Shares of TRW Automotive Holdings Corp. surged Tuesday after the company reported a second-quarter loss that was narrower than analysts' expectations.The auto supplier which provides safety systems said it lost $11 million, or 11 cents per share, in the quarter, compared with a profit a $127 million, or $1.24 per share, in the same quarter a year ago.
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Shares rose 11.8 percent or $2.08 to $19.65 in midday trading.Analysts surveyed by Thomson Reuters estimated a per share loss of 83 cents on revenue of $2.56 billion.Revenue fell 38.6 percent, to $2.73 billion from $4.45 billion for the same quarter in 2008.
Excluding special items, which included impairment charges and a $1 million gain on retirement of debt, TRW earned $8 million, or 8 cents per share, in the quarter, compared with $148 million or $1.44 a share, in the year ago quarter.TRW was able to reduce spending in the quarter. Free cash flow was $14 million in the quarter, compared with $80 million in the same quarter in 2008.
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