BorgWarner cuts 2012 outlook on global slowdown
DETROIT, July 26
DETROIT, July 26 (Reuters) - BorgWarner Inc, an automotive supplier of powertrain technology, reported lower net income for the second quarter and cut its full-year earnings and revenue outlook on Thursday, citing the slowdown in the global economy.
The company reported net income of $121 million, or $1 per share, down from $162 million, or $1.31 per share.
Excluding one-time items, BorgWarner earned $1.36 per share.
The parts supplier also cut its outlook. It expects to earn between $5.05 and $5.25 per share this year, down from its previous per-share outlook of between $5.35 and $5.65.
The company also expects revenue to increase 4 percent to 6 percent. Earlier it projected as much as 12 percent growth in sales.
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