ArvinMeritor Reports $70 Mln. 3Q Loss

Components maker ArvinMeritor Inc. said Monday it took a $70 million loss in its third fiscal quarter, due primarily to weakness in the heavy-duty truck market.

ArvinMeritor lost $70 million or 99 cents a share in the quarter, compared with a profit of $20 million or 29 cents a year ago.

Sales for the period ended June 30 declined 4% to $1.7 billion, the company said in a statement.

ArvinMeritor lost $94 million or $1.34 per share in its second fiscal quarter ended March 31.

The company’s commercial vehicle systems business “maintained respectable margins despite the decline in the North American heavy truck market,” Chief Executive Officer Chip McClure said in a statement.
 
Its outlook for North American Class 8 truck production is 238,000 units in fiscal year 2007, up from 224,000 units in its previous forecast.

The company said it expects sales from continuing operations in fiscal year 2007 to be $6.2 to $6.3 billion, up from a previous outlook of $6 to $6.2 billion.

It narrowed its outlook for full-year earnings per share from continuing operations to 75 to 80 cents, from a previous 70 to 80 cents forecast.