TRW has reported first quarter 2013 financial results with sales of US$4.2bn (flat on last year) and net earnings of US$162m, 21% down on the same period of last year, as tough conditions in Europe weighed down on positives elsewhere.
The results were a little better than expected and TRW stressed that it was well placed to offset the adverse market conditions in Europe.
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“The ability to mitigate the challenging automotive industry conditions in Europe, where vehicle demand and production continues to decline, demonstrates the benefits of TRW’s global footprint and highly diversified product and customer mix,” said John C. Plant, Chairman and Chief Executive Officer. “We expect our strong market position will continue to strengthen in the future as the company executes its significant growth strategy.”
TRW reported first quarter 2013 sales of US$4.2bn, an increase of US$5m from the prior year period. The impact of increasing demand for TRW’s technologies (Driver Assistance Systems) and higher vehicle production volumes in China were offset by sharply lower vehicle production in Europe.
“The company is on track and focused on achieving its key objectives for the year, which are straightforward – execute the growth strategy, while mitigating the negative impact related to the industry challenges in Europe, especially in the first half of the year,” said Plant.
