AUBURN HILLS, Mich.,
Oct. 25, 2018 /PRNewswire/
-- BorgWarner Inc. (NYSE: BWA) today reported third quarter
results.
Third Quarter Highlights:
- U.S. GAAP net sales of $2,479
million, up 2.6% compared with third quarter 2017.
-
- On a comparable basis, excluding the impact of foreign
currencies and the acquisition of Sevcon, net sales were up 3.6%
compared with third quarter 2017.
- U.S. GAAP net earnings of $0.98
per diluted share.
-
- Excluding non-comparable items (detailed in the table below),
net earnings were $1.00 per diluted
share.
- U.S. GAAP operating income of $278.0
million.
-
- Adjusted operating income was 11.8% of net sales.
Full Year 2018 Guidance: The company has reaffirmed its
2018 full year organic growth guidance. Full year net sales
are expected to be in the range of $10.49
billion to $10.58 billion.
This implies organic sales growth of approximately 4.5% to 5.5% or
500 to 600 basis points over the company's light vehicle market
exposure. Foreign currencies are expected to increase sales
by $192 million, due to the
appreciation of the Euro and Chinese Yuan. The acquisition of
Sevcon will increase sales by approximately $57 million. Excluding the impact of
noncomparable items, operating margin is expected to be in the
range of 12.3% to 12.4%. Net earnings are expected to be
within a range of $4.35 to
$4.40 per diluted share, which is
unchanged from prior guidance.
Fourth Quarter 2018 Guidance: The company expects fourth
quarter 2018 organic net sales growth of 1.0% to 4.5%, compared
with fourth quarter 2017 net sales of $2,586
million. Foreign currencies are expected to decrease
sales by approximately $75 million.
Net earnings are expected to be within a range of $1.07 to $1.12 per
diluted share
Financial Results: Net sales were $2,479 million in third quarter 2018, up 2.6%
from $2,416 million in third quarter
2017. Excluding the impact of foreign currencies and the
acquisition of Sevcon, net sales were up 3.6% compared with third
quarter 2017. Net earnings in third quarter 2018 were
$204 million, or $0.98 per diluted share, compared with
$185 million, or $0.88 per diluted share in third quarter
2017. Net earnings in third quarter 2018 included
non-comparable items of ($0.02) per
diluted share. Net earnings in the third quarter 2017
included net non-comparable items of ($0.08) per diluted share. These items are
listed in a table below, which is provided by the company for
comparison with other results and the most directly comparable U.S.
GAAP measures. The impact of foreign currencies decreased net
sales by approximately $44 million
and decreased net earnings by approximately $0.02 per diluted share in third quarter 2018
compared with third quarter 2017. The impact of the
acquisition of Sevcon increased net sales by $19 million in the third quarter 2018 compared
with third quarter 2017.
For the first nine months of 2018, net sales were $7,957 million, up 10.3% from $7,213 million in the first nine months of
2017. Net earnings in the first nine months of 2018 were
$701 million, or $3.34 per diluted share, compared with
$586 million, or $2.77 per diluted share, in the first nine months
of 2017. Net earnings in the first nine months of 2018
included net non-comparable items of $0.06 per diluted share. Net earnings in
the first nine months of 2017 included net non-comparable items of
($0.04) per diluted share. These
items are listed in a table below, which is provided by the company
for comparison with other results and the most directly comparable
U.S. GAAP measures. The impact of foreign currencies increased net
sales by approximately $268 million
and increased net earnings by approximately $0.11 per diluted share in the first nine months
of 2018 compared with the first nine months of 2017. The impact of
the acquisition of Sevcon increased net sales by $57 million in the first nine months of 2018
compared with the first nine months of 2017.
The company believes the following table is useful in
highlighting non-comparable items that impacted its U.S. GAAP net
earnings per diluted share:
Net earnings per
diluted share
|
Third
Quarter
|
|
First Nine
Months
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
U.S.
