TRW posts stronger-than-expected quarterly profit
DETROIT Feb 14 (Reuters) - Auto parts supplier TRW Automotive Holdings Corp on Friday posted a higher-than-expected quarterly profit and forecast strong sales for the year, helped by growth in North America and China.
The company, which makes braking systems, seat belts and airbags, said net income in the fourth quarter fell to $363 million, or $3.00 a share, from $419 million, or $3.26 a share, a year earlier.
Excluding one-time items, TRW earned $1.84 a share, 20 cents more than what analysts polled by Thomson Reuters I/B/E/S had expected.
Revenue rose 12 percent to $4.5 billion, above analysts' estimates of $4.22 billion.
For 2014, TRW expects sales of $17.3 billion to $17.6 billion, including about $4.3 billion in the first quarter. Analysts were expecting $17.36 billion for the year and $4.28 billion for the quarter.
TRW said it expected vehicle production volume to increase 4 percent in North America and 1 percent in Europe, as well as growth in China and other markets this year.