CHICAGO -- Truck and auto parts maker ArvinMeritor Inc. on Tuesday posted a quarterly net loss because of restructuring charges, light vehicle production cuts and higher steel costs.
ArvinMeritor, which is closing some plants and cutting jobs for a restructuring, also lowered its fiscal year outlook, citing lower expected sales volumes of light vehicles.
ArvinMeritor posted a net loss of $33 million, or 48 cents per share, for its fiscal second quarter, down from net income of $41 million, or 59 cents per share, a year earlier.
Excluding restructuring and other special charges, ArvinMeritor earned 30 cents per share from continuing operations, while analysts, on average, expected it to earn 28 cents per share, according to Reuters Estimates.
Sales rose 14 percent to $2.28 billion, said ArvinMeritor, which makes heavy-duty truck axles and brake systems and other car and truck parts. Growth in heavy truck business and favorable currency translation supported revenue.
ArvinMeritor said it expects earnings per share from continuing operations of $1.40 to $1.60 for the fiscal year ending in September, down from a prior range of $1.60 to $1.80, and cut its revenue outlook to $8.8 billion from $8.9 billion.
Analysts, on average, expect ArvinMeritor to earn $1.66 per share for the fiscal year, according to Reuters Estimates.
