2/26/2015
NEWS BRIEFS
TRW Automotive Reports Record Sales
TRW Automotive reported 2014 sales, including fasteners, increased 1% to a record $17.5 billion.
For the year, GAAP net earnings were $293 million, or $2.54 per diluted share. Excluding special items, the company reported record full year 2014 net earnings of $958 million, or $8.18 per diluted share, an increase of 19%.
“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 CEO John Plant.
As previously announced, the company entered into a definitive agreement with ZF Friedrichshafen AG (“ZF”) on September 15, 2014, under which ZF will acquire all outstanding shares of TRW for $105.60 per share in an all-cash transaction valued at approximately $13.5 billion on an enterprise value basis. The transaction is expected to close in the first half of 2015.
Fourth quarter sales declined 3% to $4.3 billion. GAAP fourth quarter net losses were $360 million or $3.22 per share, which compares to net earnings of $363 million or $3.00 per diluted share in the prior year period.
Adjusted Q4 EBITDA was $472 million in the fourth quarter of 2014, compared to the prior year level of $447 million.
As of December 31, 2014, the company had $1.58 billion of debt and $1.03 billion of cash and cash equivalents, resulting in net debt of $547 million, which compares to $385 million at year end 2013.
For 2015, TRW’s planning assumptions for industry production volumes in 2015 are approximately 17.4 million units in North America and 20 million units in Europe, up 2% and flat, respectively, compared to 2014 levels. The Company continues to expect expansion in vehicle production volumes in China and rest of world regions. Full year 2015 sales are expected to range between $16.6 and $16.9 billion, with first quarter sales expected to be approximately $4.2 billion.
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