8/10/2010
HEADLINES
STOCKS: Robust Vehicle Production Boosts TRW
CEO warns on soft consumer demand

Increased global vehicle production pushed TRW Automotive sales, including fasteners, up 34% to $3.7 billion during the second quarter of 2010, while net earnings soared to $204 million.
 

First-half sales grew 41% to $7.2 billion, with operating income rising jumping to $632 million compared to a $1 million loss during the first six months of 2009.
 

“TRW’s impressive results for the second quarter and the first six months of 2010 have been driven by our reduced cost structure and higher levels of vehicle production,” stated CEO John Plant. 

“TRW’s success at winning new business due to our leading technology portfolio combined with the overall industry recovery and dynamic growth in emerging markets provides a solid foundation for future growth.”

TRW tempered expectations for the rest of the year. The company expects full year production to total 11.6 million units in North America and 17.2 million units in Europe, with full-year sales projected to reach $13.2 billion to $13.6 billion, including $3.1 billion in sales during the third quarter.

“Vehicle production schedules were robust during the first half of 2010; however, we anticipate normal seasonality and soft consumer demand will lead to a decline in production levels, primarily in Europe, during the second half of this year,” Plant said.  Web: trw.com  ©2010 GlobalFastenerNews.com

 

Related Links:

• TRW