Engineered powertrain parts maker BorgWarner Inc. (BWA) on Tuesday reported a 9.1 percent growth in fourth-quarter profit, boosted by the global success of new products.
The Auburn Hills, Mich.-based company's fourth-quarter figures grew to $127.5 million, or $1 per share, from $116.9 million, or 89 cents a share, a year ago. The powertrain maker's revenue for the quarter grew 16 percent to $1.77 billion from $1.53 billion.
Its full-year sales jumped 26 percent to $7.1 billion from $5.7 billion, with earnings jumping to $550 million, or $4.45 per share, from $377 million, or $3.07 per share the year-on.
The full-year figures fall below expectations of $1.8 billion in revenue and $1.17 a share, according to analysts polled by Thompson Reuters.
The company's engine business climbed last year 11 percent to $1.25 billion, while drivetrain sales grew 27 percent to $420 million.
The Auburn Hills-Mich.-based company estimates 2012 earnings to be $5.35 to $5.65 per share, ahead of analysts' estimates of $5.34 a share, according to MarketWatch.
New business growth drove our fourth quarter results as it did throughout the year, CEO Timothy Manganello said in a statement. Adoption rates of our leading-edge powertrain technology continued to outpace vehicle production in every major region of the world.
BorgWarner was up 31 cents to $79.16 in afternoon trading.