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TRW Hikes Revenue Outlook Despite 27% Profit Slide
TRW Automotive Holdings Inc. says higher taxes and spending on expansion shrank its first-quarter income to $206 million from $281 million in the same period of 2011.
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TRW Automotive Holdings Inc. says higher taxes and spending on expansion shrank its first-quarter income to $206 million from $281 million in the same period of 2011.
Operating income dropped 11% to $331 million because of weaker product mix and steeper raw material costs, according to the company.
Revenue rose 2% to $4.2 billion in the latest three-month period. TRW says stronger demand for its safety systems and higher North American volume were mostly offset by unfavorable exchange rates and lower sales in Europe.
TRW retired $48 million in debt during the quarter, thus bringing total debt on March 31 to an all-time low of $1.5 billion.
The company raised its full-year revenue estimate to $16.3 billion-$16.6 billion from its previous outlook of $16 billion-$16.4 billion. TRW says it boosted its earlier forecast of vehicle output by 6% to 14.7 million units in North America and 3% to 18.9 million units in Europe.
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