US: TRW swings to Q3 profit, nine-month loss

4 November 2009 | Source: just-auto.com editorial team

TRW Automotive Holdings on Wednesday reported third quarter net earnings of US$56m, or $0.50 per share, which compares to a net loss of $54m a year ago on sales down 13.5% to $3.1bn.

Third quarter results included restructuring and fixed asset impairment charges of $24m and a loss on retirement of debt of $1m.

During the quarter, the company strengthened its capital structure by completing a public offering of 16.1m shares and the $269m raised was used to reduce debt.

Q3 2009 operating income was $141m compared with $12m in 2008.

For the nine months to 2 October, sales fell 32.4% to $8.2bn, operating income of $60m compared with $424m and the net loss was $86m versus net earnings of $167m in Q3 2008.