Oct 29 (Reuters) - TRW Automotive Holdings Corp,maker of passive vehicle safety systems, beat analysts'third-quarter profit expectations and forecast that next year'ssales will rise only slightly from 2013 levels.
TRW, based in suburban Detroit, said on Tuesday thatquarterly earnings rose to $197 million, or $1.52 per dilutedshare, from $157 million, or $1.25 per diluted share, a yearago.
Excluding one-time items, net earnings were $187 million, or$1.52 per diluted share, compared with $157 million, or $1.24per diluted share.
Analysts polled by Thomson Reuters I/B/E/S expected earningsof $1.48 per share, excluding items.
Revenue of $4.21 billion narrowly topped analystexpectations of $4.16 billion, and rose from $3.965 billion ayear earlier.
TRW's forecast of 2014 revenue of $17.1 billion was near theanalysts' estimate of $17.07 billion for 2013 as polled byThomson Reuters I/B/E/S. In 2012, TRW had sales of $16.4billion.
TRW's board authorized $1 billion in company stock buybacks,bringing the total plan to $2 billion. Of that, $1.47 billionremains and will be spent over the next three years, the companysaid.
The remaining shares expected to be repurchased in the nextthree years represents about 16 percent of TRW's current marketcapitalization value.
In Tuesday morning trade on the New York Stock Exchange, TRWshares were trading at $76.57, down 2.2 percent.
- Investment & Company Information