Active and passive safety systems maker TRW Automotive Holdings has posted third quarter net earnings of $23m or $0.22 per share, up from $5m or $0.05 per share a year ago, though YTD net earnings are way below last year’s at the same stage.
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Sales rose 16% to $3.5bn, an increase of $480m or 16% over the previous year.
President and chief executive officer John Plant said: “We have seen a 16% increase in total sales related to electronic stability control, electric park brake, electrically powered steering, tyre pressure monitoring and side and curtain airbag systems during the first nine months of the year.
“In addition to the success of these products, we continue to derive significant benefits from the diversity of having nearly 70% of sales outside the challenging North American market, aggressive cost reduction efforts and interest savings attributable to our 2007 debt recapitalisation.”
Operating income for third-quarter 2007 was $95m, up from $82m a year ago. Restructuring and asset impairment expenses were $13m compared to $3m.
For the nine-month period to 28 September, 2007, TRW reported sales up about 10% to $10.8bn. Operating income was $475m, down from $510m in 2006 due primarily to a poor first quarter, in which operating income declined $52m due to weak industry production and an adverse product mix.
Year-to-date 2007 net earnings were $34m, or $0.33 per share well down on the $143m or $1.38 per share in 2006.
For full year 2007, TRW expects sales of approximately $14.5bn and net earnings per share in the range of $0.60 to $0.80.
