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Updated:
2/2/2010 9:20:00 AM
ArvinMeritor Reports Improved Fiscal 1Q
Truck components maker ArvinMeritor Inc. said Tuesday its fiscal first-quarter was break-even, compared with loss of $961 million, or $13.29 a share, a year ago, which included $856 million in write-downs.
Sales for the quarter ended Dec. 31 were $1.1 billion, down from $1.2 billion a year ago but about 16% higher than its fiscal fourth quarter.
Commercial truck unit earnings before income and taxes was $12 million, compared with a loss of $6 million a year ago, while sales fell to $433 million, from $595 million.
For the current quarter, ArvinMeritor forecast its earnings and revenue before special items would be flat from the previous quarter.
The company also said it reinstated full salaries to its employees, after setting pay cuts last year.
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