BorgWarner forecasts 2024 profit, revenue below estimates, Auto News, ET Auto
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BorgWarner forecast annual profit below analysts’ estimates on Thursday, anticipating a slowdown in demand for electric vehicle (EV) parts as companies cut production and higher raw material costs.
Shares of the auto parts supplier fell about 5% before the bell.
BorgWarner, which is a supplier to automakers such as Ford Motor and Volkswagen, said it expects 2024 adjusted per share profit in the range of USD 3.65 to USD 4.00.
Analysts on average were expecting a profit of USD 4.27 per share, according to LSEG data.
BorgWarner expects full-year net sales in the range of USD 14.4 billion to USD 14.9 billion, compared to a Street consensus of USD 15.31 billion.
Legacy automakers have already sounded some concerns around cooling demand for EVs and have shifted their focus toward hybrids and gasoline-powered vehicles.
On an adjusted basis, it earned a profit of 90 cents per share in the fourth quarter, missing analysts’ expectations of 94 cents.
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