ArvinMeritor Reports Fiscal 2Q Loss
Truck components maker ArvinMeritor said it lost $52 million, or 72 cents per share, in its fiscal second quarter, compared with a profit of $24 million, or 33 cents per share, a year ago.
Sales for the quarter ended March 31 fell about 38% to $1.1 billion, the company said late Tuesday.
Commercial vehicle sales were $739 million, also down 38% from a year ago.
ArvinMeritor said it expects its fiscal third-quarter revenue to be about flat compared with the second quarter, while its loss per share, before special items, to be greater.
The company said last month it about $430 million on an annual basis in cost-reduction measures taken since October, including job cuts and plant closures.
“ArvinMeritor was proactive in taking aggressive steps to preserve liquidity through this downturn and continues to be diligent in maintaining all of the actions put into place in the past six months,” said Chairman and Chief Executive Officer Chip McClure.
“We will continue to operate with that same rigor, while maintaining a constant focus on the company's financial position. We anticipate that we will begin to see positive signs of improvement in some markets during the second half of this year,” he said in a statement.
