AUBURN HILLS, Mich.,
Feb. 14, 2019 /PRNewswire/
-- BorgWarner Inc. (NYSE: BWA) today reported 2018 fourth
quarter and full year results.
Fourth Quarter Highlights:
- U.S. GAAP net sales of $2,573
million, down 0.5% compared with fourth quarter 2017.
-
- Excluding the impact of foreign currencies, net sales were up
2.0% compared with fourth quarter 2017.
- U.S. GAAP net income of $1.10 per
diluted share.
-
- Excluding the $(0.11) per diluted
share related to non-comparable items (detailed in the table
below), net earnings were $1.21 per
diluted share.
- U.S. GAAP operating income of $266
million, 10.3% of net sales.
-
- Excluding the $57 million of
pretax expenses related to non-comparable items, operating income
was $323 million. Excluding the
impact of non-comparable items, operating income was 12.6% of net
sales.
Full Year Highlights:
- U.S. GAAP net sales of $10,530
million, up 7.5% compared to 2017.
-
- Excluding the impact of foreign currencies and the net impact
of M&A, net sales were up 4.8% compared with 2017.
- U.S. GAAP net earnings of $4.44
per diluted share.
-
- Excluding the $(0.04) per diluted
share related to non-comparable items (detailed in the table
below), net earnings were $4.48 per
diluted share.
- U.S. GAAP operating income of $1,190
million, 11.3% of net sales.
-
- Excluding the $106 million of
pretax expenses related to non-comparable items, operating income
was $1,296 million. Excluding the
impact of non-comparable items, operating income was 12.3% of net
sales.
Full Year 2019 Guidance: The company has provided its
initial 2019 full year guidance. Full year organic growth
over the company's estimated light vehicle market exposure is
expected to be 250 to 400 basis points. Net sales are
expected to be in the range of $9.90
billion to $10.37 billion.
This implies year over year organic sales change of down 2.5% to up
2.0%. The company expects its light vehicle market exposure to
decline by 2.0% to 5.0% in 2019. Foreign currencies are
expected to decrease sales by $280
million, due to the depreciation of the Euro and Chinese
Yuan. The divestiture of the thermostat product line will decrease
sales by approximately $98 million.
Excluding the impact of noncomparable items, operating margin is
expected to be in the range of 11.9% to 12.2%. Net earnings are
expected to be within a range of $4.00 to $4.35 per
diluted share.
First Quarter 2019 Guidance: The company expects a first
quarter 2019 organic net sales decline of 5.5% to 7.5%, compared
with first quarter 2018 net sales of $2,784
million. Foreign currencies are expected to decrease
sales by approximately $130 million.
Net earnings are expected to be within a range of $0.92 to $0.96 per
diluted share.
Financial Results: Net sales were $2,573 million in fourth quarter 2018, down 0.5%
from $2,586 million in fourth quarter
2017. Net income in the quarter was $230 million, or $1.10 per diluted share, compared with a net loss
of $(146) million, or $(0.70) per basic share, in fourth quarter
2017. Net income in fourth quarter 2018 included net
non-comparable items of $(0.11) per
diluted share. Net loss in the fourth quarter 2017 included net
non-comparable items of $(1.76) 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
$65 million and decreased net
earnings by approximately $0.03 per
diluted share in fourth quarter 2018 compared with fourth quarter
2017.
Full year 2018 net sales were $10,530
million, up 7.5% from $9,799
million in 2017. Full year 2018 net earnings were
$931 million, or $4.44 per diluted share, compared with
$440 million, or $2.08 per diluted share, in 2017. Full year
2018 net earnings included net non-comparable items of $(0.04) per diluted share. Full year 2017
included net non-comparable items of $(1.80) per diluted share. These items are listed
in a table below as reconciliations of non-U.S. GAAP measures,
which are 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
$202 million and increased net
earnings by approximately $0.08 per
diluted share in 2018 compared with 2017. The impact of the
acquisition of Sevcon increased net sales by approximately
$57 million and decreased net
earnings by approximately $0.05 per
diluted share in 2018 compared with 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
|
Fourth
Quarter
|
|
Full Year
|
|
|
2018
|
|
2017
|
**
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
U.S.
