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Borgwarner (BWA) Q3 FY2023 earnings: revenue $3.6 billion, up 12.3% on the year

Borgwarner Inc. (BWA) reported revenue of $3.6 billion for Q3 FY2023, the quarter ended 30 September 2023, up 12.3% on the same quarter a year earlier. Net income was $50 million, down 81.8% on the year, and diluted earnings per share $0.21. The figures are the company's own, from the 10-Q it filed with the SEC on 2 November 2023.

Revenue$3.6 billionup 12.3%
Net income$50 milliondown 81.8%
Diluted EPS$0.21
QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Revenue3,622n/an/an/a
Cost of revenue2,970n/an/an/a
Gross profit652n/an/an/a
Gross margin18.0%n/an/a
Research and development192n/an/an/a
Selling, general and administrative330n/an/an/a
Operating income272n/an/an/a
Operating margin7.5%n/an/a
Interest expense21.0n/an/an/a
Pre-tax income238n/an/an/a
Income tax133n/an/an/a
Effective tax rate55.9%n/an/a
Net income50.0n/an/an/a
Net margin1.4%n/an/a
Diluted EPS$0.21n/an/an/a
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Capital expenditure104n/an/an/a
Depreciation and amortisation58.0n/an/an/a
Share-based compensation16.0n/an/an/a
Buybacks0.0n/an/an/a
Dividends paid26.0n/an/an/a
Dividend per share$0.11n/an/an/a
Diluted shares, weighted235mn/an/an/a
Shares outstanding at period end235mn/an/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Shareholders' equity5,768n/an/an/a
Non-controlling interest239n/an/an/a
Debt3,665n/an/an/a
Operating lease liabilities91.0n/an/an/a
Other liabilities4,341n/an/an/a
Total liabilities and equity14,104n/an/an/a
Goodwill2,936n/an/an/a
Intangible assets557n/an/an/a
Cash and equivalents949n/an/an/a
Receivables3,351n/an/an/a
Inventory1,328n/an/an/a
Other assets4,983n/an/an/a
Total assets14,104n/an/an/a

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 * †Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue3,6223,5223,5953,6033,4493,4393,5153,6383,5913,5723,5333,648
Cost of revenue2,9702,8632,9512,9182,8132,7562,8762,9982,9272,8412,8562,927
Gross profit652659644685636683639640664731677721
Gross margin18%19%18%19%18%20%18%18%18%20%19%20%
R&D192176187189190170182182189157177176
SG&A330353329341340340315317341331328331
Operating income272281295297270-316237289248-238336370
Operating margin8%8%8%8%8%-9%7%8%7%-7%10%10%
Interest expense21.016.015.017.024.028.028.024.025.022.025.025.0
Pre-tax income23822929029827029.0232284248-240328372
Tax rate56%26%21%-10%5%231%26%18%30%n/a22%22%
Net income50.0154206303234-405157224158-262242277
Net margin1%4%6%8%7%-12%4%6%4%-7%7%8%
Diluted EPS$0.21$0.66$0.90$1.34$1.04-$1.85$0.72$1.03$0.73-$1.23$1.16$1.34
Operating cash flown/an/an/an/an/an/a82.0579n/an/a152586
Capital expenditure10420819016515516111977.011116214396.0
Free cash flown/an/an/an/an/an/a-37.0502n/an/a9.0490
Buybacks0.01771000.03011.00.0108102298150100
Dividends paid26.025.025.025.024.024.024.024.036.035.035.034.0
Shares outstanding235m230m228m228m219m219m220m216m214m207m205m204m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 2 November 2023, accession 0000908255-23-000051: the filing on EDGAR. All of Borgwarner Inc.'s filings: EDGAR company page.

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