Is BorgWarner Stock Engineered To Make You Money?

BorgWarner (BWA) stock returned 37.7% over the past year, compared with 17.4% for the S&P 500. All the while the company steadily bought back its own stock. The diluted share count fell 12% in three years, leaving each remaining share with a larger stake in the business. Yet BorgWarner earns less today than it did three years ago. So what has the smaller share count done for the earnings behind each share.