GAAP
|
$
|
0.98
|
|
|
$
|
0.88
|
|
|
$
|
3.34
|
|
|
$
|
2.77
|
|
|
|
|
|
|
|
|
|
Non-comparable
items:
|
|
|
|
|
|
|
|
Restructuring and
other expense
|
0.03
|
|
|
0.07
|
|
|
0.17
|
|
|
0.07
|
|
CEO stock awards
modification
|
0.03
|
|
|
—
|
|
|
0.01
|
|
|
—
|
|
Merger and
acquisition expense
|
—
|
|
|
0.03
|
|
|
0.02
|
|
|
0.03
|
|
Gain on commercial
settlement
|
—
|
|
|
—
|
|
|
(0.01)
|
|
|
—
|
|
Tax
adjustments
|
(0.04)
|
|
|
(0.02)
|
|
|
(0.25)
|
|
|
(0.06)
|
|
|
|
|
|
|
|
|
|
Non – U.S.
GAAP
|
$
|
1.00
|
|
|
$
|
0.95
|
|
*
|
$
|
3.28
|
|
|
$
|
2.81
|
|
|
|
|
|
|
|
|
|
*Column does not add
due to rounding and/or use of basic vs. diluted shares
|
|
|
|
|
Net cash provided by operating activities was $556 million in the first nine months of 2018
compared with $624 million in the
first nine months of 2017. Investments in capital
expenditures, including tooling outlays, totaled $394 million in the first nine months of 2018,
compared with $390 million in the
first nine months of 2017. Balance sheet debt decreased
$(52) million and cash decreased by
$(184) million at the end of third
quarter 2018 compared with the end of 2017. The company's net
debt to net capital ratio was 29.9% at the end of third quarter
2018 compared with 30.0% at the end of 2017.
Engine Segment Results: Engine segment net sales were
$1,516 million in third quarter 2018
compared with $1,506 million in third
quarter 2017. Excluding the impact of foreign currencies and
the acquisition of Sevcon, net sales were up 2.1% from the prior
year's quarter. Adjusted earnings before interest, income
taxes and non-controlling interest ("Adjusted EBIT") were
$238 million in third quarter of
2018. Excluding the impact of foreign currencies and the
acquisition of Sevcon, Adjusted EBIT was $243 million, up 2.3% from third quarter of
2017.
Drivetrain Segment Results: Drivetrain segment net sales
were $977 million in third quarter
2018 compared with $922 million in
third quarter 2017. Excluding the impact of foreign
currencies and the acquisition of Sevcon, net sales were up 6.3%
from the prior year's quarter. Adjusted EBIT was $108 million in third quarter 2018.
Excluding the impact of foreign currencies and the acquisition of
Sevcon, Adjusted EBIT was $114
million, up 2.1% from third quarter 2017.
Recent Highlights:
- BorgWarner announced the appointment of Thomas J. McGill to the role of interim Chief
Financial Officer, effective January 1,
2019. Mr. McGill will succeed Ron
Hundzinski, 59, who will remain with the company through the
end of 2018 to ensure a smooth transition of responsibilities
before retiring from the company effective December 31, 2018. Management has initiated a
comprehensive search process, which includes hiring an external
search firm, to consider internal and external candidates to
permanently fill the Chief Financial Officer position.
- BorgWarner entered into a three-year strategic cooperation
agreement with Chinese auto manufacturer, WM Motor. The two parties
will cooperate in the establishment of transportation models for
tomorrow's smart city. BorgWarner will provide a full range of
advanced electric propulsion technologies and efficient electrical
application systems, including its high-performance electric drive
modules (eDM).
- BorgWarner has entered into two high volume contracts to supply
its advanced High-voltage Coolant Heater to one of the leading
European automakers and to one of Asia's major vehicle manufacturers, with start
of production expected to be in 2020. These awards recognize
BorgWarner's vast experience in the field of thermal management
solutions for electric vehicles and are another step forward on the
journey to a cleaner and more energy efficient world.
- BorgWarner has been selected to supply its state-of-the-art
on-axis P2 drive module and electro-hydraulic control unit for
hybrid-electric vehicles to two leading Chinese original equipment
manufacturers (OEMs). BorgWarner was chosen as the supplier for
these high-volume programs based on the technological advantages
their P2 modules deliver including: the cost-effective power dense
electric motor; state-of-the-art clutching and controls technology;
and the efficiency, functional and packaging optimization of
integrating the modules in the vehicle powertrains. This new
business award is the result of close collaboration between the
company's global research and development centers and strong local
Chinese engineering capability. With these two recent awards,
BorgWarner will now have content on 18 P2 hybrid transmissions by
2023 serving various global OEMs and spanning multiple vehicle
platforms.
