10/30/2012 1:37:00 PM
NEWS BRIEFS
TRW Automotive Profit Down Despite Sales Gain
TRW Automotive reported sales, including fasteners, grew 1% to $4 billion in the third quarter of 2012. Revenue was boosted by improved vehicle production volumes in North America and a higher level of module sales globally, partially offset by lower vehicle production volumes in Europe and the negative impact of currency movements.
Q3 operating earnings grew 9% to $262 million, with net earnings dropping 11.3% to $157 million.
During Q3 TRW announced a $1 billion, two-year share repurchase program which will commence in the fourth quarter. The company also refinanced its principal credit facility, which increased the its revolving credit facility to $1.4 billion and extended its maturity to 2017.
Sales during the first nine months of 2012 gained 1.2% to $12.4 billion, while operating income declined 5% to $930 million and net income slipped 19.6% to $589 million, driven primarily by a higher mix of lower margin business, planned cost increases and higher raw material prices. ©2012 GlobalFastenerNews.com
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