DETROIT (Reuters) - BorgWarner Inc (BWA.N), which makes automotive turbochargers and emissions systems, on Thursday posted a stronger-than-expected quarterly profit and reaffirmed its full-year financial outlook.
Net earnings in the first quarter attributable to the auto parts supplier declined to $142 million, or $1.22 a share, compared with $163 million, or $1.28 a share, in the year-earlier period.
Excluding one-time items, BorgWarner earned $1.30 a share, 6 cents better than what analysts polled by Thomson Reuters I/B/E/S had expected.
Sales fell 3 percent from last year to $1.85 billion due to sharp production declines in Europe, where the company gets almost half its sales. Analysts had expected $1.83 billion.
BorgWarner said its outlook for the year is unchanged. It still expects sales to grow 2 percent to 6 percent, while net earnings per share excluding one-time items should be in the range of $5.15 to $5.45. Analysts have been expecting full-year sales of $7.46 billion and earnings of $5.29 a share.
Reporting by Ben Klayman in Detroit; Editing by Gerald E. McCormick