TRW has posted Q2 financial results ahead of expectations, boosted by higher volumes in North America and China.
“TRW’s solid second quarter results provides evidence the company is on track and focused on achieving its key objectives for the year,” said John C. Plant, Chairman and Chief Executive Officer.
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The company also said that it saw “early signs of stabilisation” in Europe, and raised its full-year vehicle production expectations for North America and Europe.
“Although we are encouraged by early signs of stabilisation in the European vehicle market, we remain cautious on the region in the near-term. Managing through the difficult economic environment in Europe, while building on TRW’s solid performance achieved through the first half of 2013 is essential to achieving TRW’s full year goals and further positioning the Company for long-term success,” said Plant.
TRW reported net earnings of US$248m for the second quarter, up from US$220m in the same period last year.
Revenue was US$4.5bn, topping analysts’ forecast for US$4.34bn, Reuters reported.
TRW raised its forecast for 2013 sales to US$16.8-17bn, up from an April forecast of US$16.6-16.9bn.
TRW also said it expects full-year auto industry production of 16.1m vehicles in North America, up slightly from its earlier expectations of 16m.
