BorgWarner achieves record 2004 sales and earnings

BorgWarner Inc. reported net income of $67.7 million ($1.19 per share) on an 11% increase in sales, to $889 million for the fourth quarter, ended Dec. 31. Net income a year ago was $50 million ($0.90) on sales of $798.8 million.

For the full year, the firm had net income of $218.3 million ($3.86) on sales of $3.5 billion, compared with $174.9 million ($3.20) on sales of $3.1 billion.

"We had a strong fourth quarter and another outstanding year," said Tim Manganello, chairman and CEO. "Our sales were up 15% in 2004 while worldwide industry production was up approximately 3%. We delivered growth levels that significantly outpaced worldwide car and truck production because our technology is targeted at the fastest-growing parts of the market.

The company continues to expect 2005 earnings per share in a range of $4.30 to $4.55, including assumptions about the Beru acquisition in a range of $0.15 to $0.30 per share, and expectations of $4.15 to $4.25 per share on BorgWarner's base business.