TRW has reported record fourth quarter and full year sales results. Fourth quarter sales were USD4.5bn, an increase of 12% on the previous year. Full year sales of USD17.4bn were up 6% on the previous year.
However, net earnings were down in Q4 on the impact of special items. The company reported GAAP fourth quarter net earnings of USD363m or USD3.00 per diluted share, which compares to net earnings of USD419m or USD3.26 per diluted share in the prior year period.
Excluding special items TRW said its reported fourth quarter 2013 net earnings stood at USD222m, or USD1.84 per diluted share, an increase of 19% on the previous year.
For the full year, GAAP net earnings were USD970m, or USD$7.85 per diluted share. Excluding special items, the company reported full year 2013 net earnings of USD850m, or USD6.89 per diluted share, an increase of 12% on 2012.
"2013 was another successful year for TRW as the company set a new record for sales, increased cash generation, and demonstrated its ongoing commitment to enhancing shareholder value by increasing its share repurchase program to $2 billion," said John C. Plant, Chairman and Chief Executive Officer. "TRW's successes in 2013 highlight the company's strong market position as our achievements were accomplished against a backdrop of challenging economic conditions, especially in our largest market, Europe."