plus 3, Delphi CFO Sheehan to leave - Marketwatch

Delphi CFO Sheehan to leave - Marketwatch
TRW quarterly profit beats estimate - CNN Money
Business briefs - Detroit News
Lithia Motors to redevelop part of downtown Medford - Seattle Daily Journal of Commerce

Delphi CFO Sheehan to leave - Marketwatch

Posted: 25 Feb 2010 03:30 AM PST

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When it rains, it pours on Spanish banks

As Spaniards cast their eyes upwards, wondering just when the record-breaking wet winter is going to ease...

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TRW quarterly profit beats estimate - CNN Money

Posted: 25 Feb 2010 05:46 AM PST

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* EPS ex-items $1.40 vs Wall St view 75 cents

* Forecast 2010 revenue of $12.3-$12.9 bln

DETROIT(Reuters) - TRW Automotive Holdings Corp reported a stronger-than-expected quarterly profit Thursday, compared with a year-earlier loss, driven by a recovery in auto production and sweeping cost cuts.

The vehicle parts maker, whose products include safety equipment such as seat belts and airbags, also forecast 2010 revenue of $12.3 billion to $12.9 billion, or 6-11 percent growth from last year.

TRW's fourth-quarter net profit came to $141 million, or $1.18 per share, compared with a year-earlier loss of $946 million, or $9.35 per share.

Excluding one-time items, TRW reported earnings of $1.40 per share. Analysts on average had expected 75 cents on that basis, according to Thomson Reuters I/B/E/S.

Revenue rose 20 percent to $3.38 billion, while analysts were expecting $3.23 billion. (Reporting by Soyoung Kim, editing by Gerald E. McCormick)

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Business briefs - Detroit News

Posted: 25 Feb 2010 08:34 PM PST

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Lear part of anti-competition probe in Europe

Southfield-based Lear Corp. said Thursday it has been notified by the European Commission that it is part of an investigation into anti-competitive practices among automotive electrical and electronic component suppliers. "Lear is cooperating fully with the European Commission in their investigation, and I am confident that our company is not involved in any anticompetitive practices," Bob Rossiter, Lear's chairman, CEO and president said in a statement. Earlier this week, the FBI raided the Detroit-area offices of three other suppliers as part of the international investigation.

Magna reports 4Q loss; TRW turns a profit

Magna International Inc. reported a loss Thursday of $125 million in the fourth quarter to end the year with a net loss of $493 million. That compares with a loss of $165 million for the same quarter a year ago and $71 million earnings for the full year. Canada-based Magna's sales in 2009 of $17.4 billion were down 27 percent but the fourth quarter saw a 12 percent uptick in sales to $5.4 billion. Livonia-based TRW Automotive Holdings , by contrast reported record fourth-quarter earnings of $141 million, compared with a loss of $946 million for the same period in 2008. The company said the improvement in the final quarter contributed to full-year net earnings of $55 million, an increase from 2008's $779 million loss.

Comerica building gets $18M makeover for staff

Comerica is giving its 411 Lafayette building an $18 million makeover as the bank consolidates its 1,500 Detroit headquarters staff in the landmark building. Comerica owns the property, and will rename it Comerica Bank Center. The relocation will end by 2012, when the bank's lease expires on the Comerica Tower in One Detroit Center, at 500 Woodward Ave.

Top GM battery exec resigns to join startup

The top General Motors Co. executive in charge of developing the lithium-ion battery used in the Chevrolet Volt has resigned effective March 5. Denise Gray, director of global battery systems engineering, announced her resignation Wednesday, telling staff she is joining a start-up battery company in California. Ronn Jamieson, director of global battery systems engineering, will fill her role on an interim basis.

Staff and wire reports

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Lithia Motors to redevelop part of downtown Medford - Seattle Daily Journal of Commerce

Posted: 26 Feb 2010 12:02 AM PST

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A plan to redevelop up to four acres of downtown Medford, Ore., is expected to receive the final go-ahead Friday when the board of Lithia Motors meets to approve the project.

. . .

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