BorgWarner cuts dividend by 35.3% to $0.11 quarterly in Q3 2023

BorgWarner, a global automotive supplier that designs and manufactures advanced propulsion technologies, including drivetrain systems, turbochargers, emission systems, electric propulsion solutions, and thermal management systems for vehicles, will lower its quarterly dividend from $0.17 to $0.11 quarterly per share.

On July 26, 2023, the Board of Directors of BorgWarner Inc. (NYSE: BWA) declared a quarterly cash dividend of $0.11 per share of common stock.  The dividend is payable on September 15, 2023, to stockholders of record on September 1, 2023. 

This is the first dividend cut by BWA since 2009 and follows six consecutive years with a quarterly dividend payment of $0.17 per share. Because of this dividend cut the dividend yield for BorgWarner drops to 0.95% at a stock price of $46.21.

Interestingly the share price is up 30% in 2023 with a $10.8 billion market cap for BorgWarner. Other companies announcing dividend cuts in 2023 are VF Corp and Intel.

BorgWarner is a global automotive supplier that designs and manufactures advanced propulsion technologies, including drivetrain systems, turbochargers, emission systems, electric propulsion solutions, and thermal management systems for vehicles.