TRW Automotive Holdings has reported a second quarter net loss of $11m (-$0.11 a share) compared with a $127m ($1.24) profit last year.
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The safety systems specialist said Q2 sales fell 39% to $2.7bn as it booked restructuring and fixed asset impairment charges of $26m net gain on retirement of debt of $1m. There were special charges of $24m in Q2 2008.
“The restructuring and cost containment actions implemented over the previous three quarters had a significant positive impact on TRW’s second quarter results and helped offset the effects of the reduced vehicle production levels,” said president and CEO John Plant. “Finalising the agreement with our lenders to protect our liquidity, in addition to our cost containment actions, should allow us to manage through the downturn.”
Operating income excluding special costs was down to $70m from $248m last year.
First half sales fell 40% to $5.1bn due to the combination of reduced global vehcile production volumes and negative currency movements.
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By GlobalDataExcluding special charges, the H1 operating loss of $1m compared with a $444m profit in 2008.
First-half net loss was $142m (-$1.40 a share) versus a $221m ($2.16) net profit last year.
