TRW Automotive Q1 Sales Up 15%
Cost of sales was $3.59 billion for the first quarter of 2011, compared to $3.15 billion for the same period of 2010. Gross profit was $511m for the first quarter of 2011, compared to $429m for the same period of 2010.
Administrative and selling expenses were $151m for the first quarter of 2011, compared to $125m for the same period of 2010. Operating income was $372m, compared to $300m for the same period of 2010.
For the first quarter of 2011, net interest expense was $34m, compared to $45m for the same period of 2010. Earnings before income taxes were $347m, compared to $263m for the same period of 2010.
Income tax expense was $56m for the first quarter of 2011, compared to $50m for the same period of 2010. Net earnings were $291m for the first quarter of 2011, compared to $ 213m for the same period of 2010.
TRW expects full year production to total 13 million units in North America and 19.3 million units in Europe. Within this forecast, the company assumes a portion of the loss in light vehicle production occurring in the second quarter, due to supply chain disruptions at our customers resulting from the natural disasters in Japan, will be recovered in the second half of this year.
Production in China and the rest of world regions is expected to remain relatively stable throughout the year as near-term production disruptions are expected to have a lesser impact on those regions.
Based on these production levels and the company's revised expectations for foreign currency exchange rates, full year 2011 sales are now expected to range between $15.7 billion and $16 billion, with second quarter sales expected to be approximately $3.9 billion.
John Plant, chairman and CEO of TRW, said: â€œTRW's record first quarter results provide a solid start to 2011 as the company takes advantage of its strong market position and profitably expands in the high-growth markets of the world.
â€œWe are confident TRW is positioned for long term success given its growth prospects, consistent ability to generate substantial positive cash flow and its expanding portfolio of innovative technologies.â€
Will the firm further increase sales in Q2?
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