BorgWarner Boosts FY24 Earnings Outlook; Authorizes $500 Mln Share Buyback - Update
(RTTNews) - While reporting financial results for the first quarter on Thursday, technology solutions provider BorgWarner Inc. (BWA) raised its earnings and adjusted earnings for the full-year 2024, while maintaining annual net sales outlook.
For fiscal 2024, the company now projects earnings in a range of $3.54 to $3.86 per share and adjusted earnings in a range of $3.80 to $4.15 per share on net sales between $14.4 billion an $14.9 billion, implying year-over-year organic sales growth of 2 to 5 percent.
Previously, the company expected earnings in a range of $3.56 to $3.88 per share and adjusted earnings in a range of $3.65 to $4.00 per share on net sales between $14.4 billion an $14.9 billion, implying year-over-year organic sales growth of 1 to 5 percent.
On average, 19 analysts polled by Thomson Reuters expect the company to report earnings of $3.90 per share on revenues of $14.76 billion for the year. Analysts' estimates typically exclude special items.
BorgWarner also announced that its Board of Directors has authorized an additional share repurchase program of up to $500 million to be executed over the next three years.
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