BorgWarner Inc. Files 10-Q for Q1 2024

TL;DR

<b>BorgWarner Inc. filed its Q1 2024 10-Q report on May 2, 2024, detailing financial performance for the quarter ending March 31, 2024.</b>

AI Summary

BORGWARNER INC (BWA) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. BorgWarner Inc. reported its Q1 2024 financial results on May 2, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's fiscal year ends on December 31. BorgWarner Inc. is incorporated in Delaware. The company's principal business address is in Auburn Hills, Michigan.

Why It Matters

For investors and stakeholders tracking BORGWARNER INC, this filing contains several important signals. The 10-Q filing provides a detailed look at BorgWarner's financial health and operational performance during the first quarter of 2024, crucial for investors assessing the company's trajectory. This report includes segment information, balance sheet details, and other financial disclosures that are essential for understanding the company's current standing and future outlook in the automotive parts industry.

Risk Assessment

Risk Level: medium — BORGWARNER INC shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) which typically contains routine financial information and does not indicate any immediate, severe risks, but the nature of the automotive industry presents ongoing market and operational challenges.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand BorgWarner's revenue streams and profitability drivers for Q1 2024.

Key Players & Entities

• BORGWARNER INC (company) — FILER
• BWA (company) — tk
• 2024-05-02T00:00:00.000Z (date) — dt
• 20240331 (date) — CONFORMED PERIOD OF REPORT
• 20240502 (date) — FILED AS OF DATE
• DE (jurisdiction) — STATE OF INCORPORATION
• AUBURN HILLS (location) — CITY
• MI (location) — STATE

FAQ

Industry Context

BorgWarner Inc. operates in the motor vehicle parts and accessories industry (SIC 3714). This sector is characterized by its cyclical nature and sensitivity to automotive production volumes.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file quarterly reports (10-Q) detailing financial performance and business operations.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and EPS trends.
2. Examine segment performance to understand growth drivers and challenges.
3. Assess the company's liquidity and debt levels from the balance sheet.

Key Dates

• 2024-05-02T00:00:00.000Z: 10-Q Filing — Reported Q1 2024 financial results and operational details.

Year-Over-Year Comparison

This is the initial filing for the Q1 2024 period, so no direct comparison to a prior filing of the same type is available within this data.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share BWA New York Stock Exchange

Filing Documents

• bwa-20240331.htm (10-Q) — 1594KB
• bwa_2024restrictedstockagr.htm (EX-10.1) — 50KB
• bwa_2024stockunitagreement.htm (EX-10.2) — 70KB
• bwa_2024-2026performancest.htm (EX-10.3) — 102KB
• a2024cocagreement-craigaar.htm (EX-10.4) — 131KB
• a2024033110qexhibit311.htm (EX-31.1) — 10KB
• a2024033110qexhibit312.htm (EX-31.2) — 10KB
• a2024033110qexhibit321.htm (EX-32.1) — 7KB
• 0000908255-24-000023.txt (&nbsp;) — 11206KB
• bwa-20240331.xsd (EX-101.SCH) — 70KB
• bwa-20240331_cal.xml (EX-101.CAL) — 121KB
• bwa-20240331_def.xml (EX-101.DEF) — 351KB
• bwa-20240331_lab.xml (EX-101.LAB) — 794KB
• bwa-20240331_pre.xml (EX-101.PRE) — 604KB
• bwa-20240331_htm.xml (XML) — 2119KB

Financial Information

PART I. Financial Information

Financial Statements

Item 1. Financial Statements Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (Unaudited) 1 Condensed Consolidated Statements of Operations for the three months ended March 31 , 202 4 and 202 3 (Unaudited) 2 Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31 , 202 4 and 202 3 (Unaudited) 3 Condensed Consolidated Statements of Cash Flows for the three months ended March 31 , 202 4 and 202 3 (Unaudited) 4 Notes to Condensed Consolidated Financial Statements (Unaudited) 5

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 33

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 43

Controls and Procedures

Item 4. Controls and Procedures 44

Other Information

PART II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 45

Risk Factors

Item 1A. Risk Factors 45

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 45

Other Information

Item 5. Other Information 46

Exhibits

Item 6. Exhibits 46

SIGNATURES

SIGNATURES 47 Table of Contents CAUTIONARY STATEMENTS FOR FORWARD-LOOKING STATEMENTS

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements BORGWARNER INC. AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in millions) March 31, 2024 December 31, 2023 ASSETS Cash, cash equivalents and restricted cash $ 1,037 $ 1,534 Receivables, net 3,289 3,109 Inventories, net 1,333 1,313 Prepayments and other current assets 298 261 Total current assets 5,957 6,217 Property, plant and equipment, net 3,766 3,783 Investments and long-term receivables 365 364 Goodwill 2,977 3,013 Other intangible assets, net 540 564 Other non-current assets 517 512 Total assets $ 14,122 $ 14,453 LIABILITIES AND EQUITY Short-term debt $ 445 $ 73 Accounts payable 2,378 2,546 Other current liabilities 1,046 1,148 Total current liabilities 3,869 3,767 Long-term debt 3,295 3,707 Retirement-related liabilities 142 146 Other non-current liabilities 774 767 Total liabilities 8,080 8,387 Commitments and contingencies Common stock 3 3 Capital in excess of par value 2,632 2,689 Retained earnings 6,325 6,152 Accumulated other comprehensive loss ( 883 ) ( 828 ) Common stock held in treasury, at cost ( 2,236 ) ( 2,188 ) Total BorgWarner Inc. stockholders' equity 5,841 5,828 Noncontrolling interest 201 238 Total equity 6,042 6,066 Total liabilities and equity $ 14,122 $ 14,453 See accompanying Notes to Condensed Consolidated Financial Statements. 1 Table of Contents BORGWARNER INC. AND CONSOLIDATED SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended March 31, (in millions, except per share amounts) 2024 2023 Net sales $ 3,595 $ 3,383 Cost of sales 2,951 2,806 Gross profit 644 577 Selling, general and administrative expenses 329 299 Restructuring expense 19 3 Other operating expense, net 1 1 Operating income 295 274 Equity in affiliates' earnings, net of tax ( 5 ) ( 1 ) Unrealized loss on debt and equity securities 2 15 Interest expense, net 5 10 Other postretirement expense 3 2 Earnings

View Full Filing

View this 10-Q filing on SEC EDGAR