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01-02-2008 Car
and truck parts maker ArvinMeritor Inc. reported a quarterly net loss on Tuesday,
pressured by a downturn in the North American car and heavy truck markets and
restructuring.
The net loss amounted to $12 million in its fiscal first
quarter, compared with net income of $7 million during the same quarter a year
earlier.
ArvinMeritor reported a loss from continuing operations of $1
million down from net income of $10 million a year earlier. Sales
from continuing operations rose 6.1 percent to $1.66 billion, while analysts expected
$1.49 billion, according to Reuters Estimates.
The company raised its
fiscal 2008 sales forecast range by $100 million to $6.9 billion to $7.1 billion
from continuing operations on growth outside the U.S. and favorable foreign exchange
rates. Analysts expect $6.69 billion.
The company also slashed its outlook
for 2008 free cash flow to a negative range of $75 million to $125 million, from
a slightly positive forecast previously, citing working capital needs for growth
outside the United States.
Based in suburban Detroit, ArvinMeritor ranks
No. 19 on the Automotive News list of the top 100 global suppliers with worldwide
original-equipment automotive parts sales of $8.52 billion during its last fiscal
year.
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