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BorgWarner Q4 profit climbs YOY

BorgWarner Inc. said its fourth-quarter normalized net income was 76 cents per share, compared with the S&P Capital IQ consensus estimate of 84 cents per share.

EPS increased 9.5% year over year from 70 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $161.3 million, a gain from $155.3 million in the year-earlier period.

The normalized profit margin declined to 7.1% from 7.3% in the year-earlier period.

Total revenue rose 6.4% year over year to $2.26 billion from $2.12 billion, and total operating expenses grew 6.5% from the prior-year period to $1.98 billion from $1.85 billion.

Reported net income came to a loss of $292.3 million, or a loss of $1.39 per share, compared with income of $124.4 million, or 56 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled $2.95 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $3.26.

EPS rose from $2.69 in the prior year.

Normalized net income was $636.0 million, a rise from $606.5 million in the prior year.

Full-year total revenue increased year over year to $9.07 billion from $8.02 billion, and total operating expenses increased on an annual basis to $7.95 billion from $6.98 billion.

The company said reported net income declined year over year to $118.4 million, or 55 cents per share, in the full year, from $609.2 million, or $2.70 per share.