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TRW Hikes Sales Outlook Despite 21% Profit Slide
TRW Automotive Holdings Corp. netted $162 million in the January-March period of 2013 compared with $206 million a year earlier.
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TRW Automotive Holdings Corp. netted $162 million in the January-March period of 2013 compared with $206 million a year earlier. Revenue was virtually unchanged at $4.2 billion.
But TRW boosted its full-year revenue outlook by $200 million to $16.6 billion-$16.9 billion based on improved vehicle production forecasts. The Livonia, Mich.-based company hiked output estimates for Europe by 100,000 units to 18.4 million vehicles and North America by 200,000 units to 16 million vehicles, respectively.
Results in the first quarter were eroded by a weaker product mix and heavier spending on expansion, according to TRW. It says stronger sales in China helped offset shrinking demand in Europe.
The latest quarter's net income included $37 million in charges for restructuring and asset impairment. Operating earnings, which exclude one-time items, slipped to $290 million compared with $333 million in the first quarter of 2012. Cash outflow increased 42% year over year to $282 million.
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