TRW Presents at the Credit Suisse Global Automotive Conference; Reiterates Full Year 2007 Outlook
LIVONIA, Mich., Sept. 6 -- TRW Automotive Holdings Corp. , will present this morning to investors and financial analysts at the Credit Suisse Global Automotive Conference in New York City. Company president and chief executive officer, John C. Plant, and executive vice president and chief financial officer, Joseph S. Cantie, will provide a general business overview and discuss other related matters, including the Company's current outlook for the year.
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To access a live web cast of the presentation, along with the presentation slides, please visit the investor information section of the Company's web site at www.trw.com. The presentation is scheduled to begin at approximately 9:05 a.m. (EDT).
2007 Outlook
The Company today is reiterating its full year 2007 outlook, which calls for sales in the range of $14.1 to $14.5 billion (including third quarter sales of approximately $3.4 billion). The Company continues to expect net earnings per diluted share in the range of $0.55 to $0.85, which includes charges of $155 million related to the Company's debt recapitalization completed during the first half of the year. Earnings per diluted share excluding these charges are expected to be in the range of $2.05 to $2.35.
This guidance range reflects pre-tax restructuring expenses of approximately $45 million (including approximately $12 million in the third quarter). The effective tax rate after excluding debt retirement costs is expected to be in the range of approximately 40 to 44 percent. Lastly, the Company expects capital expenditures in 2007 to be approximately 4 percent of sales.
About TRW
With 2006 sales of $13.1 billion, TRW Automotive ranks among the world's leading automotive suppliers. Headquartered in Livonia, Michigan, USA, the Company, through its subsidiaries, operates in 28 countries and employs approximately 63,800 people worldwide.
TRW Automotive products include integrated vehicle control and driver assist systems, braking systems, steering systems, suspension systems, occupant safety systems (seat belts and airbags), electronics, engine components, fastening systems and aftermarket replacement parts and services. All references to "TRW Automotive", "TRW" or the "Company" in this press release refer to TRW Automotive Holdings Corp. and its subsidiaries, unless otherwise indicated. TRW Automotive news is available on the internet at www.trw.com.
Forward-Looking Statements
This release contains statements that are not statements of historical fact, but instead are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve risks and uncertainties. Our actual results could differ materially from those contained in forward-looking statements made in this release. Such risks, uncertainties and other important factors which could cause our actual results to differ materially from those contained in our forward-looking statements are set forth in our Report on Form 10-K for the fiscal year ended December 31, 2006 (the "10-K") and our Forms 10-Q for the quarters ended March 30 and June 29, 2007, and include: production cuts or restructuring by our major customers; work stoppages or other labor issues at the facilities of our customers or suppliers; non-performance by, or insolvency of, our suppliers and customers, which may be exacerbated by bankruptcies and other pressures within the automotive industry; the inability of our suppliers to deliver products at the scheduled rate and disruptions arising in connection therewith; interest rate risk arising from our variable rate indebtedness; loss of market share by domestic vehicle manufacturers; efforts by our customers to consolidate their supply base; severe inflationary pressures impacting the market for commodities; escalating pricing pressures from our customers; our dependence on our largest customers; fluctuations in foreign exchange rates; our substantial leverage; product liability and warranty and recall claims and efforts by customers to alter terms and conditions concerning warranty and recall participation; limitations on flexibility in operating our business contained in our debt agreements; the possibility that our owners' interests will conflict with ours and other risks and uncertainties set forth under "Risk Factors" in the 10-K and in our other SEC filings. We do not intend or assume any obligation to update any of these forward-looking statements.
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