BorgWarner Board Authorizes $1 Billion Share Buyback After Earnings Beat
BorgWarner reported $1.42 EPS for the quarter, topping the $1.28 consensus, and said its board initiated a $1.00 billion share buyback plan that authorizes purchases of up to 7.7% of outstanding shares. The company also declared a quarterly dividend payable September 15. Institutional holders traded shares, including Algert Global LLC selling 108,010 shares and trimming its stake by 61.7%.