BorgWarner Inc. (BWA) on Wednesday lowered its net sales growth forecast for 2014 to about 11.5% from its prior outlook of 12% to 13% growth, citing weaker foreign currencies and slightly softer than expected volumes.
However, the company reaffirmed its 2014 adjusted earnings guidance of $3.23 to $3.28 per share.
Analysts polled by Thomson Reuters currently expect the company to earn $3.27 per share on revenue growth of 12.5% for the full year 2014.
Looking forward to 2015, the company forecasts net sales growth of 2% to 6% compared with updated 2014 guidance. Excluding the impact of weaker foreign currencies, net sales growth is expected to be 9.5% to 12%.
The company also forecasts earnings of $3.35 to $3.55 per share and adjusted earnings of $3.60 to $3.75 per share for the full year 2015.
Analysts expect the company to earn $3.74 per share on revenue growth of 10.2% for the full year 2015.
"In 2015, we expect another record year for net sales and net earnings," said James Verrier, BorgWarner President and CEO. "Our backlog of net new business is expected to drive net sales growth of 9.5% to 12% in 2015 compared with 2014, excluding the impact of weaker foreign currencies, as demand for our product technologies that improve fuel economy, emissions and performance, continues to accelerate around the globe."
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