- BorgWarner provides its high-performance electric drive module
(eDM) for the 2018 C30 electric vehicle (EV) and the brand ORA from
China's leading automaker, Great
Wall Motors (GWM). The 2018 C30 is the first EV model in
China equipped with BorgWarner's
eDM technology. Unveiled at Auto China 2018 in Beijing, GWM's new brand ORA is the
automaker's strategic EV brand for new energy vehicle market. With
the integrated design of the electric motor and
eGearDrive® transmission, BorgWarner's eDM enables
weight, cost and space savings in addition to easy installation,
significantly improving efficiency to meet growing demand for power
and comfort from electric vehicles.
- BorgWarner is announcing its innovative High Voltage Coolant
Heater as part of the company's Battery and Cabin Heater families.
The technology improves battery performance by keeping the
battery's operating temperature within an optimal operating range
and providing a consistent temperature distribution inside the
battery pack and its cells. With its high thermal power density and
fast response times due to its low thermal mass, the efficient
technology also extends pure electric driving range by using less
power from the battery. In addition it allows comfortable cabin
temperatures to be generated in a short time.
- BorgWarner has developed a dual volute turbocharger
specifically engineered for gasoline engines in light-duty vehicles
with aggressive transient response targets. The company's new
turbocharger delivers a noticeably quicker engine response time
when accelerating from low speeds. The dual volute geometry allows
for the complete segregation of engine exhaust pulsations so more
exhaust energy is available to the turbine wheel, compared with
traditional twin-scroll turbochargers. Adding to BorgWarner's
extensive portfolio of engine boosting products, the dual volute
turbocharger is a new performance solution for gasoline-powered
light-duty vehicles to help Original Equipment Manufacturers (OEMs)
accomplish their individual goals.
- BorgWarner supplies its advanced high-voltage positive
temperature coefficient (PTC) cabin heating technology for the
latest pure-electric ES8 SUV from Chinese electric car maker NIO.
The advanced heating solution quickly warms the cabin and defrosts
windows for maximum comfort and driving visibility.
- Developed for hybrid electric vehicles (HEVs) and plug-in
hybrid electric vehicles (PHEVs), BorgWarner's innovative Exhaust
Heat Recovery System (EHRS) will enter production later this year
for vehicles from a major North American automaker. By using the
heat from exhaust gas which would normally be diverted through the
exhaust pipes and wasted, the company's technology reduces engine
warm-up time, enhances efficiency and significantly improves fuel
economy and reduces emissions. This cost-effective solution offers
compact packaging, low weight and can easily be integrated into
existing vehicles.
- BorgWarner announced that Deborah
McWhinney and Paul Mascarenas
have been named to its board of directors. McWhinney is the former
Division CEO, Global Enterprise Payments, Citigroup Inc., one of
the largest financial services firms. In this role, McWhinney was
responsible for developing and implementing new mobile and online
services around the globe for some of the world's largest
corporations and governments. McWhinney is a board member of IHS
Markit Ltd., Fresenius Medical Care AG & Co., KGaA, Lloyds
Banking Group plc and Fluor Corporation. She is also on the Board
of Trustees for the California Institute for Technology and the
Institute for Defense Analyses. Paul
Mascarenas is the former chief technical officer of Ford
Motor Company. In that role, he led Ford's worldwide research
organization, overseeing the development and implementation of the
company's technology strategy and plans. He is currently a Venture
Partner with Fontinalis Partners LLP and serves on the boards of
the United States Steel Corporation, ON Semiconductor Corporation
and Spartan Motors Inc.
At 9:30 a.m. ET today, a brief
conference call concerning third quarter 2018 results will be
webcast at:
http://www.borgwarner.com/en/Investors/default.aspx.
BorgWarner Inc. (NYSE: BWA) is a global product leader in clean
and efficient technology solutions for combustion, hybrid and
electric vehicles. With manufacturing and technical
facilities in 66 locations in 18 countries, the company employs
approximately 29,000 worldwide. For more information, please visit
borgwarner.com.
