Auto suppliers BorgWarner, Dana edge higher after results beat

BorgWarner

27/10/2022 14:00

** Auto suppliers BorgWarner Inc  BWA.N  and Dana Inc
 DAN.N  up 2% and 1% before the bell, respectively, after
results beat
    ** BWA, which is investing heavily to become an EV supplier,
 reports adj EPS of $1.24, beating estimates of $1.04, as per
Refinitiv; Q3 rev of $4.06 bln vs expectations of $3.98 bln
    ** However, BWA set to take $1 bln annual sales hit from 
strong U.S. dollar
    ** DAN reports Q3 adj EPS of 24 cents, beating expectations
of 22 cents; rev of $2.54 bln also beats estimates of $2.50 bln
    ** "End-market demand remained strong despite ongoing supply
and production disruptions," DAN says as it maintains full-year
forecasts
    ** BWA shares down 18.9% YTD, where as DAN down 37.2% 
    ** Auto suppliers have been hit hard by inflation, supply
problems and gas crisis in Europe this year
 (Reporting by Abhijith Ganapavaram in Bengaluru)