were lower in afternoon trading Monday following the company's second-quarter earnings report, which showed that despite a sales increase, profits fell from a year ago.
For the second quarter, the company earned $44.8 million, or $1.65 a share, compared to $45.7 million, or $1.70 a share, last year. Sales rose 8% to $769.5 million from $712.4 million in the prior year's second quarter.
BorgWarner said increased demand for the company's fuel-efficient engine technology and four-wheel-drive systems spurred the sales growth and offset the impact of lower industry production during the quarter.
The company still expects full-year earnings of $6.20 to $6.35 a share.
"We continue to see strong sales growth for our turbochargers and four-wheel-drive systems," BorgWarner said. "As our product mix shifts to these systems with more purchased content, we expect to continue to improve our return on invested capital while having a minimal impact on margins."
Analysts polled by Thomson First Call were calling for second-quarter earnings of $1.54. For the year, analysts are forecasting a profit of $6.20.
Shares of BorgWarner were losing $3.44, or 5%, to $64.62 in afternoon
New York Stock Exchange