Statements in this press release may contain forward-looking
statements as contemplated by the 1995 Private Securities
Litigation Reform Act that are based on management's current
outlook, expectations, estimates and projections. Words such as
"anticipates," "believes," "continues," "could," "designed,"
"effect," "estimates," "evaluates," "expects," "forecasts," "goal,"
"initiative," "intends," "outlook," "plans," "potential,"
"project," "pursue," "seek," "should," "target," "when," "would,"
variations of such words and similar expressions are intended to
identify such forward-looking statements. Forward-looking
statements are subject to risks and uncertainties, many of which
are difficult to predict and generally beyond our control, that
could cause actual results to differ materially from those
expressed, projected or implied in or by the forward-looking
statements. These risks and uncertainties, among others, include:
our dependence on automotive and truck production, both of which
are highly cyclical; our reliance on major OEM customers;
commodities availability and pricing; supply disruptions;
fluctuations in interest rates and foreign currency exchange rates;
availability of credit; our dependence on key management; our
dependence on information systems; the uncertainty of the global
economic environment; the outcome of existing or any future legal
proceedings, including litigation with respect to various claims;
and future changes in laws and regulations, including by way of
example, tariffs, in the countries in which we operate, as well as
other risks noted in reports that we file with the Securities and
Exchange Commission, including the Risk Factors identified in our
most recently filed Annual Report on Form 10-K/A. We do not
undertake any obligation to update or announce publicly any updates
to or revision to any of the forward-looking statements.
BorgWarner
Inc.
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations (Unaudited)
|
|
|
|
|
(millions, except per
share amounts)
|
|
|
|
|
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Net sales
|
$
|
2,478.5
|
|
|
$
|
2,416.2
|
|
|
$
|
7,956.8
|
|
|
$
|
7,212.9
|
|
Cost of
sales
|
1,962.9
|
|
|
1,894.6
|
|
|
6,270.2
|
|
|
5,662.1
|
|
Gross
profit
|
515.6
|
|
|
521.6
|
|
|
1,686.6
|
|
|
1,550.8
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
230.5
|
|
|
225.0
|
|
|
719.9
|
|
|
659.1
|
|
Other expense,
net
|
7.1
|
|
|
22.0
|
|
|
42.4
|
|
|
27.5
|
|
Operating
income
|
278.0
|
|
|
274.6
|
|
|
924.3
|
|
|
864.2
|
|
|
|
|
|
|
|
|
|
Equity in affiliates'
earnings, net of tax
|
(15.2)
|
|
|
(14.4)
|
|
|
(38.4)
|
|
|
(38.5)
|
|
Interest
income
|
(1.5)
|
|
|
(1.3)
|
|
|
(4.4)
|
|
|
(4.2)
|
|
Interest expense and
finance charges
|
14.4
|
|
|
17.6
|
|
|
45.4
|
|
|
53.6
|
|
Other postretirement
income
|
(2.4)
|
|
|
(1.3)
|
|
|
(7.4)
|
|
|
(3.9)
|
|
Earnings before
income taxes and noncontrolling interest
|
282.7
|
|
|
274.0
|
|
|
929.1
|
|
|
857.2
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
66.8
|
|
|
79.4
|
|
|
192.1
|
|
|
241.9
|
|
Net
earnings
|
215.9
|
|
|
194.6
|
|
|
737.0
|
|
|
615.3
|
|
|
|
|
|
|
|
|
|
Net earnings
attributable to the noncontrolling interest, net of tax
|
12.1
|
|
|
9.7
|
|
|
36.3
|
|
|
29.2
|
|
Net earnings
attributable to BorgWarner Inc.
|
$
|
203.8
|
|
|
$
|
184.9
|
|
|
$
|
700.7
|
|
|
$
|
586.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share —
diluted
|
$
|
0.98
|
|
|
$
|
0.88
|
|
|
$
|
3.34
|
|
|
$
|
2.77
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding — diluted
|
208.738
|
|
|
211.013
|
|
|
209.787
|
|
|
211.575
|
|
|
|
|
|
|
|
|
|
Supplemental
Information (Unaudited)
|
|
|
|
|
|
|
|
(millions of
dollars)
|
|
|
|
|
|
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Capital expenditures,
including tooling outlays
|
$
|
125.6
|
|
|
$
|
135.5
|
|
|
$
|
394.3
|
|
|
$
|
389.7
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
$
|
107.5
|
|
|
$
|
104.9
|
|
|
$
|
325.8
|
|
|
$
|
302.0
|
|
BorgWarner
Inc.
