ArvinMeritor fiscal 4th-quarter loss narrows

posted: 16 DAYS 21 HOURS AGO

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TROY, Mich. -ArvinMeritor Inc. said Tuesday that its fiscal fourth-quarter loss narrowed as the auto parts supplier cut costs to cope with continued weak sales amid the automotive slump.

Loss for the three months ended Sept. 30 totaled $12 million, or 17 cents per share, compared with a loss of $153 million, or $2.12 per share, in the same quarter last year. Excluding one-time items, loss totaled 28 cents per share in the latest quarter.

Revenue fell 36 percent to $984 million from $1.53 billion.

Analysts polled by Thomson Reuters, on average, predicted a loss of 31 cents per share on revenue of $1.03 billion. Analysts typically exclude one-time items from their estimates.

ArvinMeritor said the drop in sales was due to continued weakness in global markets. But the company said conditions in China, India and Brazil are improving.

The company's cost of sales fell to $901 million from $1.39 billion during the quarter.

For the fiscal year, the company's loss totaled $1.21 billion, or $16.72 per share, compared with a loss of $101 million, or $1.40 per share, the year before.

Revenue fell 36 percent to $4.12 billion from $6.39 billion last year.

ArvinMeritor sold off some businesses this year in an effort to make debt covenants and restructure itself as a more streamlined business amid the auto slump. The company said it complied with all debt covenants during the year.

2009-11-10 09:10:19