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TRW Sales, Earnings Rise
TRW Automotive Holdings Corp. reports its net earnings soared 21% to $187 million in July-September as revenue grew 6% to $4.2 billion.
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TRW Automotive Holdings Corp. reports its net earnings soared 21% to $187 million in July-September as revenue grew 6% to $4.2 billion.
The Livonia, Mich.-based supplier of electronic safety systems posted a third-quarter operating income of $289 million compared with $262 million in the same period last year.
The company's board agreed to double to $2 billion a share repurchase authorization to be executed over next three years. TRW says it spent $460 million through the first nine months of 2013 to buy back about 6.5 million shares of its common stock.
Third-quarter results were driven by increased vehicle production in China and the U.S. that partly offset lower output in Europe, according to the company. TRW expects its full-year sales for 2013 will reach $17.1 billion compared with a record $16.4 billion last year.
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