By Paulo Trevisani
BorgWarner Inc. said Wednesday it expects forex rates to help increasing annual sales.
The company said foreign currency would result in year-over-year increase in sales of approximately $520 million, “primarily due to the strengthening of the Euro, Chinese Renminbi and Korean Won against the U.S. dollar.”
The auto parts maker forecast full-year 2021 net sales to fall anywhere from $15.2 billion to $15.6 billion, “under the assumption that there are no additional production disruptions arising from Covid-19,” according to its earnings release.
BorgWarner reported second quarter net sales of $3.8 billion, up from $1.4 billion a year ago, with a $217 million contribution from foreign currency.
The Auburn Hills, Mich., company said FX increased by $30 million its second quarter adjusted operating income, which reverted to $401 million last quarter from a $9 million loss a year earlier.
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