5/8/2010
NEWS BRIEFS
TRW Automotive Sales Jump

TRW Automotive reported first-quarter sales, including fasteners, jumped 50% to $3.6 billion, boosted by improved global vehicle production volumes. Net earnings soared to $204 million.

“Increasing vehicle production combined with our lower cost structure is continuing to have a significant positive impact on our results,” stated CEO John Plant.

TRW’s Q1 operating income was $300 million compared with an operating loss of $125 million last year.

TRW expects full year production to total 11.5 million units in North America and 16.7 million units in Europe, prompting the company to forecast full-year sales of $12.9 billion to $13.3 billion, with second quarter sales expected to be reach$3.4 billion.

“Vehicle production schedules remained robust during the first quarter of 2010; however, we continue to be cautious with regard to European production levels in the second half of the year,” Plant explained.

While commodity inflation was not a factor in Q1, Plant said increasing commodity prices will negatively impact results going forward.

“Managing costs and growing the business through our key technologies will continue to be our top priorities in 2010.” ©2010 GlobalFastenerNews.com

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