ArvinMeritor’s 3Q Loss Declines; Will Sell Body Business

Truck and auto components maker ArvinMeritor’s fiscal third-quarter loss narrowed as its sales improved, and the company said it would sell its body systems business for $35 million.

Its net loss was $3 million, or 3 cents a share, compared with a loss of $164 million, or $2.26, in the same quarter a year ago.

Sales for the quarter ended June 30 rose 35% to $1.3 billion, the company said Tuesday.

Income before taxes was $31 million, compared with a $21 million loss a year ago, while adjusted earnings before interest, taxes, depreciation and amortization was $76 million  — $48 million over the same period last year.

Separately, ArvinMeritor said it would sell its body systems business to an affiliate of Inteva Products LLC, a wholly owned subsidiary of The Renco Group, for $35 million.

The higher sales showed “continued strength in the emerging markets and improvements in our North American and European customer markets,” Chip McClure, ArvinMeritor’s chairman and chief executive officer, said in a statement.

For the quarter its commercial truck segment unit sales were $522 million, up from $297 million a year ago. EBITDA for the unit was $25 million for the quarter, compared with a $20 million loss a year ago.

The aftermarket and trailer segment’s sales rose to $257 million from $231 million a year ago, while its light vehicle systems segment’s sales rose to $309 million, from $259 million.