|
|
|
|
|
|
|
|
Net Sales by
Reporting Segment (Unaudited)
|
|
|
|
|
|
|
(millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Engine
|
$
|
1,515.8
|
|
|
$
|
1,506.4
|
|
|
$
|
4,906.2
|
|
|
$
|
4,483.6
|
|
Drivetrain
|
976.7
|
|
|
921.8
|
|
|
3,093.7
|
|
|
2,767.7
|
|
Inter-segment
eliminations
|
(14.0)
|
|
|
(12.0)
|
|
|
(43.1)
|
|
|
(38.4)
|
|
Net sales
|
$
|
2,478.5
|
|
|
$
|
2,416.2
|
|
|
$
|
7,956.8
|
|
|
$
|
7,212.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Earnings
Before Interest, Income Taxes and Noncontrolling Interest
("Adjusted EBIT") (Unaudited)
|
(millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Engine
|
$
|
238.2
|
|
|
$
|
237.6
|
|
|
$
|
797.2
|
|
|
$
|
727.1
|
|
Drivetrain
|
107.6
|
|
|
111.1
|
|
|
344.9
|
|
|
324.7
|
|
Adjusted
EBIT
|
345.8
|
|
|
348.7
|
|
|
1,142.1
|
|
|
1,051.8
|
|
Restructuring
expense
|
5.7
|
|
|
13.3
|
|
|
44.4
|
|
|
13.3
|
|
Merger, acquisition
and divestiture expense
|
1.6
|
|
|
6.4
|
|
|
4.8
|
|
|
6.4
|
|
Lease termination
settlement
|
—
|
|
|
—
|
|
|
—
|
|
|
5.3
|
|
Other expense
(income), net
|
1.5
|
|
|
2.7
|
|
|
(3.3)
|
|
|
2.7
|
|
Other postretirement
income
|
(2.4)
|
|
|
(1.3)
|
|
|
(7.4)
|
|
|
(3.9)
|
|
Corporate, including
equity in affiliates' earnings and stock-based
compensation
|
43.8
|
|
|
37.3
|
|
|
133.5
|
|
|
121.4
|
|
Interest
income
|
(1.5)
|
|
|
(1.3)
|
|
|
(4.4)
|
|
|
(4.2)
|
|
Interest expense and
finance charges
|
14.4
|
|
|
17.6
|
|
|
45.4
|
|
|
53.6
|
|
Earnings before
income taxes and noncontrolling interest
|
282.7
|
|
|
274.0
|
|
|
929.1
|
|
|
857.2
|
|
Provision for income
taxes
|
66.8
|
|
|
79.4
|
|
|
192.1
|
|
|
241.9
|
|
Net
earnings
|
215.9
|
|
|
194.6
|
|
|
737.0
|
|
|
615.3
|
|
Net earnings
attributable to the noncontrolling interest, net of tax
|
12.1
|
|
|
9.7
|
|
|
36.3
|
|
|
29.2
|
|
Net earnings
attributable to BorgWarner Inc.
|
$
|
203.8
|
|
|
$
|
184.9
|
|
|
$
|
700.7
|
|
|
$
|
586.1
|
|
BorgWarner
Inc.
|
|
|
|
Condensed
Consolidated Balance Sheets (Unaudited)
|
(millions of
dollars)
|
|
|
|
|
|
|
|
|
September 30,
2018
|
|
December 31,
2017
|
Assets
|
|
|
|
|
|
|
|
Cash
|
$
|
361.8
|
|
|
$
|
545.3
|
|
Receivables,
net
|
2,061.1
|
|
|
2,018.9
|
|
Inventories,
net
|
810.3
|
|
|
766.3
|
|
Prepayments and other
current assets
|
192.9
|
|
|
145.4
|
|
Assets held for
sale
|
64.5
|
|
|
67.3
|
|
Total current
assets
|
3,490.6
|
|
|
3,543.2
|
|
|
|
|
|
Property, plant and
equipment, net
|
2,827.8
|
|
|
2,863.8
|
|
Other non-current
assets
|
3,398.0
|
|
|
3,380.6
|
|
Total
assets
|
$
|
9,716.4
|
|
|
$
|
9,787.6
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
|
Notes payable and
other short-term debt
|
$
|
50.7
|
|
|
$
|
84.6
|
|
Accounts payable and
accrued expenses
|
2,009.2
|
|
|
2,270.3
|
|
Income taxes
payable
|
9.8
|
|
|
40.8
|
|
Liabilities held for
sale
|
29.9
|
|
|
29.5
|
|
Total current
liabilities
|
2,099.6
|
|
|
2,425.2
|
|
|
|
|
|
Long-term
debt
|
2,085.6
|
|
|
2,103.7
|
|
Other non-current
liabilities
|
1,361.0
|
|
|
1,432.8
|
|
|
|
|
|
Total BorgWarner Inc.
