LIVONIA -- The auto technology maker TRW Automotive Holdings Corp. (NYSE: TRW) Friday reported fourth quarter revenue of $4 billion, up 1 percent from a year earlier.
Net income was $419 million, or $3.26 a share, down from $425 million, or $3.27 a share, a share a year earlier.
Sales for the full year were a record $16.4 billion, up 7 percent from a year earlier. Net income was $1.01 bllion, or $7.83 a share, up from $971 million or $7.42 a share a year earlier.
Excluding one-time events, net income for the fourth quarter was $199 million or $1.55 a share, down from $238 million or $1.84 a share a year earlier. For the year, net income excluding one-time events was $788 million or $6.14 a share, down from $971 million or $7.42 a share a year earlier.
"2012 was a successful year for TRW as the Company delivered solid financial performance, as evidenced by our fourth quarter and full year results reported today," said chairman and CEO John C. Plant. "We also continued to execute our significant growth strategy and initiated a $1 billion share repurchase program. TRW's success and ability to build on its positive momentum, despite the challenges the automotive industry faced in Europe during the year, demonstrate the company's resilience and strong market position."
In the fourth quarter, the impact of increasing demand for TRW's innovative technologies, higher vehicle production volumes in North America and China and a higher level of module sales globally were partially offset by sharply lower vehicle production in Europe and the negative impact of currency movements between the two periods.
TRW's planning assumptions for industry production volumes in 2013 are approximately 15.8 million units in North America and 18.3 million units in Europe, up 3 percent and down 4 percent, respectively, compared to 2012 levels. The company continues to expect expansion in vehicle production volumes in China and rest of world regions. Based on these production levels and the company's expectations for foreign currency exchange rates, full year 2013 sales are expected to range between $16.4 billion and $16.7 billion, with first quarter sales expected to be approximately $4.1 billion.
To listen to a replay of a conference call discussing these results, U.S. locations should dial (855) 859-2056, and locations outside the U.S. should dial (404) 537-3406. The replay code is 86342613. A replay of the conference call will also be available at www.trw.com .
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