AUBURN HILLS, Mich. (AP) — BorgWarner Inc. (BWA) on Thursday reported earnings that climbed by 9.2 percent in its second quarter, and topped analysts' expectations.
The Auburn Hills, Michigan-based company said earnings increased to $190.2 million, or 83 cents per share, from $174.1 million, or 75 cents per share, in the same quarter a year earlier.
Earnings, adjusted for restructuring costs, came to 89 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 87 cents per share.
The company said revenue climbed 16 percent to $2.2 billion from $1.89 billion in the same quarter a year ago, and beat Wall Street forecasts. Analysts expected $2.19 billion, according to Zacks.
BorgWarner shares have increased $8.59, or 15 percent, to $64.50 since the beginning of the year, while the Standard & Poor's 500 index has risen 6.6 percent. However, the stock has risen $16.78, or 35 percent, in the last 12 months.