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BorgWarner Q3 profit falls YOY

BorgWarner Inc. said its normalized net income for the third quarter amounted to 64 cents per share, compared with the S&P Capital IQ consensus estimate of 70 cents per share.

EPS decreased 6.1% year over year from 68 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $145.3 million, a decline of 7.2% from $156.5 million in the prior-year period.

The normalized profit margin rose to 7.7% from 7.7% in the year-earlier period.

Total revenue fell 7.3% on an annual basis to $1.88 billion from $2.03 billion, and total operating expenses decreased 8.1% on an annual basis to $1.63 billion from $1.78 billion.

Reported net income decreased 5.2% from the prior-year period to $158.2 million, or 70 cents per share, from $166.9 million, or 73 cents per share.