TRW Automotive profits rise

Auto parts supplier TRW Automotive yesterday posted a quarterly profit more than double Wall Street expectations on a recovery in European auto production and cost cutting. The company raised its full-year sales outlook by about four per cent but cautioned that it expected to be hit in coming quarters by rising commodity costs and a slowdown in auto production in Europe, its major market. Excluding one-time items, first-quarter earnings per share were $1.65 (£1.40), compared with analysts’ expectations of earnings of 73 cents per share.