CHICAGO -- Auto and truck parts supplier ArvinMeritor Inc. on Thursday said quarterly earnings fell 10 percent, hurt by restructuring costs and light vehicle output cuts.
Net income fell to $46 million, or 66 cents per share, in the fiscal third quarter ended June 30, from $51 million, or 74 cents per share, a year earlier.
Excluding restructuring costs, ArvinMeritor earned 70 cents per share. Analysts, on average, had expected 67 cents per share, according to Reuters Estimates.
Sales rose 15 percent to $2.41 billion, mainly on increased truck part volume, new truck joint ventures in Europe and favorable currency rates, the Troy, Michigan, company said.
ArvinMeritor plans job cuts and plant closings into 2007, including the sale of its replacement auto parts unit, which it said Thursday it now expects to take place in fiscal 2006.
ArvinMeritor backed its prior forecast for fiscal 2005 earnings per share before items at the high end of its forecast range of $1.40 to $1.60. The analysts' average forecast is $1.57.
The company, which previously cut its full-year outlook, said its restructuring was starting to show results.
ArvinMeritor ranked No. 13 on the Automotive News list of top 150 original equipment suppliers to North America with original equipment sales of $3.44 billion in 2004.