stockholders' equity
|
4,066.4
|
|
|
3,716.8
|
|
Noncontrolling
interest
|
103.8
|
|
|
109.1
|
|
Total
equity
|
4,170.2
|
|
|
3,825.9
|
|
Total liabilities and
equity
|
$
|
9,716.4
|
|
|
$
|
9,787.6
|
|
BorgWarner
Inc.
|
|
|
|
Condensed
Consolidated Statements of Cash Flows (Unaudited)
|
(millions of
dollars)
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
2018
|
|
2017
|
Operating
|
|
|
|
Net
earnings
|
$
|
737.0
|
|
|
$
|
615.3
|
|
Depreciation and
amortization
|
325.8
|
|
|
302.0
|
|
Stock-based
compensation expense
|
37.6
|
|
|
35.5
|
|
Deferred income tax
(benefit) provision
|
(36.6)
|
|
|
39.5
|
|
Restructuring
expense, net of cash paid
|
34.7
|
|
|
3.5
|
|
Equity in affiliates'
earnings, net of dividends received, and other
|
(21.6)
|
|
|
(23.7)
|
|
Net earnings adjusted
for non-cash charges to operations
|
1,076.9
|
|
|
972.1
|
|
Changes in assets and
liabilities
|
(520.6)
|
|
|
(348.2)
|
|
Net cash provided by
operating activities
|
556.3
|
|
|
623.9
|
|
|
|
|
|
Investing
|
|
|
|
Capital expenditures,
including tooling outlays
|
(394.3)
|
|
|
(389.7)
|
|
Payments for business
acquired, net of cash acquired
|
—
|
|
|
(180.6)
|
|
Payments for venture
capital investment
|
(4.2)
|
|
|
(2.0)
|
|
Proceeds from asset
disposals and other
|
5.5
|
|
|
1.6
|
|
Net cash used in
investing activities
|
(393.0)
|
|
|
(570.7)
|
|
|
|
|
|
Financing
|
|
|
|
Net (decrease)
increase in notes payable
|
(29.8)
|
|
|
124.9
|
|
Additions to
long-term debt, net of debt issuance costs
|
20.3
|
|
|
—
|
|
Repayments of
long-term debt, including current portion
|
(15.0)
|
|
|
(14.5)
|
|
Payments for debt
issuance cost
|
—
|
|
|
(2.4)
|
|
Payments for purchase
of treasury stock
|
(150.0)
|
|
|
(100.0)
|
|
Payments for
stock-based compensation items
|
(15.1)
|
|
|
(2.1)
|
|
Dividends paid to
BorgWarner stockholders
|
(106.3)
|
|
|
(88.5)
|
|
Dividends paid to
noncontrolling stockholders
|
(27.5)
|
|
|
(23.6)
|
|
Net cash used in
financing activities
|
(323.4)
|
|
|
(106.2)
|
|
|
|
|
|
Effect of exchange
rate changes on cash
|
(23.4)
|
|
|
23.6
|
|
|
|
|
|
Net decrease in
cash
|
(183.5)
|
|
|
(29.4)
|
|
|
|
|
|
Cash at beginning of
year
|
545.3
|
|
|
443.7
|
|
Cash at end of
period
|
$
|
361.8
|
|
|
$
|
414.3
|
|
View original
content:http://www.prnewswire.com/news-releases/borgwarner-reports-third-quarter-2018-us-gaap-net-earnings-of-0-98-per-diluted-share-or-1-00-per-diluted-share-excluding-non-comparable-items-300737500.html
SOURCE BorgWarner Inc.