TRW quarterly profit slips; North America, China offset weak Europe
DETROIT -- TRW Automotive Holdings Corp. said fourth-quarter net profits slipped, with increasing demand in North America and China offsetting weakness in Europe.
Net income in the fourth quarter slipped to $419 million compared with $425 million in the year-earlier period, the automotive supplier said in a statement.
TRW said "the negative impact of currency movements" also affected results in the latest period.
The results released Friday were stronger than analysts expected.
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.
Livonia, Mich.-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.
Reuters and David Phillips contributed to this report