ArvinMeritor Inc. has reported sales of $1.7 billion and net income of $41 million, or $0.61 per diluted share, for its fourth fiscal quarter ended Sept. 30, 2002.
Sales increased $181 million, or 12%, as compared to the prior year's fourth quarter, and net income improved $42 million, as compared to last year's net loss of $1 million (adjusted to exclude goodwill amortization expense). Results for the fourth quarter of fiscal year 2001 included restructuring costs and other one-time charges of $30 million ($21 million after-tax or $0.32 per diluted share). Excluding these charges, net income increased by $21 million, or 105%, from last year's fourth quarter.
Larry Yost, ArvinMeritor's chairman and chief executive officer, said, "We are pleased to report a substantial improvement in our fourth-quarter sales and earnings. Sales for our Commercial Vehicle Systems business group increased by $107 million, or 21%, as Class 8 truck buyers purchased early to avoid new U.S. emissions standards that took effect on Oct. 1. Higher light vehicle production in North America and Western Europe also had a favorable impact on sales. The benefit of higher volumes and our continued cost-reduction actions allowed us to improve our operating margin in the fourth fiscal quarter."
Operating income for the fourth quarter of fiscal year 2002 was $91 million, compared to $34 million for the same period last year. Included in operating income in the fourth quarter of fiscal year 2001 were restructuring costs and other one-time charges of $30 million.
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. In addition, ArvinMeritor is a leader in coil coating applications. The company is headquartered in Troy, Mich., and employs 32,000 people at more than 150 manufacturing facilities in 27 countries.