CHICAGO -- Dura Automotive Systems Inc., which makes driver control systems, on Thursday reported a wider quarterly loss, pressured by vehicle output cuts and high materials costs.
The company maintained its full-year financial outlook, however.
The net loss widened to $6.6 million, or 35 cents a share, in its third quarter, from a loss of $2.7 million, or 15 cents a share, in the year-earlier quarter.
Excluding items, Rochester Hills, Michigan-based Dura reported a loss of 28 cents a share, while two analysts who reported forecasts to Reuters Estimates had expected a loss of 16 cents a share and 30 cents a share, for an average of a 23-cent loss.
Revenue fell 13 percent from last year to $535.9 million, short of the $558.9 million analysts had expected.
The sales decline was driven mostly by lower North American automotive production by the domestic automakers, lower European auto volumes, lower recreational vehicle production and five fewer business days.
"As industry conditions continue to soften, we have taken significant actions to improve our liquidity and further accelerate cost reductions," Chief Executive Larry Denton said in a statement.
Dura said it still expects revenue for the year in the range of $2.3 billion to $2.4 billion. Analysts were expecting $2.37 billion. The company also still sees adjusted earnings before interest, taxes, depreciation and amortization of $170 million to $180 million.