5/1/2014 11:56:00 AM
NEWS BRIEFS
Demand From China Bolsters TRW Sales & Profit
TRW Automotive reported sales, including fasteners, rose 5% $4.4 billion, driven by increasing demand (notably in China), higher vehicle production volumes, and positive currency translations.
Q1 operating income increased 21.7% to $308 million, while GAAP net earnings improved 23% to $199 million, or $1.68 per diluted share.
CEO John Plant called the company’s results “a strong start to 2014.”
“Increasing global demand for TRW’s safety technologies, especially in China where sales increased 16% year-on-year, combined with increased vehicle production in each of the Company’s major regions, continued to drive profitable growth, solid results and long-term value to our shareholders,” Plant explained.
TRW expects full-year industry production volumes to total 16.8 million units in North America and 19.6 million units in Europe. In addition, the company anticipates expansion in vehicle production volumes in China.
Based on these production levels, TRW forecasts 2014 sales to range between $17.4 billion and $17.7 billion, with second quarter sales expected to be approximately $4.5 billion. ©2014 GlobalFastenerNews.com
Related Stories:
• Fasteners Lead The Way To Improved Performance at Anixter
• Fasteners Produce Organic Growth For Stanley Black & Decker
• ‘Defective Bolt Design’ Prompts Massive BMW Recall
Related Links:
Share: