CHICAGO -- Dura Automotive Systems Inc., which makes driver controls such as pedal systems, on Thursday said quarterly earnings fell 9 percent, pressured by cuts in light vehicle output and high steel costs.
The company also lowered its full-year outlook, saying it expects its customer mix and foreign exchange in the second half will be more unfavorable than previously expected.
Second-quarter net income fell to $3 million, or 16 cents per share, from $3.3 million, or 18 cents per share, a year earlier, when Dura took restructuring charges.
Excluding one-time items, the Rochester Hills, Michigan-based company earned 9 cents a share.
Sales fell 5.3 percent to $623.8 million, due partly to lower North American auto and recreational vehicle production.
"Industry volumes continue to be volatile," Chief Executive Larry Denton said in a statement. "We expect the industry to become even more challenging over the next six months and, therefore, we must keep our focus on our cost-reduction initiatives."
Dura said it now expects full-year sales of $2.3 billion to $2.4 billion, down from its prior forecast of $2.4 billion to $2.5 billion.
It also lowered its forecast for adjusted earnings before interest, taxes, depreciation and amortization to a range of $170 million to $180 million, down from a previous forecast of $185 million to $195 million.
Dura ranked No. 35 on the Automotive News list of top 150 original equipment suppliers to North America, with original equipment sales of $1.47 billion in 2004.