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Special Charges Hurt TRW Earnings
TRW Automotive Holdings Corp. reports a net loss of $360 million in the fourth quarter of 2014, reversing a $363 million profit a year earlier.
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TRW Automotive Holdings Corp. reports a net loss of $360 million in the fourth quarter of 2014, reversing a $363 million profit a year earlier. Sales declined 3% to $4.3 billion.
Operating profits for the safety systems supplier swung from $300 million in October-December 2013 to a $481 million loss in the same period last year. The decline was due almost entirely to special charges related to meeting pension obligations.
On an adjusted basis, TRW's operating income in the fourth quarter of 2014 rose 8% to $364 million, and its net earnings jumped 20% to $268 million.
For the full year, TRW revenue grew by $104 million to a record $17.5 billion. Net earnings were $293 million compared with $970 million in 2013, and operating income fell to $501 million from $1.2 billion. When adjusted for special items, last year's operating and net results rose 7% to $1.4 billion and 13% to $958 million, respectively.
The company expects sales this year to decline at least 3% to a range of $16.6 billion-$16.9 billion.
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