DETROIT (Reuters) - BorgWarner Inc (BWA.N) reported fourth quarter earnings in line with analysts’ forecasts and revenue of $1.99 billion, which was just shy of expectations.
An update to the Michigan-based BorgWarner’s revenue and profit forecast will come with its next quarterly statement in three months, the company said.
Last month, BorgWarner, an automotive supplier and maker of fuel-saving turbochargers and emissions systems, said its 2015 sales would rise between 9.5 to 12 percent, excluding the impact of currency fluctuations.
Factoring in the currency impact - including weak currencies in Europe and Japan and other areas where the company operates - will cut 2015 net sales growth to between 2 percent and 6 percent, BWA Chief Executive James Verrier told investors last month.
BWA shares, which closed Wednesday at $58.02 each, have risen nearly 20 percent since Jan. 14 when the company cut its 2015 earnings forecast to between $3.35 and $3.55 per share.
For the fourth quarter, reported net profit of $140 million in the quarter, or 61 cents per diluted share, compared with $141 million, or 62 cents per diluted share, a year earlier.
Excluding one-time items, analysts polled by Thomson Reuters I/B/E/S had expected the company to earn 75 cents per share, which matched BWA’s performance on that basis. Analysts expected quarterly revenue of $2.02 billion.
For 2014, BWA’s revenue of $8.3 billion was a record high.
For the year, the company’s operating profit margin was 12.9 percent, up from 12.4 percent in 2013, it said.
Reporting by Bernie Woodall Editing by W Simon