TRW, a leading automotive, electronics and defense manufacturer, reported that its third-quarter earnings totaled $40.5 million, compared to a net loss of $110.3 million in the same quarter last year.
The improved earnings, equivalent to $1.33 a share, came despite slightly lower sales and were largely due to a strong performance in its information systems and European passenger car component businesses, the company said.
For the three months ended Sept. 30, the Cleveland-based firm posted revenue of $1.43 billion, up from $1.46 billion in the comparable 1985 period.
The company said its business was still restrained by weak demand in commercial electronics, contract performance problems in a defense electronics subsidiary and lower volume combined with increased pricing pressures in the automobile equipment market in North America.
For the nine months of the year, TRW reported net income of $172.7 million on revenue of $4.49 billion.
In the first nine months of 1985, the company posted net income of $21.7 million on revenue of $4.43 billion. The third-quarter and nine-month performances in 1985 were cut by charges of $172.2 million related to restructuring of the company.