TRW Automotive Holdings booked first quarter 2014 net profit of US$199m or $1.68 per share compared with $162m and $1.29 a year earlier. Sales rose 5% to $4.4bn.
Excluding special items, net earnings rose 20% to $215m, or $1.81 per share.
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“TRW achieved a strong start to 2014 as evidenced by the company’s first quarter performance,” said John Plant, chairman and CEO.
“Increasing global demand for safety technologies, especially in China where sales increased 16% year on year, combined with increased vehicle production in each of the company’s major regions, continued to drive profitable growth, solid results and long-term value to our shareholders.”
Operating income was $308m, compared with $253m in Q1 2013. Both the 2014 and 2013 periods included restructuring and asset impairment charges totaling $20m and $37m, respectively.
TRW expects full year industry production volumes of 16.8m units in North America and 19.6m units in Europe plus expansion in China.
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By GlobalDataFull year 2014 sales are expected to range between $17.4bn and $17.7bn, with second quarter sales expected to be about $4.5bn.
