LIVONIA, Mich. – TRW Automotive Holdings Corp. has reported fourth quarter 2014 financial results with sales of $4.3 billion, a decrease of 3 percent compared to the prior year period. The company reported GAAP fourth quarter net losses of $360 million or $3.22 per share, which compares to net earnings of $363 million or $3 per diluted share in the prior year period.
Excluding special items from the company’s current and prior year quarterly results, the company reported record fourth quarter 2014 net earnings of $268 million, or $2.31 per diluted share, an increase of 26 percent compared to last year’s fourth quarter earnings of $1.84 per diluted share.
The company’s full-year 2014 sales grew to a record $17.5 billion, an increase of 1 percent compared to 2013. For the year, GAAP net earnings were $293 million, or $2.54 per diluted share. Similar to the company’s quarterly results, both the 2014 and 2013 full-year results contain special items. Excluding special items, the company reported record full-year 2014 net earnings of $958 million, or $8.18 per diluted share, an increase of 19 percent compared to 2013 earnings of $6.89 per diluted share.
As previously announced, the company entered into a definitive agreement with ZF Friedrichshafen AG on Sept. 15, 2014, under which ZF will acquire all outstanding shares of TRW for $105.60 per share in an all-cash transaction valued at approximately $13.5 billion on an enterprise value basis. The transaction is expected to close in the first half of 2015.
“2014 was a highly successful year for TRW as the company set new records for sales and adjusted earnings per share while not only continuing to invest for future growth, but also addressing the level of our legacy pension obligations,” said John Plant, chairman and CEO. “In addition, the agreement signed with ZF during the third quarter provides significant benefits for our shareholders who will receive full and certain value for their shares, as well as for our employees, customers and communities, all of which will reap the benefits of being part of a larger, more diversified global organization.”
