Gates Industrial, BorgWarner report earnings

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BorgWarner and Gates Industrial both reported earnings Thursday. 

BorgWarner says U.S. net sales were $15,801 million, an increase of 6.5% over 2022. Earnings, the company said, came in at $3.99 per diluted share. 

[RELATED: BorgWarner introduces DelcoRemy starter]

Gates says its sales totaled $3,554.2 million, or 2.3% growth from last year. 

"The availability of highly engineered polymers improved as the fourth quarter progressed," Ivo Jurek, Gates Industrials CEO says. "We are encouraged by the recent supply chain dynamics and enter 2023 with cautious optimism. We are highly focused on margin improvement and free cash flow conversion. Additionally, we continue to make investments in products and verticals that are accretive to our long-term growth and margin aspirations." 

Additionally, BorgWarner says it is on track for $4.3 billion of electric vehicle sales by 2025. It expects EV sales to grow to $1.8 billion this year, up from $870 million in 2022. In December, the company announced its intention to spin off its fuel systems and aftermarket segments into a separate, publicly traded company, NewCo. 

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