ArvinMeritor Inc. reported sales of $2 billion and net income of $24 million, or $0.36 per share, for its second fiscal quarter ended March 31, 2003.
Sales increased $306 million, or 18%, as compared to last year's second quarter. The company's acquisition of the remaining 51% interest in Zeuna Starker added sales of $198 million in the second fiscal quarter, and the stronger euro also favorably impacted sales by about $100 million.
Without these items, sales would have been essentially flat. Net income declined $11 million, as compared to last year's second quarter net income of $35 million.
ArvinMeritor Chairman and Chief Executive Officer Larry Yost said, "We are pleased with the performance of our Commercial Vehicle Systems business group, which benefited from the stronger North American Class 8 truck and trailer volumes. Some of our other businesses, however, did not meet our expectations."
Commercial Vehicle Systems (CVS) sales were $589 million, up $57 million, or 11%, from the second quarter of fiscal year 2002, and operating margin improved to 4.9%, up from 3%.
"Our current outlook for Class 8 truck production in North America is 166,000 units for fiscal year 2003, up 3% from our previous forecast," Yost said.
"Our latest sales outlook for fiscal year 2003 is $7.7 billion, and we anticipate full-year diluted earnings per share in the range of $2 to $2.10.
"For the third quarter of fiscal year 2003, we expect sales of about $2.1 billion, and our outlook for diluted earnings per share is in the range of $0.67 to $0.72. Our fiscal year 2003 earnings outlook reflects softening demand across our business groups, with the exception of the Commercial Vehicle Systems group."
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.
Sales increased $306 million, or 18%, as compared to last year's second quarter. The company's acquisition of the remaining 51% interest in Zeuna Starker added sales of $198 million in the second fiscal quarter, and the stronger euro also favorably impacted sales by about $100 million.
Without these items, sales would have been essentially flat. Net income declined $11 million, as compared to last year's second quarter net income of $35 million.
ArvinMeritor Chairman and Chief Executive Officer Larry Yost said, "We are pleased with the performance of our Commercial Vehicle Systems business group, which benefited from the stronger North American Class 8 truck and trailer volumes. Some of our other businesses, however, did not meet our expectations."
Commercial Vehicle Systems (CVS) sales were $589 million, up $57 million, or 11%, from the second quarter of fiscal year 2002, and operating margin improved to 4.9%, up from 3%.
"Our current outlook for Class 8 truck production in North America is 166,000 units for fiscal year 2003, up 3% from our previous forecast," Yost said.
"Our latest sales outlook for fiscal year 2003 is $7.7 billion, and we anticipate full-year diluted earnings per share in the range of $2 to $2.10.
"For the third quarter of fiscal year 2003, we expect sales of about $2.1 billion, and our outlook for diluted earnings per share is in the range of $0.67 to $0.72. Our fiscal year 2003 earnings outlook reflects softening demand across our business groups, with the exception of the Commercial Vehicle Systems group."
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.
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