TRW has reported fourth quarter sales of $4.3bn (-3%) and record full year sales of $17.5bn, up 1% on last year.

It said that excluding special items, fourth quarter net earnings were $2.31 per diluted share (up 26%) with full year net earnings of $8.18 per diluted share (up 19%).

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However, the company reported GAAP fourth quarter net losses of $360m or $3.22 per share, which compares to net earnings of $363m or $3.00 per diluted share in the prior year period. Both periods are affected by significant special items, it said.

For the year, GAAP net earnings were $293m, or $2.54 per diluted share and the company said that special items affected the results.

“2014 was a highly successful year for TRW as the company set new records for sales and adjusted earnings per share while not only continuing to invest for future growth, but also addressing the level of our legacy pension obligations,” said John C. Plant, Chairman and Chief Executive Officer.

“In addition, the agreement signed with ZF during the third quarter provides significant benefits for our shareholders who will receive full and certain value for their shares, as well as for our employees, customers and communities all of which will reap the benefits of being part of a larger, more diversified global organisation.”

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The company is forecasting a dip to sales in 2015.    

TRW’s said its planning assumptions for industry production volumes in 2015 are approximately 17.4m units in North America and 20m units in Europe, up 2% and flat, respectively, compared to 2014 levels. The company said it continues to expect expansion in vehicle production volumes in China and rest of world regions. Based on these production levels, the negative impact of lost sales related to divested businesses, primarily the sale of TRW’s engine valve business, and the company’s expectations for foreign currency exchange rates, full year 2015 sales are expected by TRW to dip to a range between $16.6 and $16.9bn ($17.5bn in 2014).