
|
|
1.5
|
|
51.1
|
|
(24.2)
|
|
|
Net earnings
(loss)
|
|
111.5
|
|
20.0
|
|
280.6
|
|
(20.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings attributable to the
noncontrolling interest, net of tax
|
|
4.8
|
|
2.8
|
|
14.9
|
|
5.5
|
|
|
Net earnings
(loss) attributable to BorgWarner Inc.
|
|
$
106.7
|
|
$
17.2
|
|
$
265.7
|
|
$
(25.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to diluted
earnings (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
(loss) attributable to BorgWarner Inc.
|
|
$
106.7
|
|
$
17.2
|
|
$
265.7
|
|
$
(25.7)
|
|
|
Addback net
interest expense on convertible debt
|
|
5.0
|
|
-
|
|
15.1
|
|
-
|
|
|
Diluted net
earnings (loss) attributable to BorgWarner Inc.
|
|
$
111.7
|
|
$
17.2
|
|
$
280.8
|
|
$
(25.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share -
diluted
|
|
$
0.87
|
|
$
0.15
|
|
$
2.18
|
|
$
(0.22)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding (millions) - diluted
|
|
127.8
|
|
117.5
|
|
128.5
|
|
116.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Information
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
(millions of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures, including
tooling outlays
|
|
$
80.4
|
|
$
38.9
|
|
$
187.8
|
|
$
127.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization:
|
|
|
|
|
|
|
|
|
|
|
Fixed assets and
tooling
|
|
$
56.7
|
|
$
58.8
|
|
$
171.2
|
|
$
172.9
|
|
|
Other
|
|
7.4
|
|
7.2
|
|
21.0
|
|
19.1
|
|
|
|
|
$
64.1
|
|
$
66.0
|
|
$
192.2
|
|
$
192.0
|
|
|
|
|
|
|
|
|
|
|
|
|
BorgWarner Inc.
|
|
|
|
|
|
|
|
|
|
|
Net Sales by Reporting Segment
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
(millions of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engine
|
|
$
1,018.8
|
|
$
735.3
|
|
$
2,942.4
|
|
$
2,030.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Drivetrain
|
|
397.1
|
|
296.8
|
|
1,191.6
|
|
743.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inter-segment
eliminations
|
|
(5.0)
|
|
(4.3)
|
|
(14.6)
|
|
(10.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
sales
|
|
$
1,410.9
|
|
$
1,027.8
|
|
$
4,119.4
|
|
$
2,763.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Earnings (Loss) Before
Interest and Income Taxes ("Adjusted EBIT")
(Unaudited)
|
|
|
|
|
|
|
|
|
(millions of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engine
|
|
$
136.4
|
|
$
56.6
|
|
$
375.9
|
|
$
136.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Drivetrain
|
|
31.1
|
|
7.5
|
|
105.1
|
|
(34.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBIT
|
|
167.5
|
|
64.1
|
|
481.0
|
|
102.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Muncie closure retiree
obligation net gain
|
|
-
|
|
-
|
|
-
|
|
(27.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Environmental litigation
settlement
|
|
-
|
|
-
|
|
28.0
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BERU-Eichenauer equity
investment gain
|
|
-
|
|
-
|
|
(8.0)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate, including equity in
affiliates' earnings and stock-based compensation
|
|
34.0
|
|
30.1
|
|
84.3
|
|
85.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring expense
|
|
-
|
|
-
|
|
-
|
|
50.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
(0.6)
|
|
(0.5)
|
|
(1.8)
|
|
(1.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense and finance
charges
|
|
18.4
|
|
13.0
|
|
46.8
|
|
41.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
before income taxes and noncontrolling interest
|
|
115.7
|
|
21.5
|
|
331.7
|
|
(44.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit) for income
taxes
|
|
4.2
|
|
1.5
|
|
51.1
|
|
(24.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
(loss)
|
|
111.5
|
|
20.0
|
|
280.6
|
|
(20.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings attributable to the
noncontrolling interest, net of tax
|
|
4.8
|
|
2.8
|
|
14.9
|
|
5.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
(loss) attributable to BorgWarner Inc.
|
|
$
106.7
|
|
$
17.2
|
|
$
265.7
|
|
$
(25.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
BorgWarner Inc.