GAAP
|
$
|
1.10
|
|
|
$
|
(0.70)
|
|
|
$
|
4.44
|
|
|
$
|
2.08
|
|
|
|
|
|
|
|
|
|
|
|
Non-comparable
items:
|
|
|
|
|
|
|
|
|
Asset impairment and
loss on divestiture
|
0.09
|
|
|
0.25
|
|
|
0.09
|
|
|
0.25
|
|
|
Restructuring
expense
|
0.08
|
|
|
0.16
|
|
|
0.24
|
|
|
0.23
|
|
|
Merger, acquisition
and divestiture expense
|
0.01
|
|
|
0.02
|
|
|
0.03
|
|
|
0.05
|
|
|
Asbestos-related
charge
|
0.08
|
|
|
—
|
|
|
0.08
|
|
|
—
|
|
|
Officer stock awards
modification
|
0.03
|
|
|
—
|
|
|
0.04
|
|
|
—
|
|
|
Gain on sale of
building
|
(0.07)
|
|
|
—
|
|
|
(0.07)
|
|
|
—
|
|
|
Gain on commercial
settlement
|
—
|
|
|
—
|
|
|
(0.01)
|
|
|
—
|
|
|
Tax reform
adjustments
|
(0.06)
|
|
|
1.29
|
|
|
(0.06)
|
|
|
1.29
|
|
|
Other tax
adjustments
|
(0.05)
|
|
|
0.04
|
|
|
(0.30)
|
|
|
(0.02)
|
|
|
|
|
|
|
|
|
|
|
|
Non – U.S.
GAAP
|
$
|
1.21
|
|
|
$
|
1.07
|
|
*
|
$
|
4.48
|
|
|
$
|
3.89
|
|
*
|
|
|
|
|
|
|
|
|
|
*Column does not add
due to rounding and/or use of basic vs. diluted shares
|
**GAAP EPS based on
non-diluted share count of 209.7M. Adjusted EPS based on
diluted share count of 211.5M
|
Net cash provided by operating activities was $1,127 million in 2018 compared with $1,180 million in 2017. Investments in capital
expenditures, including tooling outlays, totaled $547 million in 2018, compared with $560 million in 2017. Balance sheet debt
decreased by $75 million and cash
increased by $194 million at the end
of 2018 compared with the end of 2017. The company's net debt to
net capital ratio was 24.0% at the end of 2018 compared with 30.0%
at the end of 2017.
Engine Segment Results: Engine segment net sales
were $1,541 million in fourth quarter
2018 compared with $1,578 million in
fourth quarter 2017. Excluding the impact of foreign currencies,
net sales were up 0.4% from the prior year's quarter. Adjusted
earnings before interest, income taxes and non-controlling interest
("Adjusted EBIT") were $243 million
in fourth quarter 2018. Excluding the impact of foreign
currencies, Adjusted EBIT was $249
million, down 5.9% from fourth quarter 2017.
Drivetrain Segment Results: Drivetrain segment net
sales were $1,046 million in 2018
compared with $1,023 million in 2017.
Excluding the impact of foreign currencies, and the net impact of
M&A, net sales were up 4.4% from the prior year's
quarter. Adjusted EBIT was $131
million in fourth quarter 2018. Excluding the impact
of foreign currencies, Adjusted EBIT was $133 million, up 7.4% from fourth quarter
2017.
Recent Highlights:
- BorgWarner has agreed to sell its thermostat business to
Arlington Industries Group Ltd. The sale includes manufacturing
facilities in Oberboihingen, Germany and Piracicaba, Brazil. Completion of the transaction is
expected in the first quarter of 2019, subject to the satisfaction
of customary closing conditions.
- BorgWarner celebrated the inauguration of its new production
plant in the Caidian Economic Development Zone in Wuhan, China, with a grand opening ceremony.
Occupying a land area of 48,595 square meters and floor area of
26,000 square meters, the new facility integrates comprehensive
functions including production, engineering, quality, sales,
logistics, administration and finance. As part of its efforts to
support growing demand from the Chinese combustion, hybrid and
electric vehicle market, BorgWarner's new facility will produce
drive motors, P2 motors, Belt Alternator Starter Systems, starters,
alternators and related components.
- BorgWarner and INDYCAR announced that BorgWarner will continue
to be the Official Turbocharger Partner of the IndyCar Series with
its Engineered for Racing (EFR) turbocharger, through the 2020
season. BorgWarner's innovative engineering and materials expertise
are race proven, with more than 1.25 million trouble-free miles
since 2012, on high-speed oval tracks, road courses, street courses
and short oval tracks.
- BorgWarner's facilities in China were certified under "Top Employers
China 2019" by Top Employers Institute, a global human resources
certification agency. BorgWarner China was recognized for its
achievements in 10 specific areas of human resources practices
including talent strategy, workforce planning, talent acquisition,
on-boarding, learning and development, performance management,
leadership development, career and succession management,
compensation and benefits, and culture.
