Aftermarket

ArvinMeritor Narrows Loss in Fiscal 4Q

November 10, 2009

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While the company's fiscal fourth quarter started to show some signs of improvement, ArvinMeritor narrowed its loss during the quarter and posted a drop in sales, on continued market weakness
, the company says.

The company saw a $12 million loss during the three-month period, compared with a loss of $153 million in the year ago quarter. While sales improved from the fiscal third quarter, fourth-quarter sales were down 36 percent to $984 million, from $1.5 billion in the 2008 quarter.

The company experienced a loss from continuing operations of $49 million, or 68 cents a share, compared to a loss of $160 million, or $2.22 during the prior year.

"Our team remained focused and delivered on our 2009 priorities, while simultaneously managing the company through a global recession that affected all of our segments and customers worldwide," said Chip McClure, chairman, CEO and president. "As we transform into a commercial vehicle and industrial company, we believe the results we demonstrated in each of these areas will make ArvinMeritor a leaner, more efficient organization well-positioned for future growth."

During the quarter, the parts supplier finalized deals to divest its wheels business as well as the Meritor Suspension Systems Company.

In a statement, the company also outlined its goals for fiscal year 2010, including remaining focused on cost management, continuing to focus on global commercial vehicle and industrial markets, maintaining sustainable growth, developing new products and continuing to manage their balance sheet.
For fiscal year 2010, the company expects revenue and income to be higher.

"With the steps we have taken to manage costs - in addition to our efforts to secure new multi-year contracts, develop advanced solutions for our customers, and focus talent and resources on strategic segments of our business - we believe we are on track to benefit from future recoveries in the global markets," said McClure.

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