BorgWarner forecasts 2024 profit, revenue below estimates
Feb 8 (Reuters) - BorgWarner forecast annual profit below analysts' estimates on Thursday, anticipating a slowdown in demand for electric vehicle (EV) parts as companies cut production and higher raw material costs.
Shares of the auto parts supplier fell about 5% before the bell.
BorgWarner, which is a supplier to automakers such as Ford Motor and Volkswagen, said it expects 2024 adjusted per share profit in the range of $3.65 to $4.00.
Analysts on average were expecting a profit of $4.27 per share, according to LSEG data.
BorgWarner expects full-year net sales in the range of $14.4 billion to $14.9 billion, compared to a Street consensus of $15.31 billion.
Legacy automakers have already sounded some concerns around cooling demand for EVs and have shifted their focus toward hybrids and gasoline-powered vehicles.
On an adjusted basis, it earned a profit of 90 cents per share in the fourth quarter, missing analysts' expectations of 94 cents.
(Reporting by Nathan Gomes and Shivansh Tiwary in Bengaluru)
