UPDATED: 7/29/14 4:15 pm ET - adds stock close
DETROIT -- Automotive safety technology supplier TRW Automotive Holdings Corp. today said its second-quarter net income rose 7 percent to $265 million.
Total revenue during the quarter rose 2 percent to $4.6 billion, the company said in a statement.
TRW CEO John Plant cited continued growth in demand for TRW's various safety products, which include airbags, seat belts, driver assist technologies, and interactive braking devices.
"TRW's second quarter results reflect the company's focus and ability to capitalize on increasing global demand for its active and passive safety technologies," Plant said in the statement. "TRW is well positioned to reach its full year goals given the company's strong operating performance achieved through the first half of 2014."
The company received a preliminary acquisition bid earlier this month from German auto supplier ZF Friedrichshafen AG that could value TRW up to $13 billion, Bloomberg reported.
TRW did not comment on the offer in today's earnings statement.
Plant, during a morning conference with journalists, analysts and investors to discuss the financial results, had little to say about the non-binding offer.
"As stated in our release, issued earlier this month, the company is evaluating the proposal," he said. "We have not set a timetable for the completion of the review process. Meanwhile, the team remains focused on executing our business plan. We do not intend to comment further on the subject today."
TRW shares gained 31 cents to close today at $104.67 -- more than $13 a share above the $91.40 price before ZF's offer became public. The offer eventually could reach $110-$112.50 per share, Bloomberg reported.
If completed, the deal would create the world's second-largest auto supplier in terms of revenue and it would be the largest supplier takeover in seven years.
ZF is interested in TRW because it wants to gain a better foothold in the expanding market of self-driving vehicles, ZF's finance chief said earlier this month.
ZF ranks No. 9 on the Automotive News list of the top 100 global suppliers with worldwide sales to automakers of $20.4 billion during its 2013 fiscal year. TRW, based in Livonia, Mich., near Detroit, ranks No. 11 on that list with worldwide sales to automakers of $16.1 billion in 2013.
TRW's results beat most analysts' expectations. On a per-share basis, TRW earned $2.32 per share in the quarter, versus $2.02 a year earlier. Analysts expected earnings of $2.12 per share, excluding one-time items, according to a poll by Thomson Reuters.
TRW nudged the low end of its full-year sales outlook to between $17.5 billion and $17.7 billion from the previous forecast of $17.4 billion to $17.7 billion. Last year, sales were $17.4 billion. It said it expected sales in the third quarter to be about $4.2 billion.
It also raised its outlook for full-year North American auto industry production to 17 million vehicles from 16.8 million, and its European production outlook to 19.9 million vehicles from 19.6 million.
Reuters and Bloomberg contributed to this report.