TRW Automotive Holdings booked a third quarter net profit of US$199m or $1.54 per share, up from $56m ($0.50) a year ago, on sales up 10% to $3.4bn.
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“TRW’s performance continues to be led by strong revenue growth combined with a low cost structure,” said president and CEO John Plant. “The outstanding business performance achieved through the first nine months of this year, combined with our leading technology portfolio, the overall industry recovery and our successful growth in the emerging markets, gives us confidence as we look to the future.”
TRW said the sales rise resulting from improved global vehicle production volumes was partially offset by negative currency movements.
Third quarter operating income was $269m compared with $141m in the 2009 period.
For the nine months to 1 October, TRW booked sales up 30% to $10.7bn, operating income of $891m ($60m) and net earnings of $630m compared with a net loss of $86m last year.
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By GlobalDataTRW expects full year production of 11.8m units in North America and 18.0m units in Europe and sales of about $14.1bn.
“Although vehicle production schedules have moderated in the second half of 2010 compared to the first half of the year and earlier expectations, the overall recovery in the automotive industry will help support a strong year for TRW,” Plant added.
