ArvinMeritor's Fourth-Quarter Loss Narrows

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eavy-duty components maker ArvinMeritor reported Tuesday that its fiscal fourth-quarter loss narrowed to $19 million or 27 cents a share, from $153 million or $2.23 a year earlier.

img src="/sites/default/files/images/articles/arvinmeritorlogo.gif" width=120 align=right>The company’s income for the full fiscal year was $110 million or $1.57 a share.

Fourth-quarter revenue rose 6% to $2.1 billion, ArvinMeritor said in a statement.

Fourth-quarter income from continuing operations was $29 million, or 41 cents a share, including special items that included $20 million in after-tax restructuring costs.

ArvinMeritor had said following its reporting of a second-quarter loss in May that it would sell off some of its businesses. (Click here for previous coverage.)

“Due to evolving industry dynamics, we now believe selling the businesses individually, rather than as a whole, appears to be the right courts of action to maximize our shareholders’ value,” Chairman and Chief Executive Officer Chip McClure said in a statement Tuesday.