DETROIT -- TRW Automotive Holdings Corp. more than quadrupled its earnings during the third quarter while sales rose 16 percent.
For the quarter ending Sept. 28, the airbags and safety products supplier reported net income of $23 million on revenue of $3.5 billion. For the same period last year, TRW reported net income of $5 million on revenue of $3.02 billion.
Still, the company's third quarter earnings per share off 22 cents fell 4 cents a share short of expectations. Analysts tracked by Yahoo! Finance expected earnings of 26 cents per share on average.
The growing market demand for our advanced active and passive safety products is helping to drive our solid 2007 financial performance, TRW CEO John Plant said in a statement.
Based in suburban Detroit, TRW makes airbags, steering wheels, seatbelts, electronic stability controls, electric parking brakes, electrically powered steering and tire-pressure monitoring systems.
In addition to the success of these products, we continue to derive significant benefits from the diversity of having nearly 70 percent of sales outside the challenging North American market, aggressive cost reduction efforts and interest savings attributable to our 2007 debt recapitalization, Plant said in his statement.
For the first nine months of the year, TRW reported net income of $34 million or 34 cents a share on revenue of $10.82 billion. For the same period last year, the company reported net income of $143 million or $1.43 on revenue of $9.87 billion.
TRW ranks No. 10 on the Automotive News list of the top 100 global suppliers with worldwide original-equipment automotive parts sales of $12.16 billion in 2006.