US: TRW posts better than expected Q4 profit
TRW has posted better than expected quarterly results. Net income in the fourth quarter was $419m compared with $425m in the same quarter last year.
The company’s full year 2012 sales grew to a record $16.4bn, an increase of 7% compared to 2011 excluding the impact of currency movements and divestitures. For the year, GAAP net earnings were $1,008m, or $7.83 per diluted share. Excluding special items, the company reported full year 2012 net earnings of $788m, or $6.14 per diluted share, which compares to net earnings of $971m, or $7.42 per diluted share in 2011.
“2012 was a successful year for TRW as the company delivered solid financial performance, as evidenced by our fourth quarter and full year results reported today. We also continued to execute our significant growth strategy and initiated a $1 billion share repurchase program,” said John C. Plant, Chairman and Chief Executive Officer.
“TRW’s success and ability to build on its positive momentum, despite the challenges the automotive industry faced in Europe during the year, demonstrate the company’s resilience and strong market position.”
“TRW enters 2013 from a position of strength. Increased demand for the company’s innovative products combined with our leading customer, product and regional diversification will help offset the difficult economic environment and lower vehicle production levels that are expected in Europe,” added Mr. Plant. “Remaining focused on executing the company’s growth strategy, while mitigating the negative impact related to the industry challenges in Europe, especially in the first half of the year, are key objectives in 2013.”