Auburn Hills, Michigan, August 4, 2021 – BorgWarner Inc. (NYSE: BWA) today reported second quarter results.
Second Quarter Highlights:
- U.S. GAAP net sales of $3,758 million, up 164% compared with second quarter 2020.
- Excluding the impact of foreign currencies and the net impact of acquisitions and divestitures, organic sales were up 72% compared with second quarter 2020.
- U.S. GAAP net earnings of $1.03 per diluted share.
- Excluding the $0.05 per diluted share related to non-comparable items (detailed in the table below), adjusted net earnings were $1.08 per diluted share.
- U.S. GAAP operating income of $317 million, or 8.4% of net sales.
- Excluding the $84 million of pretax expenses related to non-comparable items, adjusted operating income was $401 million. Excluding the impact of noncomparable items, adjusted operating income was 10.7% of net sales.
- Net cash provided by operating activities of $280 million.
- Free cash flow was $133 million.
The Company believes the following table is useful in highlighting non-comparable items that impacted its U.S. GAAP net earnings per diluted share. The Company defines adjusted earnings per diluted share as earnings per diluted share adjusted to eliminate the impact of restructuring expense, merger, acquisition and divestiture expense, other net expenses, discontinued operations, other gains and losses not reflective of the Company’s ongoing operations, and related tax effects.