ArvinMeritor’s Fiscal First-Quarter Earnings Decline
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Components maker ArvinMeritor Inc. said its fiscal first-quarter earnings fell to $7 million or 10 cents a share, from $34 million or 49 cents a year earlier, as it said it faced challenges from the automotive, light-duty and heavy-duty truck segments.
Sales from continuing operations for the quarter ended Dec. 31 were $2.3 billion, up 12%, the company said.“We are operating in a difficult environment in the passenger car, light-duty truck, and commercial vehicle segments,” said Chip McClure, ArvinMeritor’s chairman and chief executive officer.The company reduced its fiscal year 2007 forecast for light vehicle production to 15.3 million vehicles in North America, down from a previous 15.8 million forecast.It said North American Class 8 truck production would be 235,000 in FY 2007, or 200,000 for the calendar year, unchanged from its previous forecast.The company reiterated its full-year outlook for continuing operations before special items of $1.15 to $1.25 per share, as previously forecast.
Components maker ArvinMeritor Inc. said its fiscal first-quarter earnings fell to $7 million or 10 cents a share, from $34 million or 49 cents a year earlier, as it said it faced challenges from the automotive, light-duty and heavy-duty truck segments.
Sales from continuing operations for the quarter ended Dec. 31 were $2.3 billion, up 12%, the company said.“We are operating in a difficult environment in the passenger car, light-duty truck, and commercial vehicle segments,” said Chip McClure, ArvinMeritor’s chairman and chief executive officer.The company reduced its fiscal year 2007 forecast for light vehicle production to 15.3 million vehicles in North America, down from a previous 15.8 million forecast.It said North American Class 8 truck production would be 235,000 in FY 2007, or 200,000 for the calendar year, unchanged from its previous forecast.The company reiterated its full-year outlook for continuing operations before special items of $1.15 to $1.25 per share, as previously forecast.
