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Why Automotive And e-Mobility Supplier BorgWarner's Shares Are Jumping Today
BorgWarner Inc (NYSE:BWA) shares are trading higher after a better-than-expected second-quarter FY24 adjusted EPS and new contracts.
The company reported a second-quarter FY24 sales decline of 2% year-on-year to $3.603 billion, missing the analyst consensus estimate of $3.706 billion.
The revenue decline was primarily due to declining market production volumes and the negative impact of foreign currencies.
Net sales from the Air Management segment decreased 2.6% Y/Y, Drivetrain & Battery Systems Segment gained 7.1% and ePropulsion dropped 18%.
Adjusted EPS of $1.19 beat the analyst consensus of $1.01.
Gross profit rose 0.7% to $685 million, and gross ...