- BorgWarner is growing its extensive portfolio of
state-of-the-art products with the introduction of a new commercial
vehicle starter, the Delco Remy Genuine Products 31MT™. Through key
design improvements, BorgWarner's new 31MT starter provides
increased reliability, durability and up to 10 percent more peak
power than comparable products.
At 9:30 a.m. ET today, a brief
conference call concerning fourth quarter and full year 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
68 locations in 19 countries, the company employs approximately
30,000 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,"
"guidance," "initiative," "intends," "may," "outlook," "plans,"
"potential," "predicts," "project," "pursue," "seek," "should,"
"target," "when," "will," "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
December
31,
|
|
Twelve Months
Ended
December
31,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Net sales
|
$
|
2,572.8
|
|
|
$
|
2,586.4
|
|
|
$
|
10,529.6
|
|
|
$
|
9,799.3
|
|
Cost of
sales
|
2,030.0
|
|
|
2,021.6
|
|
|
8,300.2
|
|
|
7,683.7
|
|
Gross
profit
|
542.8
|
|
|
564.8
|
|
|
2,229.4
|
|
|
2,115.6
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
225.8
|
|
|
240.0
|
|
|
945.7
|
|
|
899.1
|
|
Other expense,
net
|
51.4
|
|
|
117.0
|
|
|
93.8
|
|
|
144.5
|
|
Operating
income
|
265.6
|
|
|
207.8
|
|
|
1,189.9
|
|
|
1,072.0
|
|
|
|
|
|
|
|
|
|
Equity in affiliates'
earnings, net of tax
|
(10.5)
|
|
|
(12.7)
|
|
|
(48.9)
|
|
|
(51.2)
|
|
Interest
income
|
(2.0)
|
|
|
(1.6)
|
|
|
(6.4)
|
|
|
(5.8)
|
|
Interest expense and
finance charges
|
13.3
|
|
|
16.9
|
|
|
58.7
|
|
|
70.5
|
|
Other postretirement
income
|
(2.0)
|
|
|
(1.2)
|
|
|
(9.4)
|
|
|
(5.1)
|
|
Earnings before
income taxes and noncontrolling interest
|
266.8
|
|
|
206.4
|
|
|
1,195.9
|
|
|
1,063.6
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
19.2
|
|
|
338.4
|
|
|
211.3
|
|
|
580.3
|
|
Net earnings
(loss)
|
247.6
|
|
|
(132.0)
|
|
|
984.6
|
|
|
483.3
|
|
|
|
|
|
|
|
|
|
Net earnings
attributable to the noncontrolling interest, net of tax
|
17.6
|
|
|
14.2
|
|
|
53.9
|
|
|
43.4
|
|
Net earnings (loss)
attributable to BorgWarner Inc.
|
$
|
230.0
|
|
|
$
|
(146.2)
|
|
|
$
|
930.7
|
|
|
$
|
439.9
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
per share — diluted
|
$
|
1.10
|
|
|
$
|
(0.70)
|
|
|
$
|
4.44
|
|
|
$
|
2.08
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding — diluted
|
208.6
|
|
|
209.7
|
|
|
209.5
|
|
|
211.5
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding — basic
|
207.3
|
|
|
209.7
|
|
|
208.2
|
|
|
210.4
|
|
|
|
|
|
|
|
|
|
Supplemental
Information (Unaudited)
|
|
|
|
|
|
|
|
(millions of
dollars)
|
|
|
|
|
|
|
|
|
Three Months
Ended
December
31,
|
|
Twelve Months
Ended
December
31,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Capital expenditures,
including tooling outlays
|
$
|
152.3
|
|
|
$
|
170.3
|
|
|
$
|
546.6
|
|
|
$
|
560.0
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
$
|
105.5
|
|
|
$
|
105.8
|
|
|
$
|
431.3
|
|
|
$
|
407.8
|
|
BorgWarner
Inc.
