ArvinMeritor posts quarterly net loss
DETROIT (Reuters) -- Car and truck parts maker ArvinMeritor Inc. reported a quarterly net loss on Tuesday, pressured by a downturn in the North American car and heavy truck markets and restructuring.
The net loss amounted to $12 million in its fiscal first quarter, compared with net income of $7 million during the same quarter a year earlier.
ArvinMeritor reported a loss from continuing operations of $1 million down from net income of $10 million a year earlier.
Sales from continuing operations rose 6.1 percent to $1.66 billion, while analysts expected $1.49 billion, according to Reuters Estimates.
The company raised its fiscal 2008 sales forecast range by $100 million to $6.9 billion to $7.1 billion from continuing operations on growth outside the U.S. and favorable foreign exchange rates. Analysts expect $6.69 billion.
The company also slashed its outlook for 2008 free cash flow to a negative range of $75 million to $125 million, from a slightly positive forecast previously, citing working capital needs for growth outside the United States.
Based in suburban Detroit, ArvinMeritor ranks No. 19 on the Automotive News list of the top 100 global suppliers with worldwide original-equipment automotive parts sales of $8.52 billion during its last fiscal year.
The net loss amounted to $12 million in its fiscal first quarter, compared with net income of $7 million during the same quarter a year earlier.
ArvinMeritor reported a loss from continuing operations of $1 million down from net income of $10 million a year earlier.
Sales from continuing operations rose 6.1 percent to $1.66 billion, while analysts expected $1.49 billion, according to Reuters Estimates.
The company raised its fiscal 2008 sales forecast range by $100 million to $6.9 billion to $7.1 billion from continuing operations on growth outside the U.S. and favorable foreign exchange rates. Analysts expect $6.69 billion.
The company also slashed its outlook for 2008 free cash flow to a negative range of $75 million to $125 million, from a slightly positive forecast previously, citing working capital needs for growth outside the United States.
Based in suburban Detroit, ArvinMeritor ranks No. 19 on the Automotive News list of the top 100 global suppliers with worldwide original-equipment automotive parts sales of $8.52 billion during its last fiscal year.
Last Update on : January 30, 2008
Source : www.autonews.com
Source : www.autonews.com
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