DETROIT -- Parts supplier Collins & Aikman Corp. on Thursday reported a narrower quarterly net loss as it doubled sales through acquisitions and consolidated operations.
The maker of instrument panels, plastic trim, fabrics, carpeting and convertible tops has been restructuring under a new management team to integrate a string of acquisitions, including the 2001 purchase of Textron Inc.'s automotive trim unit, TAC-Trim, for $1.2 billion.
The company shuttered a number of plants in North America and Europe last year, relocating production to lower-cost facilities, and also closed its European headquarters.
Collins & Aikman of Troy, Mich., reported a fourth-quarter net loss of $3.1 million, or 4 cents a share, compared with a net loss of $35.6 million, or 72 cents, a year ago.
Excluding restructuring and asset impairment charges, the company posted a profit of $9.9 million, or 12 cents a share, compared with a loss of $23.7 million, or 48 cents.
The company said charges of $14.1 million in the quarter were primarily for consolidating its European operations.
Sales jumped to $963.2 million from $482.1 million. Had sales from acquired businesses been included in the year-ago figures, sales would have risen 16 percent, the company said.
Collins & Aikman also gave earnings guidance for 2003, excluding charges, of 52 cents to 62 cents a share. It said it was evaluating actions that could result in non-cash charges for impairment of long-held assets during the year.
The company estimated net sales will rise about 1 percent to 2 percent in 2003, with new product launches partly offset by the changeover of a major car program with DaimlerChrysler in the second half of the year.
It said it won business in the past year that will generate more than $800 million in annual sales.
Operating income for 2003 was forecast in the range of $285 million to $300 million, with earnings before interest, tax, depreciation and amortization projected at $410 million to $425 million.
Capital spending was pegged at $145 million to $165 million range for the year.
Collins & Aikman predicted North American light-vehicle production would be roughly flat with 2002 at about 16.3 million to 16.5 million units.