UPDATE 1-TRW posts stronger-than-expected profit, boosts sales outlook
DETROIT, July 30 (Reuters) - Auto parts supplier TRW Automotive Holdings Corp posted a stronger-than-expected quarterly profit on Tuesday due to increased demand for cars and trucks in North America and China, and boosted its full-year sales outlook.
TRW also said it saw "early signs of stabilization" in Europe, and raised its full-year vehicle production expectations for North America and Europe.
The company, which makes braking systems, seat belts and airbags, reported net earnings of $248 million, or $1.99 per share, for the second quarter, up from $220 million, or $1.71 per share, a year earlier.
Excluding one-time items, TRW earned $2.02 per share. On that basis, analysts polled by Thomson Reuters I/B/E/S had expected, on average, $1.69.
Revenue was $4.5 billion, topping analysts' forecast for $4.34 billion.
TRW said it expects 2013 sales of $16.8 billion to $17 billion, up from an April forecast of $16.6 billion to $16.9 billion. For the third quarter it expects revenue of $4.1 billion, in line with analysts' expectations.
TRW said it expects full-year auto industry production of 16.1 million vehicles in North America, up slightly from its earlier expectations of 16 million.
In Europe, the company expects industry production of 18.6 million vehicles, an increase from its forecast of 18.4 million in April.