![Borgwarner Inc [BWA] reports quarterly net loss of $221 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FBWA.png&w=1200&q=75)
BORGWARNER INC [BWA] has reported a net loss of $221 million for quarter ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the quarter was $3.6 billion
Based in Auburn Hills, Michigan, BORGWARNER INC operates in the MANUFACTURING sector.
In the first quarter ended March 31, 2024, BorgWarner Inc. reported net sales of $3.595 billion, showing an increase from the same period in the previous year where net sales were $3.383 billion. This represents a growth of $212 million in revenue year-over-year.
Cost of sales for the current quarter amounted to $2.951 billion compared to $2.806 billion in the corresponding period last year, resulting in a gross profit of $644 million, up from $577 million in the previous year.
Operating income for the first quarter of 2024 was reported at $295 million, higher than the $274 million recorded in the first quarter of 2023.
Net earnings for the current reporting period totaled $221 million, a decrease from $230 million in the same period last year. Earnings per share from continuing operations for basic amounts were $0.94 in the current period compared to $0.72 in the previous year. Similarly, diluted earnings per share from continuing operations were $0.93 in the current period, up from $0.72 in the same period in 2023.
Overall, BorgWarner Inc. saw a mixed performance in the first quarter of 2024 compared to the same period in 2023, with an increase in revenue and operating income but a slight decrease in net earnings.
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