DETROIT, July 31 (Reuters) - TRW Automotive Holdings Corp made a smaller profit in the second quarter due to higher taxes and raw material costs as well as expenses tied to the company’s growth plans.
The automotive parts supplier posted a net income of $220 million, or $1.71 per share, compared with $293 million, or $2.21 per share a year earlier. Excluding one-time items, TRW reported a profit of $1.72 per share.
Revenue rose slightly to $4.24 billion from $4.23 billion.
Livonia, Michigan-based TRW, which makes braking systems, seat belts and airbags, projected annual sales of up to $16.4 billion and third-quarter revenue of $3.9 billion.
The company remains “cautious in the near-term” due to the deepening economic crisis in Europe, Chief Executive Officer John Plant said in a statement.