BorgWarner reported a 6% increase in net sales to $3,595 million and an adjusted EPS of $1.03 for the first quarter of 2024. The company has increased full-year EPS guidance and announced an additional share repurchase authorization of up to $500 million.
Net sales increased by 6% to $3,595 million compared to Q1 2023.
U.S. GAAP net earnings were $0.93 per diluted share, with adjusted net earnings at $1.03 per diluted share.
The company secured contracts with Polestar and a major European OEM to supply electric Torque Vectoring Disconnect (eTVD) systems.
BorgWarner authorized an additional share repurchase program of up to $500 million.
BorgWarner has maintained full year sales and margin guidance, while EPS guidance has increased.
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