|
|
|
|
|
|
|
|
Net Sales by
Reporting Segment (Unaudited)
|
|
|
|
|
|
|
(millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
December
31,
|
|
Twelve Months
Ended
December
31,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Engine
|
$
|
1,541.2
|
|
|
$
|
1,577.9
|
|
|
$
|
6,447.4
|
|
|
$
|
6,061.5
|
|
Drivetrain
|
1,045.7
|
|
|
1,022.6
|
|
|
4,139.4
|
|
|
3,790.3
|
|
Inter-segment
eliminations
|
(14.1)
|
|
|
(14.1)
|
|
|
(57.2)
|
|
|
(52.5)
|
|
Net sales
|
$
|
2,572.8
|
|
|
$
|
2,586.4
|
|
|
$
|
10,529.6
|
|
|
$
|
9,799.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Earnings
Before Interest, Income Taxes and Noncontrolling Interest
("Adjusted EBIT") (Unaudited)
|
(millions of
dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
December
31,
|
|
Twelve Months
Ended
December
31,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Engine
|
$
|
242.7
|
|
|
$
|
265.0
|
|
|
$
|
1,039.9
|
|
|
$
|
992.1
|
|
Drivetrain
|
130.5
|
|
|
123.6
|
|
|
475.4
|
|
|
448.3
|
|
Adjusted
EBIT
|
373.2
|
|
|
388.6
|
|
|
1,515.3
|
|
|
1,440.4
|
|
Restructuring
expense
|
22.7
|
|
|
45.2
|
|
|
67.1
|
|
|
58.5
|
|
Asset impairment and
loss on divestiture
|
25.6
|
|
|
71.0
|
|
|
25.6
|
|
|
71.0
|
|
Asbestos-related
adjustments
|
22.8
|
|
|
—
|
|
|
22.8
|
|
|
—
|
|
Gain on sale of
building
|
(19.4)
|
|
|
—
|
|
|
(19.4)
|
|
|
—
|
|
Other postretirement
income
|
(2.0)
|
|
|
(1.2)
|
|
|
(9.4)
|
|
|
(5.1)
|
|
Officer stock awards
modification
|
6.4
|
|
|
—
|
|
|
8.3
|
|
|
—
|
|
Merger, acquisition
and divestiture expense
|
1.0
|
|
|
3.6
|
|
|
5.8
|
|
|
10.0
|
|
Lease termination
settlement
|
—
|
|
|
—
|
|
|
—
|
|
|
5.3
|
|
Other (income)
expense, net
|
—
|
|
|
(0.6)
|
|
|
(3.3)
|
|
|
2.1
|
|
Corporate, including
equity in affiliates' earnings and stock-based
compensation
|
38.0
|
|
|
48.9
|
|
|
169.6
|
|
|
170.3
|
|
Interest
income
|
(2.0)
|
|
|
(1.6)
|
|
|
(6.4)
|
|
|
(5.8)
|
|
Interest expense and
finance charges
|
13.3
|
|
|
16.9
|
|
|
58.7
|
|
|
70.5
|
|
Earnings before
income taxes and noncontrolling interest
|
266.8
|
|
|
206.4
|
|
|
1,195.9
|
|
|
1,063.6
|
|
Provision for income
taxes
|
19.2
|
|
|
338.4
|
|
|
211.3
|
|
|
580.3
|
|
Net earnings
(loss)
|
247.6
|
|
|
(132.0)
|
|
|
984.6
|
|
|
483.3
|
|
Net earnings
attributable to the noncontrolling interest, net of tax
|
17.6
|
|
|
14.2
|
|
|
53.9
|
|
|
43.4
|
|
Net earnings (loss)
attributable to BorgWarner Inc.
|
$
|
230.0
|
|
|
$
|
(146.2)
|
|
|
$
|
930.7
|
|
|
$
|
439.9
|
|
BorgWarner
Inc.
|
|
|
|
Condensed
Consolidated Balance Sheets (Unaudited)
|
(millions of
dollars)
|
|
|
|
|
|
|
|
|
December
31,
2018
|
|
December
31,
2017
|
Assets
|
|
|
|
|
|
|
|
Cash
|
$
|
739.4
|
|
|
$
|
545.3
|
|
Receivables,
net
|
1,987.4
|
|
|
2,018.9
|
|
Inventories,
net
|
780.8
|
|
|
766.3
|
|
Prepayments and other
current assets
|
250.0
|
|
|
145.4
|
|
Assets held for
sale
|
47.0
|
|
|
67.3
|
|
Total current
assets
|
3,804.6
|
|
|
3,543.2
|
|
|
|
|
|
Property, plant and
equipment, net
|
2,903.8
|
|
|
2,863.8
|
|
Investments and other
long-term receivables
|
591.7
|
|
|
547.4
|
|
Goodwill
|
1,853.4
|
|
|
1,881.8
|
|
Other intangible
assets, net
|
439.5
|
|
|
492.7
|
|
Other non-current
assets
|
502.3
|
|
|
458.7
|
|
Total
assets
|
$
|
10,095.3
|
|
|
$
|
9,787.6
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
|
Notes payable and
other short-term debt
|
$
|
172.6
|
|
|
$
|
84.6
|
|
Accounts payable and
accrued expenses
|
2,144.3
|
|
|
2,270.3
|
|
Income taxes
payable
|
58.9
|
|
|
40.8
|
|
Liabilities held for
sale
|
23.1
|
|
|
29.5
|
|
Total current
liabilities
|
2,398.9
|
|
|
2,425.2
|
|
|
|
|
|
Long-term
debt
|
1,940.7
|
|
|
2,103.7
|
|
Other non-current
liabilities
|
1,410.9
|
|
|
1,432.8
|
|
|
|
|
|
Total BorgWarner Inc.
