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TRW Automotive posts $227 million in 2Q net income

TRW Automotive Holdings Corp. (NYSE: TRW) posted net income for the third-consecutive quarter driven by improved global vehicle production.

The Livonia-based supplier of automotive safety systems posted net income of $227 million, or $1.78 per share, on revenue of $3.7 billion in the second quarter.

TRW rebounded from a net loss of $11 million on revenue of $2.7 billion in the same period last year.

“TRW’s impressive results for the second quarter and the first six months of 2010 have been driven by our reduced cost structure and higher levels of vehicle production,” John Plant, president and CEO, said in a statement. “TRW’s success at winning new business due to our leading technology portfolio combined with the overall industry recovery and dynamic growth in emerging markets provides a solid foundation for future growth.”

TRW implemented tough cost-cutting measures in 2008 and 2009 to deal with significant declines in global car and truck production volumes, including cutting about 4,400 global employees in the first half of 2009 and the closure of four plants.

The company also suspended its 401(k) matching contributions, eliminated merit-based raises and shortened work weeks at locations in Europe.

TRW expects 2010 production levels to reach 11.6 million in North America, up from its prior outlook at 11.5 million.

In Europe, TRW projects production of 17.2 million vehicles in Europe, up from 16.7 million last quarter.

The projected rise in demand is fueling TRW’s full-year forecast to between $13.2 billion and $13.6 billion, with third-quarter revenue projected to reach $3.1 billion.

“Vehicle production schedules were robust during the first half of 2010; however, we anticipate normal seasonality and soft consumer demand will lead to a decline in production levels, primarily in Europe, during the second half of this year,” Plant said.

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