ArvinMeritor, a Troy, Mich.-based vehicle parts supplier, warned that first-quarter and fiscal full-year earnings will miss expectations thanks to a sluggish truck and auto industry.
The company issued a release yesterday that says they expect first-quarter earnings of 30 cents to 35 cents per share and fiscal full-year earnings of $2 to $2.30 per share.
Previously, analysts expected the company to earn 35 cents a share in the first quarter and $2.50 a share in the full year, according to First Call/Thomson Financial.
"Production volumes are falling faster and further than we had anticipated for both our heavy- and light-vehicle businesses," Larry Yost, ArvinMeritor's chairman and chief executive, said in a press release.
The company predicts a 40% decline in North American Class 8 Vehicle production, compared with its previous view of a 30% decline in production. It expects a 10% decrease in production in North America for light vehicles and a 2% slide in Europe.
The company issued a release yesterday that says they expect first-quarter earnings of 30 cents to 35 cents per share and fiscal full-year earnings of $2 to $2.30 per share.
Previously, analysts expected the company to earn 35 cents a share in the first quarter and $2.50 a share in the full year, according to First Call/Thomson Financial.
"Production volumes are falling faster and further than we had anticipated for both our heavy- and light-vehicle businesses," Larry Yost, ArvinMeritor's chairman and chief executive, said in a press release.
The company predicts a 40% decline in North American Class 8 Vehicle production, compared with its previous view of a 30% decline in production. It expects a 10% decrease in production in North America for light vehicles and a 2% slide in Europe.
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