stockholders' equity
|
4,225.5
|
|
|
3,716.8
|
|
Noncontrolling
interest
|
119.3
|
|
|
109.1
|
|
Total
equity
|
4,344.8
|
|
|
3,825.9
|
|
Total liabilities and
equity
|
$
|
10,095.3
|
|
|
$
|
9,787.6
|
|
BorgWarner
Inc.
|
|
|
|
Condensed
Consolidated Statements of Cash Flows (Unaudited)
|
|
|
|
(millions of
dollars)
|
|
|
|
|
Twelve Months
Ended
December
31,
|
|
2018
|
|
2017
|
Operating
|
|
|
|
Net
earnings
|
$
|
984.6
|
|
|
$
|
483.3
|
|
Adjustments to
reconcile net earnings to net cash flows from
operations:
|
|
|
|
Non-cash charges
(credits) to operations:
|
|
|
|
Asset impairment and
loss on divestiture
|
25.6
|
|
|
71.0
|
|
Asbestos-related
adjustments
|
22.8
|
|
|
—
|
|
Gain on sale of
building
|
(19.4)
|
|
|
—
|
|
Depreciation and
amortization
|
431.3
|
|
|
407.8
|
|
Stock-based
compensation expense
|
52.9
|
|
|
52.7
|
|
Restructuring
expense, net of cash paid
|
33.0
|
|
|
27.0
|
|
Deferred income tax
(benefit) provision
|
(82.4)
|
|
|
41.8
|
|
Tax reform
adjustments to provision for income taxes
|
12.6
|
|
|
273.5
|
|
Equity in affiliates'
earnings, net of dividends received, and other
|
(15.0)
|
|
|
(32.0)
|
|
Net earnings adjusted
for non-cash charges to operations
|
1,446.0
|
|
|
1,325.1
|
|
Changes in assets and
liabilities
|
(319.5)
|
|
|
(144.8)
|
|
Net cash provided by
operating activities
|
1,126.5
|
|
|
1,180.3
|
|
Investing
|
|
|
|
Capital expenditures,
including tooling outlays
|
(546.6)
|
|
|
(560.0)
|
|
Proceeds from asset
disposals and other
|
36.0
|
|
|
4.5
|
|
Payments for
businesses acquired, including restricted cash, net of cash
acquired
|
—
|
|
|
(185.7)
|
|
Proceeds from
(payments for) settlement of net investment hedges
|
2.1
|
|
|
(8.5)
|
|
Payments for venture
capital investment
|
(6.0)
|
|
|
(2.6)
|
|
Net cash used in
investing activities
|
(514.5)
|
|
|
(752.3)
|
|
Financing
|
|
|
|
Net decrease in notes
payable
|
(34.2)
|
|
|
(88.3)
|
|
Additions to debt,
net of debt issuance costs
|
58.7
|
|
|
3.0
|
|
Repayments of debt,
including current portion
|
(65.7)
|
|
|
(19.3)
|
|
Payments for debt
issuance cost
|
—
|
|
|
(2.4)
|
|
Payments for purchase
of treasury stock
|
(150.0)
|
|
|
(100.0)
|
|
Payments for
stock-based compensation items
|
(15.2)
|
|
|
(2.1)
|
|
Dividends paid to
BorgWarner stockholders
|
(141.5)
|
|
|
(124.1)
|
|
Dividends paid to
noncontrolling stockholders
|
(35.5)
|
|
|
(29.3)
|
|
Net cash used in
financing activities
|
(383.4)
|
|
|
(362.5)
|
|
Effect of exchange
rate changes on cash
|
(34.5)
|
|
|
36.1
|
|
Net increase in
cash
|
194.1
|
|
|
101.6
|
|
|
|
|
|
Cash at beginning of
year
|
545.3
|
|
|
443.7
|
|
Cash at end of
year
|
$
|
739.4
|
|
|
$
|
545.3
|
|
View original
content:http://www.prnewswire.com/news-releases/borgwarner-reports-fourth-quarter-2018-us-gaap-net-earnings-of-1-10-per-diluted-share-or-earnings-of-1-21-per-diluted-share-excluding-non-comparable-items-300795422.html
SOURCE BorgWarner Inc.