DETROIT (Reuters) -- Auto parts supplier TRW Automotive Holdings Corp. reported a 23 percent increase in earnings, driven by a 16 percent rise in sales in China, and the company also raised its full-year revenue forecast.
TRW, in a statement today, said it now expects full-year revenue to range between $17.4 billion and $17.7 billion, higher than its earlier forecast of $17.3 billion-$17.6 billion.
Analysts on average were expecting revenue of $17.5 billion, according to Thomson Reuters I/B/E/S.
TRW, whose largest customer is Volkswagen, said it expects vehicle production volumes to expand in China.
The suburban Detroit company makes airbags, electronics, braking and steering equipment for cars globally and sells its products to nearly all major carmakers including Ford and General Motors. In 2013, about 41 percent of its total revenue came from Europe.
TRW's profit in the first quarter ended March 28 rose to $199 million, or $1.68 per share, from $162 million, or $1.29 per share, a year earlier.
Revenue rose 5 percent to $4.4 billion.
Excluding items, the company earned $1.81 per share.
Analysts on average had expected earnings of $1.65 per share on revenue of $4.3 billion.