Vehicle components supplier ArvinMeritor Inc. swung to a second-quarter profit on lower restructuring and relative sales costs. The company posted a quarterly profit of $45 million, or 64 cents per share,
from a loss of $33 million, or 48 cents, a year ago. Excluding one-time items, the company reported earnings from continuing operations of 40 cents per share for the latest quarter.
Revenue rose nearly 3 percent to $2.31 billion from $2.26 billion last year, as the cost of sales only rose just under 2 percent to $2.14 billion.
Analysts surveyed by Thomson Financial expected earnings per share of 38 cents on revenue of $2.21 billion.
Restructuring costs fell to $17 million from $49 million a year ago.
ArvinMeritor forecast third-quarter earnings from continuing operations of 60 cents to 70 cents per share on revenue of $2.4 billion. For the year, the company raised its earnings outlook to $1.60 to $1.70 per share, from its previous guidance of $1.50 to $1.70, on sales of about $8.8 billion.
Analysts estimate earnings per share of 67 cents on revenue of $2.32 billion for the third quarter, and $1.64 on revenue of $8.7 billion for the year.
Shares of the company rose 39 cents, or 2.3 percent, to $17.32 on the New York Stock Exchange in morning trading.