CHICAGO -- TRW Automotive Holdings Corp., which makes seat belts, airbags and other auto parts, on Thursday said quarterly earnings rose as it cut costs and sales rose.
Net income rose to $50 million, or 50 cents per share, from $2 million, or 2 cents per share, in the year earlier period that included $47 million in charges for debt retirement and refinancing.
The results exceeded company forecasts mainly because some restructuring actions expected in the first quarter now are expected in the second quarter, TRW said. Operating income rose to $155 million from $153 million a year earlier.
Analysts, on average, expected TRW to earn 30 cents per share excluding items, according to Reuters Estimates.
Sales rose 10 percent to $3.2 billion on new products, foreign currency translation and five additional calendar days, partly offset by price cuts provided to customers and lower North America vehicle production, TRW said.
TRW cut its 2005 net earnings outlook to a range of $1.43 to $1.63, from $1.50 to $1.75, citing increased bond redemption and restructuring costs. It also said it expects second-quarter earnings per share of 21 cents to 33 cents, including bond redemption and restructuring costs.
Analysts, on average, expect TRW to earn 60 cents per share in the second quarter and $1.61 per share for the year, according to Reuters Estimates.