CHICAGO -- Auto and truck parts maker ArvinMeritor Inc. on Tuesday said its quarterly net loss narrowed, supported by strength in the commercial vehicle market, but issued an outlook below Wall Street forecasts.
The net loss narrowed to $19 million, or 27 cents per share, for its fiscal fourth quarter, from a net loss of $153 million, or $2.23 per share, a year earlier, when it had impairment charges for its sale of a replacement parts unit.
ArvinMeritor earned $29 million, or 41 cents per share, from continuing operations excluding one-time items. On that basis, analysts had expected 42 cents per share, according to Reuters Estimates.
Sales rose 5.6 percent to $2.13 billion.
ArvinMeritor ranks No. 19 on the Automotive News list of the top 100 global suppliers with worldwide original-equipment automotive parts sales of $7.06 billion in 2004.
ArvinMeritor took impairment charges a year ago under plans to sell its light vehicle replacement parts business as a whole, but said it now expects to sell the units individually, and took a 40 cents per share impairment charge on that basis.
ArvinMeritor said it expects fiscal first-quarter earnings per share of 13 cents to 17 cents from continuing operations before special items, with sales from continuing operations of $2.1 billion. Analysts expect ArvinMeritor to earn 26 cents per share with revenue of about $2.26 billion.
The company expects fiscal 2006 earnings per share of $1.50 to $1.70, with revenue of about $8.6 billion. Analysts expect it to earn $1.91 per share for fiscal 2006, excluding one-time items, with revenue of about $9.1 billion.
The 2006 forecast excludes divestitures, restructuring costs and other one-time items such as extended customer shutdowns or production interruptions, Troy, Michigan-based ArvinMeritor said.