(Reuters) – Auto parts supplier BorgWarner reported second-quarter results on Wednesday that beat analysts’ estimates, helped by sustained demand from automakers ramping up output.
The Michigan-based company, whose customers include Volkswagen, General Motors and Ford, over the past two years has also been realigning itself to become an EV supplier.
On an adjusted basis, BorgWarner earned $1.35 per share in the second quarter, beating estimates of $1.08 per share, according to Refinitiv IBES data.
The company posted a quarterly revenue of $4.52 billion, compared with estimates of $4.07 billion.
BorgWarner, however, trimmed its full-year sales outlook to between $14.2 billion and $14.6 billion, compared with its prior forecast of $17.1 billion to $17.9 billion, to take into account the impact of discontinued operations related to a spin-off.
The company said in February it would spin off its fuel systems and aftermarket segments, and form a new company called PHINIA.
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(Reporting by Nathan Gomes in Bengaluru; Editing by Shounak Dasgupta)