BORGWARNER INC
For the period ended Sep 30, 2024. Filed Oct 31, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 31, 2024
BWA$48.81+2.7%Stored close · as of Nov 6, 2026
Contents
Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 (Unaudited)
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
| (in millions) | September 30,2024 | December 31,2023 |
|---|---|---|
| ASSETS | ||
| Cash and cash equivalents | $2,000 | $1,534 |
| Receivables, net | 3,215 | 3,109 |
| Inventories, net | 1,366 | 1,313 |
| Prepayments and other current assets | 275 | 261 |
| Total current assets | 6,856 | 6,217 |
| Property, plant and equipment, net | 3,814 | 3,783 |
| Investments and long-term receivables | 350 | 364 |
| Goodwill | 3,027 | 3,013 |
| Other intangible assets, net | 514 | 564 |
| Other non-current assets | 576 | 512 |
| Total assets | $15,137 | $14,453 |
| LIABILITIES AND EQUITY | ||
| Short-term debt | $398 | $73 |
| Accounts payable | 2,176 | 2,546 |
| Other current liabilities | 1,144 | 1,148 |
| Total current liabilities | 3,718 | 3,767 |
| Long-term debt | 4,195 | 3,707 |
| Retirement-related liabilities | 146 | 146 |
| Other non-current liabilities | 726 | 767 |
| Total liabilities | 8,785 | 8,387 |
| Commitments and contingencies | ||
| Common stock | 3 | 3 |
| Capital in excess of par value | 2,657 | 2,689 |
| Retained earnings | 6,840 | 6,152 |
| Accumulated other comprehensive loss | (808) | (828) |
| Common stock held in treasury, at cost | (2,536) | (2,188) |
| Total BorgWarner Inc. stockholders’ equity | 6,156 | 5,828 |
| Noncontrolling interest | 196 | 238 |
| Total equity | 6,352 | 6,066 |
| Total liabilities and equity | $15,137 | $14,453 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| (in millions, except per share amounts) | 2024 | 2023 | 2024 | 2023 |
| Net sales | $3,449 | $3,622 | $10,647 | $10,676 |
| Cost of sales | 2,813 | 2,970 | 8,682 | 8,767 |
| Gross profit | 636 | 652 | 1,965 | 1,909 |
| Selling, general and administrative expenses | 340 | 330 | 1,010 | 963 |
| Restructuring expense | 21 | 56 | 65 | 68 |
| Other operating expense (income), net | 5 | (6) | 28 | (1) |
| Operating income | 270 | 272 | 862 | 879 |
| Equity in affiliates’ earnings, net of tax | (6) | (10) | (23) | (23) |
| Unrealized and realized (gain) loss on equity and debt securities | (2) | 60 | — | 129 |
| Interest expense (income), net | 4 | (19) | 17 | 3 |
| Other postretirement expense | 4 | 3 | 10 | 8 |
| Earnings from continuing operations before income taxes and noncontrolling interest | 270 | 238 | 858 | 762 |
| Provision for income taxes | 13 | 133 | 44 | 230 |
| Net earnings from continuing operations | 257 | 105 | 814 | 532 |
| Net loss from discontinued operations | (8) | (37) | (27) | (12) |
| Net earnings | 249 | 68 | 787 | 520 |
| Net earnings from continuing operations attributable to noncontrolling interest | 15 | 18 | 44 | 49 |
| Net earnings attributable to BorgWarner Inc. | $234 | $50 | $743 | $471 |
| Amounts attributable to BorgWarner Inc.: | ||||
| Net earnings from continuing operations | $242 | $87 | $770 | $483 |
| Net loss from discontinued operations | (8) | (37) | (27) | (12) |
| Net earnings attributable to BorgWarner Inc. | $234 | $50 | $743 | $471 |
| Earnings per share from continuing operations — basic | $1.08 | $0.37 | $3.41 | $2.07 |
| Loss per share from discontinued operations — basic | (0.04) | (0.16) | (0.12) | (0.05) |
| Earnings per share attributable to BorgWarner Inc. — basic | $1.04 | $0.21 | $3.29 | $2.02 |
| Earnings per share from continuing operations — diluted | $1.08 | $0.37 | $3.40 | $2.06 |
| Loss per share from discontinued operations — diluted | (0.04) | (0.16) | (0.12) | (0.05) |
| Earnings per share attributable to BorgWarner Inc. — diluted | $1.04 | $0.21 | $3.28 | $2.01 |
| Weighted average shares outstanding: | ||||
| Basic | 223.1 | 233.4 | 225.7 | 233.2 |
| Diluted | 224.5 | 235.3 | 226.8 | 234.6 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| (in millions) | 2024 | 2023 | 2024 | 2023 |
| Net earnings attributable to BorgWarner Inc. | $234 | $50 | $743 | $471 |
| Other comprehensive income (loss) | ||||
| Foreign currency translation adjustments | 159 | (16) | 62 | (72) |
| Hedge instruments1 | (28) | (12) | (46) | 26 |
| Postretirement defined benefit plans1 | (1) | 11 | 4 | 7 |
| Total other comprehensive income (loss) attributable to BorgWarner Inc. | 130 | (17) | 20 | (39) |
| Comprehensive income attributable to BorgWarner Inc.1 | 364 | 33 | 763 | 432 |
| Net earnings from continuing operations attributable to noncontrolling interest | 15 | 18 | 44 | 49 |
| Other comprehensive income (loss) attributable to noncontrolling interest1 | 11 | (4) | 3 | (18) |
| Comprehensive income | $390 | $47 | $810 | $463 |
1 Net of income taxes.
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