Auto parts maker BorgWarner Inc. posted a first-quarter loss as revenue dropped by nearly half as it continues to struggle with the deteriorating industry.
The Auburn Hills, Mich., company beat Wall Street expectations and its shares jumped in morning trading.
BorgWarner lost $7 million, or 6 cents per share, compared with an $88.7 million profit, or 75 cents per share in the first quarter of 2008.
Excluding one-time items such as a 15-cent gain related to retiree obligations following the closing of an Indiana plant, and 9 cents of charges, the company loss 12 cents per share.
Revenue for the quarter ended March 31 fell 45 percent to $819.5 million, from $1.5 billion in the year-ago period.
Analysts surveyed by Thomson Reuters expected a wider loss of 20 cents per share on revenue of $854.1 million.
The company said the stronger dollar crimped its results, reducing sales by $82.3 million in the quarter and shaving 3 cents per share off its results.
"Customer schedules remain uncertain, providing little clarity to the rest of the year," said Timothy Manganello, chairman and chief executive. "As a result, we are sizing our operations as if first-quarter production levels will continue throughout the remainder of the year."
Shares rose $2, or 7.1 percent, to $29.89.
