TRW posts lower Q1 net income, raises annual sales forecast
DETROIT (Reuters) -- TRW Automotive Holdings Corp. posted lower first-quarter net income, but raised its full-year sales outlook as U.S. auto sales continue to improve from last year.
First-quarter net income fell to $206 million, or $1.59 per share, from $281 million, or $2.13 per share, a year ago, the company said in a statement today. But excluding one-time items, the company earned $1.62 per share, beating analysts' expectations by a cent.
Revenue during the quarter rose 2 percent to $4.21 billion, higher than analysts' estimate of $4.16 billion.
TRW said sales were partially hit by lower vehicle production volumes in Europe.
The company, whose products include front and side crash sensors, remote keyless entry systems and driver assist systems, forecast full-year sales of $16.3 billion to $16.6 billion, above its earlier outlook of $16.0 billion to $16.4 billion.
Analysts were expecting sales of $16.5 billion, according to Thomson Reuters.
But two of TRW's big customers -- BMW and Volkswagen's Audi brand -- reported an over 16 percent rise in U.S. auto sales in the first quarter.Contact Automotive News