BorgWarner reports net sales down 5% y/y in Q1

Growth impacted by an unfavourable mix of light-vehicle production in North America and launch delays in Asia.

BorgWarner has reported its first-quarter 2015 results, with a significant impact on net sales as a result of foreign currency effects. According to the US-based auto components supplier, adjusting for currency effects, its net sales grew 11% in the first quarter, compared with the same period last year, rather than the real decline of 5% year on year (y/y), to USD1,984 million. Specifically, the company said that the negative impact of foreign-currency exchange effects was about USD222 million. The company's net earnings, however, increased to USD179 million, compared with USD159 million in the first quarter of 2014. BorgWarner's operating income was USD260 million, up 11% y/y.