LIVONIA, Mich. — TRW Automotive Holdings Corp. has announced the withdrawal of its full year 2008 sales and earnings guidance, which was last provided on Oct. 30.
In recent weeks, and subsequent to providing the 2008 full year guidance on Oct. 30, both actual and forecasted levels of vehicle production in global automotive markets have declined beyond previously forecasted levels.
"The second half of 2008 continues to be an unprecedented period for the automotive industry,” said John Plant, TRW’s president and CEO. “Since issuing our guidance on Oct. 30, major markets have experienced significant declines in production well beyond our forecasts in late October. We continue to align capacity and reduce our cost structure globally in response to the difficult industry conditions."
TRW said it continues to maintain a strong capital structure with strong liquidity and expects positive free cash flow in its 2008 fourth quarter. The company plans to announce its fourth quarter and full year 2008 results in late February 2009.
