Why Automotive And e-Mobility Supplier BorgWarner's Shares Are Jumping Today
Portfolio Pulse from Shivani Kumaresan
BorgWarner Inc (NYSE:BWA) shares are trading higher after reporting better-than-expected Q2 FY24 adjusted EPS and securing new contracts. Despite a 2% YoY sales decline to $3.603 billion, the company beat EPS estimates with $1.19 against the expected $1.01. BorgWarner also updated its FY24 sales and EPS guidance and announced a $300 million share repurchase plan.
July 31, 2024 | 3:18 pm
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POSITIVE IMPACT
BorgWarner's shares surged 8% following a better-than-expected Q2 FY24 adjusted EPS of $1.19, new contracts, and a $300 million share repurchase plan. Despite a 2% YoY sales decline, the company updated its FY24 sales and EPS guidance.
The positive market reaction is driven by BorgWarner's better-than-expected Q2 EPS, new contracts, and a significant share repurchase plan. These factors outweigh the slight revenue miss and lowered FY24 sales guidance, leading to a short-term positive impact on the stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100