TRW’s Net Falls 6% in Quarter to $70.3 Million
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TRW said its earnings dropped about 6% to $70.3 million in the second quarter because of weak performances by its commercial electronics, automotive replacement parts and energy products businesses. Second-quarter earnings last year were $75.4 million.
TRW also blamed higher interest costs related to the company’s repurchase of shares in 1985.
The company reported second-quarter revenue of $1.56 billion, slightly more than the $1.55 billion for the 1985 second quarter.
“Because of a higher level of investment this year in advanced technology and new products and services, the growing benefits of our cost-effectiveness program and our restructuring, we expect the remainder of 1986 to position us well for higher growth in 1987 and beyond,” said Ruben F. Mettler, chairman and chief executive of the Cleveland-based firm.
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