LIVONIA, Mich. -- TRW Automotive Holdings Corp. has reported third quarter 2010 financial results, with sales of $3.4 billion, an increase of 10 percent compared to the prior year period.

The company's current and prior year quarterly results both contain special items consisting primarily of favorable net tax items and, in the prior year period, restructuring charges. Excluding special items, the company reported third quarter 2010 net earnings of $189 million, or $1.47 per diluted share, which compares to $76 million or 68 cents per diluted share in the 2009 period.

"TRW's performance continues to be led by strong revenue growth combined with a low cost structure," said John Plant, president and CEO. "The outstanding business performance achieved through the first nine months of this year, combined with our leading technology portfolio, the overall industry recovery and our successful growth in the emerging markets, gives us confidence as we look to the future."

The company reported third quarter 2010 sales of $3.4 billion, an increase of $318 million or 10 percent from the prior year period. The positive impact on sales resulting from improved global vehicle production volumes compared to the prior year quarter was partially offset by the negative impact of currency movements.
 
Excluding special items, the company reported third quarter 2010 net earnings of $189 million, or $1.47 per diluted share, which compares to net earnings of $76 million or 68 cents per diluted share in the 2009 period.

For the nine month period ended Oct. 1, the company reported sales of $10.7 billion, an increase of $2.4 billion or 30 percent compared to prior year sales. The increase in sales resulted from the significantly improved global vehicle production volumes between the two periods.

TRW said the year-to-year improvement was driven primarily by the contribution from the higher level of sales between the two periods and the positive impact of the company's restructuring and cost containment actions.
 
Excluding special items, the company reported 2010 year-to-date net earnings of $619 million, or $4.84 per diluted share, which compares to a net loss of $31 million or (30 cents) per share in the 2009 period.

As of Oct. 1, the company had $2,119 million of debt and $1,089 million of cash and marketable securities, resulting in net debt (defined as debt less cash and marketable securities) of $1,030 million. This net debt outcome reached a new historic low for the company, $553 million lower than the balance at the end of 2009 and $1,043 million lower than the balance at the end of the prior year third quarter. Committed liquidity facilities and cash on hand provided the company with available liquidity in excess of $2 billion as of Oct. 1.

TRW said full-year sales are expected to be approximately $14.1 billion (including fourth quarter sales of approximately $3.4 billion).
 
"Although vehicle production schedules have moderated in the second half of 2010 compared to the first half of the year and earlier expectations, the overall recovery in the automotive industry will help support a strong year for TRW," said Plant. "We remain focused on a good conclusion of the year to ensure TRW is well positioned for 2011 and beyond."