Q2 2024 Borgwarner Inc Earnings Call Transcript
Key Points
- BorgWarner Inc (BWA) outperformed the market by 350 basis points in the first half of 2024.
- The company secured multiple new product awards across combustion, hybrid, and electric vehicles.
- BorgWarner Inc (BWA) delivered a strong 10.4% margin in Q2 2024, up 30 basis points from the previous year.
- The company announced a $300 million share repurchase plan for the second half of 2024.
- BorgWarner Inc (BWA) reduced Scope 1 and 2 greenhouse gas emissions by 32% from the 2021 baseline.
- Q2 sales were relatively flat year-over-year at approximately $3.6 billion.
- The company reduced its full-year sales guidance from $14.4 billion-$14.9 billion to $14.1 billion-$14.4 billion.
- The ePropulsion segment faced restructuring due to market dynamics, with expected cost savings not fully realized until 2026.
- Foreign currency headwinds negatively impacted sales by $62 million year-over-year.
- The company anticipates a 2%-3% decline in market production for the full year, with significant reductions in China, North America, and Europe.
Please standby, we're about to begin. Good morning, everyone. My name is Beau, and I will be your conference facilitator. At this time, I would like to welcome everyone to the BorgWarner 2024 second quarter results conference call. (Operator Instructions)
I would now like to turn the call over to Patrick Nolan, Vice President of Investor Relations. Mr. Nolan, you may begin your conference.
Thank you, Beau. Good morning, everyone, and thank you for joining us today. We issued our earnings release earlier this morning. It's posted on our website, borgwarner.com, both on our home page and Investor Relations homepage.
Before we begin, I need to inform you that during this call, we may make forward-looking statements, which involve risks and uncertainties as detailed in our 10-K. Our actual results may differ significantly from the matters discussed today.
During today's presentation, we'll highlight certain non-GAAP measures in order to provide a clearer picture of how the core business
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