BorgWarner Q1 adj EPS $1.03 vs $0.81 YoY; raises FY EPS guidance

BORGWARNER INC

2024-Q1 EPS reported $0.90 revenue$3,595,000,000

Q1 net sales $3,595M (+6% YoY, organic +7%); GAAP EPS $0.93, adj EPS $1.03.
Board authorized additional $500M share repurchase; total auth $767M; $100M bought in Q1.
eMotor wins with XPeng for 800V HVH eMotor; eTVD wins with Polestar and major European OEM.
FY2024 guidance: sales $14.4-$14.9B; adj operating margin 9.2%-9.6%; adj EPS raised to $3.80-$4.15.
eProduct sales expected $2.5-$2.8B (up from ~$2.0B in 2023); FY free cash flow $475-$575M.

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