Fuel Injection Segment Results: The Fuel Injection segment’s net sales and Adj. EBIT in the fourth
quarter 2020 were $479 million and $39 million, respectively. The Adj. EBIT margin was 8.1% in the
fourth quarter 2020. This is a new segment following the Delphi Technologies acquisition.
Aftermarket Segment Results: The Aftermarket segment’s net sales and Adj. EBIT in the fourth quarter
2020 were $194 million and $22 million, respectively. The Adj. EBIT margin was 11.3% in the fourth
quarter 2020. This is a new segment following the Delphi Technologies acquisition.
Full Year 2021 Guidance: The Company has provided 2021 full year guidance. Net sales are expected
to be in the range of $14.7 billion to $15.3 billion, compared with 2020 pro forma combined sales of $12.8
billion. This implies a year-over-year increase in organic sales of 12% to 17%. The Company expects its
weighted light and commercial vehicle markets to increase in the range of approximately 11% to 14% in
2021. Foreign currencies are expected to result in a year-over-year increase in sales of approximately
$355 million, primarily due to the strengthening of the Euro and Chinese Renminbi against the U.S. dollar.
Operating margin is expected to be in the range of 8.6% to 9.5%. Excluding the impact of non-
comparable items, adjusted operating margin is expected to be in the range of 10.0% to 10.5%. Net
earnings are expected to be within a range of $3.23 to $3.77 per diluted share. Excluding the impact of
non-comparable items, adjusted net earnings are expected to be within a range of $3.85 to $4.25 per
diluted share. Full-year operating cash flow is expected to be in the range of $1,450 million to $1,600
million, while free cash flow is expected to be in the range of $800 million to $900 million.
At 9:30 a.m. ET today, a brief conference call concerning fourth quarter and full year 2020 results and
guidance will be webcast at: http://www.borgwarner.com/en/Investors/default.aspx. Additionally, an
earnings call presentation will be available at http://www.borgwarner.com/en/Investors/default.aspx.
BorgWarner Inc. (NYSE: BWA) is a global product leader in clean and efficient technology solutions
for combustion, hybrid and electric vehicles. Building on its original equipment expertise, BorgWarner
also brings market leading product and service solutions to the global aftermarket. With manufacturing
and technical facilities in 96 locations in 24 countries, the Company employs approximately 50,000
worldwide. For more information, please visit borgwarner.com.
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Forward-Looking Statements: This press release may contain forward-looking statements as
contemplated by the 1995 Private Securities Litigation Reform Act that are based on management’s
current outlook, expectations, estimates and projections. Words such as “anticipates,” “believes,”
“continues,” “could,” “designed,” “effect,” “estimates,” “evaluates,” “expects,” “forecasts,” “goal,”
“guidance,” “initiative,” “intends,” “may,” “outlook,” “plans,” “potential,” “predicts,” “project,” “pursue,”
“seek,” “should,” “target,” “when,” “will,” “would,” and variations of such words and similar expressions are
intended to identify such forward-looking statements. Further, all statements, other than statements of
historical fact contained or incorporated by reference in this press release that we expect or anticipate will
or may occur in the future regarding our financial position, business strategy and measures to implement
that strategy, including changes to operations, competitive strengths, goals, expansion and growth of our
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