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Thursday, October 30, 2014

BorgWarner lowers earnings outlook, shares fall, (NYSE: BWA)

BorgWarner Inc, shares fell on Thursday morning after the maker of automotive turbochargers and emission systems lowered its full-year 2014 profit outlook, due to weakening currencies.Shares fell as much as 7 percent after BorgWarner changed its forecast when it posted third-quarter earnings that were roughly in line with analysts' expectations.The new net earnings outlook for the year is between $3.23 and $3.28 per share, down from a previous range of $3.25 to $3.35 per share. Just three months ago, the company raised its net earnings forecast to that range."Due to weakening foreign currencies, net sales growth (for 2014) is now expected to be 12 percent to 13 percent," the company's earnings statement said, down from a previous outlook of an increase between 13 percent and 15 percent.

BorgWarner Inc., is a global supplier of engineered automotive systems and components primarily for powertrain applications. Shares of BWA fell by 6.05% or $-3.44/share to $53.42. In the past year, the shares have traded as low as $49.71 and as high as $67.49. On average, 1698680 shares of BWA exchange hands on a given day and today's volume is recorded at 2592368.