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BorgWarner 3Q net income jumps 65 percent

The Associated Press

NEWS: BorgWarner Inc.'s third-quarter net income jumped 65 percent, thanks to higher demand for the automotive parts company's engine components.

DETAILS: President and CEO James Verrier said in a statement that the focus in the industry on fuel economy and improved emissions helped drive growth for the company.

NUMBERS: The Auburn Hills, Mich.-based company said Wednesday its net income rose to $166.8 million, or $1.45 per share, in the quarter ending Sept. 30. That compares to $101.1 million, or 85 cents per share, in the 2012 third quarter.

Analysts expected earnings of $1.34 per share, according to FactSet.

Revenue rose 6.5 percent to $1.81 billion from $1.7 billion.

Analysts expected revenue of $1.84 billion.

FUTURE: For 2013, BorgWarner now expects earnings between $5.55 per share and $5.65 per share, up from its previous forecast between $5.40 per share and $5.55 per share.

It expects revenue to rise 3 percent to 4 percent from a year ago, slight lower than its previous guidance between 3 percent and 5 percent. Based on revenue of $7.18 billion in 2012, that would imply a forecast for revenue between $7.4 billion and $7.47 billion.

Wall Street was forecasting earnings of $5.53 per share, on revenue of $7.51 billion.

STOCK: Down $3.88, or 3.7 percent, to end at $100.77. The stock remains up 41 percent since the start of the year.