AUBURN HILLS–The Auburn Hills-based automotive supplier BorgWarner Inc. (NYSE: BWA) reported higher revenue and net income for the first quarter ended March 31.
Revenue for the quarter was $4.18 billion, up 8% from $3.87 billion a year earlier. Net income was $217 million or 93 cents a share, also up 8% from $200 million or 84 cents a share in the first quarter of 2022.
The company also released a figure for “adjusted net income” that excluded merger, acquisition and divestiture expense, restructuring expense, unrealized loss on debt and equity securities, gains on sale of businesses, and tax adjustments. By this measure, adjusted earnings per share was $1.09 a share, up from $1.05 a share in the first quarter of 2022.
The company also updated its 2023 earnings guidance to predict sales of between $17.1 billion and $17.9 billion, and net income per share for the year of between $3.87 and $4.24.
For more information and a presentation on these results, visit https://www.borgwarner.com/investors.