Citing the softening U.S. economy and North American commercial vehicle market, ArvinMeritor lowered its sales and earnings estimates for its second fiscal quarter and announced it may cut some jobs.
Sales for the quarter ending March 31 are now projected at approximately $1.8 billion, down 13% from second quarter 2000. Earnings per share are projected to be in the range of $0.40 to $0.45.
In addition, the company's outlook for fiscal 200, which ends Sept. 30, has changed since the company’s previous projections, said Chairman and CEO Larry Yost. "Current projections are showing North American Class 8 vehicle production declining an additional 16% to nearly 135,000 units versus a previously expected 160,000 units in fiscal 2001," Yost said. "We also continue to expect light vehicle production volumes to decline about 10% in North America and 2% in Europe during 2001."
The company expects its sales for fiscal 2001 to be about $6.6 billion, down 14% from the prior year. Projections for fiscal year earnings have been adjusted downward from $2.00-$2.30 per share to $1.35-$1.45 per share or an expected net income of $90 million to $100 million.
Sales for the quarter ending March 31 are now projected at approximately $1.8 billion, down 13% from second quarter 2000. Earnings per share are projected to be in the range of $0.40 to $0.45.
In addition, the company's outlook for fiscal 200, which ends Sept. 30, has changed since the company’s previous projections, said Chairman and CEO Larry Yost. "Current projections are showing North American Class 8 vehicle production declining an additional 16% to nearly 135,000 units versus a previously expected 160,000 units in fiscal 2001," Yost said. "We also continue to expect light vehicle production volumes to decline about 10% in North America and 2% in Europe during 2001."
The company expects its sales for fiscal 2001 to be about $6.6 billion, down 14% from the prior year. Projections for fiscal year earnings have been adjusted downward from $2.00-$2.30 per share to $1.35-$1.45 per share or an expected net income of $90 million to $100 million.
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