ArvinMeritor Inc reports fiscal results

ArvinMeritor Inc reported sales of $1.7 billion and net income of $41 million for its fourth fiscal quarter ended Sept 30, 2002. Sales increased $181 million, or 12%, compared with the prior year's fourth quarter, and net income improved $42 million, compared with 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). Excluding these charges, net income increased by $21 million, or 105%, from last year's fourth quarter.

Operating income for the fourth quarter of fiscal year 2002 was $91 million, compared with $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. Operating margin improved to 5.2%, up from 4.1% in the fourth quarter of fiscal year 2001, excluding these items. The Commercial Vehicle Systems segment drove the operating income increase.