TRW has reported third quarter 2013 financial results with sales of US$4.2bn, an increase of 6% compared to the prior year period. The company said it achieved GAAP third quarter net earnings of US$197m, 21% ahead of last year.
Excluding special items, TRW said its adjusted third quarter 2013 net earnings of US$187m compare to net earnings of US$157m last year.
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The results beat analysts expectations for the quarter. TRW said sales were driven higher by increasing demand for TRW’s products allied to higher vehicle production volumes in North America and China. There was also a positive impact of currency movements between the two periods.
TRW said that full year 2013 sales are expected to be approximately US$17.1bn, slightly up on 2012.
“Increased demand for TRW’s innovative products combined with the company’s operating performance achieved through September will support another strong year for TRW,” said John Plant, Chairman and Chief Executive Officer. “We remain focused on a good conclusion to the year and building on the company’s positive momentum to further enhance value to our shareholders.”
