CHICAGO -- TRW Automotive Holdings Corp., the sixth-largest U.S. auto parts maker, on Tuesday posted a quarterly profit, reversing a year-ago loss, on higher sales of its automotive safety products.
The maker of seat belts, airbags, brakes and steering systems also raised its profit forecast for the year.
TRW, which went public in February, said second-quarter net income was $75 million, or 74 cents a share, compared with a net loss of $20 million, or 23 cents a share, the year before.
Analysts on average had expected earnings of 61 cents a share, with estimates ranging from 55 cents to 65 cents, according to Reuters Estimates.
The Livonia, Mich., company said second-quarter revenue rose 6 percent to $3.2 billion.
TRW Automotive is majority-owned by the Blackstone Group private equity firm, which bought the company in February of last year after Northrop Grumman Corp. acquired TRW Inc. A year later, Blackstone launched the IPO.
TRW Automotive raised its full-year earnings forecast to $1.22 to $1.32 a share, up from $1.08 to $1.23 a share, including 48 cents of debt refinancing charges. It said it expects sales in the range of $11.6 billion to $11.8 billion for the year.
For the third quarter, it forecast earnings per share of 9 cents to 14 cents, including one-time items, on revenue of $2.7 billion.
TRW is eighth on the Automotive News ranking of top suppliers to North American automakers in 2003 with $4.6 billion in sales.