ArvinMeritor Inc. has reported sales of $1.7 billion and net income of $32 million, or $0.47 per diluted share, for its first fiscal quarter ended Dec. 31, 2002.
Sales increased $143 million, or 9%, as compared to the prior year's first quarter, and net income improved $63 million, as compared to last year's net loss of $31 million.
Results for the first quarter of fiscal year 2002 included restructuring costs of $15 million ($10 million after-tax, or $0.15 per diluted share) and the cumulative effect of the goodwill accounting change of $42 million, or $0.64 per diluted share. Excluding these charges from last year's results, net income increased by $11 million, or 52%.
ArvinMeritor Chairman and Chief Executive Officer Larry Yost said, "We are pleased with the improvement in our first-quarter results. Our sales and earnings benefited from the carryover effect of the emissions standards change on Class 8 trucks built in North America."
Operating income for the first quarter of fiscal year 2003 was $73 million, compared to $48 million for the same period last year. Restructuring costs of $15 million were included in operating income in the first quarter of fiscal year 2002. Operating margin improved to 4.3%, up from 4.0% in the first quarter of fiscal year 2002, excluding a restructuring charge.
"Our fiscal year 2003 outlook for light vehicle production remains unchanged at 16 million vehicles in North America and 16.5 million vehicles in Western Europe. We are also holding our fiscal year outlook for North American Class 8 truck production at 161,000 units," Yost said. "Although our market estimates have not changed, our sales outlook for fiscal year 2003 is $7.8 billion, up from our prior guidance of $7.1 billion. Our outlook includes sales related to the recently completed acquisition of the remaining 51% interest in Zeuna Starker GmbH & Co. KG, our German exhaust joint venture, as well as new business in our CVS group and the favorable impact of a stronger euro. We anticipate full-year diluted earnings per share in the range of $2.50 to $2.70 for fiscal year 2003."
ArvinMeritor, Inc. is a $7-billion global supplier of a broad range of integrated systems, modules and components to the motor vehicle industry. The company serves light vehicle, commercial truck, trailer and specialty original equipment manufacturers and related aftermarkets. The company is headquartered in Troy, Mich., and employs 32,000 people at more than 150 manufacturing facilities in 27 countries.
For more information, visit the company's web site at www.arvinmeritor.com.
Sales increased $143 million, or 9%, as compared to the prior year's first quarter, and net income improved $63 million, as compared to last year's net loss of $31 million.
Results for the first quarter of fiscal year 2002 included restructuring costs of $15 million ($10 million after-tax, or $0.15 per diluted share) and the cumulative effect of the goodwill accounting change of $42 million, or $0.64 per diluted share. Excluding these charges from last year's results, net income increased by $11 million, or 52%.
ArvinMeritor Chairman and Chief Executive Officer Larry Yost said, "We are pleased with the improvement in our first-quarter results. Our sales and earnings benefited from the carryover effect of the emissions standards change on Class 8 trucks built in North America."
Operating income for the first quarter of fiscal year 2003 was $73 million, compared to $48 million for the same period last year. Restructuring costs of $15 million were included in operating income in the first quarter of fiscal year 2002. Operating margin improved to 4.3%, up from 4.0% in the first quarter of fiscal year 2002, excluding a restructuring charge.
"Our fiscal year 2003 outlook for light vehicle production remains unchanged at 16 million vehicles in North America and 16.5 million vehicles in Western Europe. We are also holding our fiscal year outlook for North American Class 8 truck production at 161,000 units," Yost said. "Although our market estimates have not changed, our sales outlook for fiscal year 2003 is $7.8 billion, up from our prior guidance of $7.1 billion. Our outlook includes sales related to the recently completed acquisition of the remaining 51% interest in Zeuna Starker GmbH & Co. KG, our German exhaust joint venture, as well as new business in our CVS group and the favorable impact of a stronger euro. We anticipate full-year diluted earnings per share in the range of $2.50 to $2.70 for fiscal year 2003."
ArvinMeritor, Inc. is a $7-billion global supplier of a broad range of integrated systems, modules and components to the motor vehicle industry. The company serves light vehicle, commercial truck, trailer and specialty original equipment manufacturers and related aftermarkets. The company is headquartered in Troy, Mich., and employs 32,000 people at more than 150 manufacturing facilities in 27 countries.
For more information, visit the company's web site at www.arvinmeritor.com.
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