From Detroit Free Press
LIVONIA, MI — Livonia-based TRW Automotive Holdings Corp., the world’s No. 2 maker of automotive air bags, said its fourth-quarter loss narrowed to $1 million, or 1 cent a share, as currency-exchange gains and auto-parts demand boosted sales.
TRW has a year-earlier loss of $33 million. Sales climbed 12 percent to $2.98 billion from $2.67 billion, the company said in a statement. A year ago, TRW was part of defense contractor Northrop Grumman Corp.
Foreign-currency gains caused primarily by the euro’s strength versus the U.S. dollar boosted TRW’s sales by $290 million during the quarter, spokesman Manley Ford said in an interview. Demand for electric-steering systems, vehicle stability controls and side air bags helped increase sales by $110 million.
Northrop Grumman sold TRW to New York-based buyout firm Blackstone Group last year. The company raised $676 million in an initial public offering of 24.14 million shares completed this month.
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