TRW Automotive Holdings booked a second quarter 2011 net profit up 24% to US$293m or $2.21 per share on sales up 16% to $4.2bn.
The quarter result included a gain associated with the resolution of a commercial matter, debt retirement charges and favourable tax benefits while the comparison quarter included restructuring charges, the impact of debt retirement and favourable tax benefits. Excluding these special items, the company reported net earnings of $264m versus $221m.
"TRW's record results for the second quarter and first six months of 2011 have been driven by the company's strong market position and focus on profitably growing the business," said chairman and CEO John Plant.
Second quarter operating income was $368m, up from $322m.
First half sales were $8.3bn, up 15% due to the higher level of global vehicle production volumes, increasing demand for TRW's technologies and the positive impact of currency movements between the two periods.
H1 operating income of $740m compared to $622m in H1 2010. Net earnings were $574m versus $431m.
TRW expects full year production to total 13m units in North America and 20m units in Europe.
"Based on these production levels and the company's expectations for foreign currency exchange rates, full year 2011 sales are now expected to range between $16.2bn and $16.4bn with third quarter sales expected to be approximately $3.9 billion," it said.
"Vehicle production schedules remained robust during the first half of 2011 as the industry worked hard to avoid and mitigate production disruptions due to supply chain shortages caused by the March earthquake in Japan; however, normal seasonality will lead to a decline in production levels, primarily in Europe, during the second half of the year compared to the first half," said Plant.