TRW Automotive Holdings Corp. (TRW) Tuesday posted lower profit for the first quarter in spite of a rise in sales, largely reflecting a higher mix of lower margin business and planned increases in costs. Adjusted earnings per share were higher than the Street estimate. The company revised up its full-year sales expectations and provided sales view for the second quarter.
For the first quarter, the firm reported net earnings of $173 million, down from $215 million a year ago. On a per share basis earnings for the period totaled $1.29 versus $1.59 last year.
On an adjusted basis, the company posted earnings per share of $1.51 for the three months. Twelve analysts on average polled by Thomson Reuters estimated earnings per share of $1.43 for the quarter. Analyst estimates typically exclude one-time items.
The company clocked revenue of $4.213 billion, up from $4.208 billion a year back. Analysts were looking for revenue of $4.13 billion for the quarter.
Looking forward, the firm said it now sees full-year revenue to range between $16.6 billion and $16.9 billion, higher than prior view of between $16.4 billion and $16.7 billion and second quarter revenue to be approximately $4.3 billion.
Currently the Street is looking for revenue of $16.68 billion for the full-year and $4.2 billion for the coming quarter.
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