LIVONIA, Mich. (AP) -- TRW Automotive Holdings Corp. said Tuesday that its second-quarter net income increased 13 percent, boosted by higher manufacturer demand for auto parts.
The company also increased its sales prediction for the year, and its shares rose $3.54, or 5.1 percent, to $72.90 in morning trading.
The Livonia, Mich.-based auto supplier earned $248 million, or $1.99 per share, up from $220 million, or $1.71 per share, in the same quarter of 2012. Excluding one-time items, the company's adjusted profit was $2.02 per share for the recent quarter.
Revenue rose 6 percent to $4.51 billion, helped by higher demand for TRW's technologies and an increase in global vehicle production.
The results easily beat Wall Street predictions. Analysts, on average, expected a profit of $1.67 per share on $4.31 billion in revenue, according to FactSet.
TRW said that while it's encouraged by signs of stabilization in the European automotive market, it remains cautious about the region for the time being. It slightly boosted its full-year sales outlook to between $16.8 billion and $17 billion. In April, the company projected 2013 sales of $16.66 to $16.9 billion. Analysts expect $16.84 billion.
TRW also projected third-quarter sales of about $4.1 billion, while analysts expect $4.11 billion.
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