TRW Posts Higher Sales, Lower Profits

Fourth-quarter sales grew 12% to $4.5 billion, but net earnings dropped 13% to $363 million for TRW Automotive Holdings Corp.

The company says sales were helped by increased vehicle production, favorable exchange rates and increased demand for its safety systems. Earnings were hurt by special items that overcame a 19% increase in October-December profits.

TRW's full-year sales in 2013 climbed 6% to a record $17.4 billion. Operating income advanced 13% to $1.27 billion. Restructuring and employee buyouts trimmed net earnings 3% to $1 billion.

The company assumes vehicle production this year will rise 4% to 16.8 million units in North America and 1% to 19.5 million units in Europe. It also expects unspecified expansion in China and rest-of-world markets. TRW projects its sales revenue this year will be flat to slightly up compared to 2013.