Officials gathered in Sterling Heights on Thursday to celebrate the official opening of the Michigan Defense Center at Velocity, an economic development center in Macomb County. The Defense Center, an agency of the Michigan Economic Development Corp., connects defense industry buyers and contractors with Michigan businesses. State businesses have won more than $41 billion in defense business in the last decade, with 63% of that going to Macomb County firms.
TRW beats profit estimates, shares jump
TRW Automotive Holdings, the world’s biggest vehicle-safety equipment supplier, rose the most in 2 1/2 years after topping analysts’ profit estimates, boosted by increased auto production in North America and demand for its products.
The shares climbed 14% to $47.43 for the biggest daily gain since Aug. 4, 2009. TRW has risen 45% this year after sliding 38% in 2011.
Fourth-quarter net income doubled to $425 million, or $3.27 a share, from $204 million, or $1.56, a year earlier, Livonia-based TRW said Thursday. Excluding some items, profit was $1.84 a share, compared with the $1.55 average of seven analysts’ estimates in a Bloomberg News survey.
DTE’s net income up 12.9% for 2011
DTE Energy said Thursday its net income in 2011 rose 12.9% to $711 million, or $4.18 a share, up from $630 million, or $3.74 a share, in 2010. Operating revenues at the Detroit-based energy company, owner of the Detroit Edison electric utility, increased 4% last year to $8.9 billion from $8.6 billion.
For the fourth quarter of 2011, DTE’s net income dipped 1.3% to $150 million, or 88 cents a share, from $152 million, or 90 cents a share, in the year-ago period. Operating revenue in the fourth quarter was $2.2 billion, unchanged from the fourth quarter of 2010.
NASDAQ to delist ECD common stock
Trading of Energy Conversion Devices’ common stock on the NASDAQ Stock Market will be suspended at the opening of business on Feb. 24, the Auburn Hills-based company said Thursday.
The maker of solar laminates filed for Chapter 11 bankruptcy protection Tuesday and plans to sell its assets. ECD said its common stock may trade on the OTC Bulletin Board or the Pink OTC Markets after it is delisted by NASDAQ but that will only occur if a market maker applies to quote the company’s common stock.
Greece plan may leave it with too much debt
Current plans to save Greece from financial collapse would leave the country with debt far above the maximum level set by its international creditors, a European diplomat said Thursday.
When they tentatively agreed on more help for Greece in October, the leaders of the 17 euro countries said the country’s debt load had come down to 120% of its economic output by 2020 — the maximum they said was manageable without external support. The new level is now expected to be closer to 129%, the diplomat said.
Jobless benefits seekers at a low mark
The number of people seeking unemployment benefits fell to the lowest point in almost four years last week, the latest signal that the job market is steadily improving. Weekly applications for unemployment benefits dropped 13,000 to a seasonally adjusted 348,000, the Labor Department said Thursday.
February 17, 2012