BorgWarner Q2 revenue fell 8% net profit fell 20%
BorgWarner recently announced its second-quarter earnings report. The company's revenue last quarter continued its decline in the first quarter, and operating profit and net profit also began to fall.
In the second quarter of 2015, BorgWarner’s operating income was US$2.032 billion, compared with US$2.197 billion in the same period of last year, a year-on-year decrease of 7.5%; operating profit decreased from US$281 million in the same period of last year to US$243 million, a year-on-year decrease of 13.5%; Profit was US$157 million, compared with US$200 million in the same period of last year, which dropped by 21.5% year-on-year.
James R. Verrier, president and CEO of BorgWarner, said that the second-quarter growth was mainly influenced by the unfavorable distribution of light vehicles in the North American market, the slowdown in China's light vehicle production growth, and the weakness of the global commercial vehicle market.
In the first half of this year, BorgWarner’s cumulative operating income was US$4.016 billion, a decrease of 6.2% from US$4.281 billion in the same period of last year. Operating profit decreased by 2.3% from the same period last year to US$502 million, compared to US$514 million in the same period of last year. Net profit also fell, from 367 million U.S. dollars in the first half of last year to 345 million U.S. dollars, a year-on-year drop of 6.0%.
Among all business units, the engine business contributed US$1.413 billion in operating revenue to BorgWarner in the last quarter, down 5.7% year-on-year; the powertrain business revenue was US$626 million, a decrease of 11.7% year-on-year.
Based on the performance in the second quarter, BorgWarner once again adjusted its annual performance targets. The operating income target thus fell by 5% from the same period of last year to 5.5%.
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