|
|
|
|
|
|
|
Condensed Consolidated Balance
Sheets (Unaudited)
|
|
|
|
|
|
|
(millions of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2010
|
|
December 31,
2009
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
$ 432.2
|
|
$ 357.4
|
|
|
Receivables, net
|
|
1,064.4
|
|
732.0
|
|
|
Inventories, net
|
|
442.0
|
|
314.3
|
|
|
Other current assets
|
|
165.1
|
|
148.1
|
|
|
Total current
assets
|
|
2,103.7
|
|
1,551.8
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment,
net
|
|
1,509.1
|
|
1,490.3
|
|
|
Other non-current
assets
|
|
1,964.9
|
|
1,769.3
|
|
|
Total
assets
|
|
$ 5,577.7
|
|
$ 4,811.4
|
|
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable and other
short-term debt
|
|
$ 146.2
|
|
$
69.1
|
|
|
Accounts payable and accrued
expenses
|
|
1,229.9
|
|
977.1
|
|
|
Income taxes payable
|
|
45.5
|
|
-
|
|
|
Total current
liabilities
|
|
1,421.6
|
|
1,046.2
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
1,045.1
|
|
773.2
|
|
|
Other non-current
liabilities
|
|
806.0
|
|
769.3
|
|
|
|
|
|
|
|
|
|
Total BorgWarner Inc.
stockholders' equity
|
|
2,255.9
|
|
2,185.3
|
|
|
Noncontrolling
interest
|
|
49.1
|
|
37.4
|
|
|
Total
equity
|
|
2,305.0
|
|
2,222.7
|
|
|
|
|
|
|
|
|
|
Total liabilities
and equity
|
|
$ 5,577.7
|
|
$ 4,811.4
|
|
|
|
|
|
|
|
|
BorgWarner Inc.
|
|
|
|
|
|
|
Condensed Consolidated
Statements of Cash Flows (Unaudited)
|
|
|
|
|
|
|
(millions of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
|
September
30,
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
|
|
|
|
Net earnings (loss)
|
|
$ 280.6
|
|
$ (20.2)
|
|
|
Non-cash charges (credits) to
operations:
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
192.2
|
|
192.0
|
|
|
Environmental
litigation settlement, net of cash paid
|
|
28.0
|
|
-
|
|
|
Restructuring
expense, net of cash paid
|
|
-
|
|
39.4
|
|
|
Bond
amortization
|
|
13.6
|
|
8.3
|
|
|
Deferred income
tax benefit
|
|
(39.9)
|
|
(46.1)
|
|
|
BERU-Eichenauer
equity investment gain
|
|
(8.0)
|
|
-
|
|
|
Other non-cash
items
|
|
4.4
|
|
36.0
|
|
|
Net earnings (loss) adjusted for non-cash charges to
operations
|
|
470.9
|
|
209.4
|
|
|
Changes in assets and
liabilities
|
|
(158.2)
|
|
16.9
|
|
|
Net cash provided
by operating activities
|
|
312.7
|
|
226.3
|
|
|
|
|
|
|
|
|
|
Investing
|
|
|
|
|
|
|
Capital expenditures, including
tooling outlays
|
|
(187.8)
|
|
(127.2)
|
|
|
Net proceeds from asset
disposals
|
|
5.4
|
|
20.5
|
|
|
Payments for business acquired,
net of cash acquired
|
|
(164.7)
|
|
(7.5)
|
|
|
Proceeds from sale of
business
|
|
5.0
|
|
-
|
|
|
Net cash used in
investing activities
|
|
(342.1)
|
|
(114.2)
|
|
|
|
|
|
|
|
|
|
Financing
|
|
|
|
|
|
|
Net change in notes
payable
|
|
(5.0)
|
|
(109.3)
|
|
|
Net change in long-term
debt
|
|
246.6
|
|
218.9
|
|
|
Payments for noncontrolling
interest acquired
|
|
-
|
|
(15.5)
|
|
|
Payment for purchase of bond
hedge, net of proceeds from warrant issuance
|
|
-
|
|
(25.2)
|
|
|
Payment for purchase of treasury
stock
|
|
(197.3)
|
|
-
|
|
|
Proceeds from receivables
securitization facility
|
|
30.0
|
|
-
|
|
|
Reduction in accounts receivable
securitization facility
|
|
-
|
|
(50.0)
|
|
|
Proceeds from interest rate swap
termination
|
|
-
|
|
30.0
|
|
|
Proceeds from stock options
exercised, including the tax benefit
|
|
40.4
|
|
5.8
|
|
|
Dividends paid to BorgWarner
stockholders
|
|
-
|
|
(13.8)
|
|
|
Dividends paid to noncontrolling
stockholders
|
|
(8.2)
|
|
(8.7)
|
|
|
Net cash provided
by financing activities
|
|
106.5
|
|
32.2
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes
on cash
|
|
(2.3)
|
|
11.1
|
|
|
|
|
|
|
|
|
|
Net increase in cash
|
|
74.8
|
|
155.4
|
|
|
|
|
|
|
|
|
|
Cash at beginning of
year
|
|
357.4
|
|
103.4
|
|
|
Cash at end of period
|
|
$ 432.2
|
|
$ 258.8
|
|
|
|
|
|
|
|
SOURCE BorgWarner Inc.
Copyright . 27 PR Newswire