2 Min Read
DETROIT, Feb 15 (Reuters) - Auto parts supplier TRW Automotive Holdings Corp posted a stronger-than-expected quarterly profit on Friday.
Net income in the fourth quarter slipped to $419 million, or $3.26 a share, compared with $425 million, or $3.27 a share, in the year-earlier period.
Excluding one-time items, the company earned $1.55 a share, 20 cents above what analysts polled by Thomson Reuters I/B/E/S had expected.
Revenue rose 1 percent to $4.03 billion, above the $3.89 billion analysts had expected. The company said increasing demand in North American and China offset weakness in Europe.
Livonia, Michigan-based TRW, which makes braking systems, seat belts and airbags, said it expects 2013 sales of $16.4 billion to $16.7 billion, with about $4.1 billion forecast for the first quarter.
Analysts forecast 2013 sales of $16.74 billion and first-quarter sales of $4.08 billion.
TRW expects vehicle production volumes to rise 3 percent this year to 15.8 million in North America and to drop 4 percent in Europe to 18.3 million. It expects increased production in China and the rest of the world.