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LIVONIA, Mich. - Auto parts supplier TRW Automotive Holdings Corp. raised its full-year sales forecast on Wednesday, pointing to better-than-expected vehicle production levels in North America.
"The cautious optimism that has emerged for the industry is supported by the increasing vehicle production forecasts. Although it appears the bottom of the financial crisis has been reached, full recovery will be a long and gradual process," John C. Plant, president and CEO, said in a statement.
The company, which makes automotive safety systems, said it expects 2009 sales of $11.4 billion. Earlier in the year, it forecast between $10.5 billion and $10.9 billion.
Analysts surveyed by Thomson Reuters expect $10.95 billion in sales, on average.
TRW also said it now expects full-year vehicle production of 8.6 million units in North America and 16.3 million in Europe. Previously, it called for 8 million units in North America and 16.4 million in Europe.
TRW reported it returned to profitability in the third quarter.
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