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TRW Automotive Holdings Corp. (TRW - Analyst Report) announced that it has received the 2012 Innovation Award from Chrysler Group LLC's Innovation group. TRW Automotive has bagged this award for Decoupled Development (the user experience and driver assistance) in the development of Lane Centering Assist systems.

The award was given to suppliers to recognize them for their outstanding performance in their collaborative efforts for innovative projects. TRW was recognized as one of the top suppliers in the Awards Ceremony held on Mar 1.

The Lane Centering Assist system of the company is an integrated system, which uses a forward-facing camera and an electrically powered steering system. The camera helps in detecting the lane markings and sends torque commands to the electric steering system. This assists in keeping the vehicle in the center of the lane automatically.

The company plans to further focus on developing the affordable advanced safety systems which will benefit the driving system. It will further work together with Chrysler –controlled by Italy’s Fiat SpA (FIATY) – for further innovative collaborations.

Headquartered outside Detroit, Mich, TRW Automotive is one of the world’s largest manufacturers of advanced technology products and services for the automotive markets. With continuous research and development, the company is well positioned to benefit from the changing demands of both established and emerging markets for advanced and affordable safety solutions. Its major customers include Ford Motor Co. (F - Analyst Report) and General Motors Company (GM - Analyst Report). Currently, the company retains a Zacks Rank #3 (Hold) on its stock.

TRW posted a 15.8% decrease in profits to $1.55 per share in the fourth quarter of 2012 from $1.84 in the same quarter of 2011 (all excluding special items). However, the quarterly EPS surpassed the Zacks Consensus Estimate by 20 cents. Adjusted net income dipped 16.4% to $199 million from $238 million in the fourth quarter of 2011.

Revenues in the quarter inched up 1.2% to $4.0 billion, driven by higher demand for the company’s innovative technology products, increased vehicle production volumes in North America and China as well as a rise in module sales globally, partially offset by significantly lower vehicle production in Europe and the negative impact of currency movements.

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