TRW Automotive Holdings Corp. today reported third quarter 2011 financial results with sales of $3.9 billion, an increase of 14 percent compared to the same period of 2010.
However, the auto-parts maker has also reported a 20 percent drop in third-quarter earnings on higher expenses.
The global supplier of automotive systems said higher car sales during the period helped push revenue up 14 percent to $3.92 billion from $3.43 billion a year earlier. But its increased costs in the quarter included higher charges for raw materials helped push profit lower.
The Company’s third quarter 2011 operating income was $240 million, compared with operating income of $269 million in the 2010 period.
For the nine month period ended September 30, 2011, the Company reported sales of $12.3 billion, an increase of $1.6 billion or 15 percent compared to prior year sales.
“TRW’s solid third quarter results and business performance achieved through the first nine months of this year provide evidence of the Company’s outstanding product and geographical positions,” said John C. Plant, Chairman and Chief Executive Officer.
“We are confident in the future given the Company’s strong market position and profitable growth initiatives that are positioning TRW for long-term success.”