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BorgWarner profit misses consensus by 19.3% in Q1

BorgWarner Inc. said its first-quarter normalized net income came to 68 cents per share, compared with the S&P Capital IQ consensus estimate of 84 cents per share.

EPS decreased year over year from 71 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $154.4 million, a decrease of 5.7% from $163.7 million in the prior-year period.

The normalized profit margin dropped to 7.8% from 7.9% in the year-earlier period.

Total revenue fell on an annual basis to $1.98 billion from $2.08 billion, and total operating expenses fell year over year to $1.72 billion from $1.81 billion.

Reported net income increased 13.4% year over year to $179.4 million, or 79 cents per share, from $158.2 million, or 69 cents per share.