ArvinMeritor Inc has reported sales of $1.7 billion and net income, before special items, of $20 million for its first fiscal quarter ended Dec 31, 2000.
Sales declined $265 million, or 14%, and net income, before special items, decreased $45 million, or 69%, compared with the same period in 1999.
Larry Yost, ArvinMeritor chairman and chief executive officer, said: "Our North American Commercial Vehicle Systems and Light Vehicle Aftermarket businesses have been affected by a continued weak market. The easing in North American light-vehicle production also has contributed significantly to our company's weaker quarter. We are continuing to implement a number of aggressive actions in response to the current market conditions. These include vigorous cost-reduction initiatives, limitations on capital spending, workforce reductions, and a reduction in the number of our facilities around the world.
"We continue to maintain our vehicle production outlook for fiscal 2001, which shows anticipated North American Class 8 production at 160,000 units and North American and European light-vehicle production at 15.9 million and 16.5 million vehicles, respectively," said Yost.