ArvinMeritor Inc Wednesday reported sales of $1.8 billion and net income before special items of $27 million, or $0.41 per share, for its second fiscal quarter, ended March 31,2001.
Sales declined $274 million, or 13%, and net income before special items decreased $49 million, or 64%, from the same period last year. Special items in the second quarter of fiscal year 2001 included net charges of $9 million ($6 million after-tax) related to the company's restructuring actions.
"Reduced build rates for North American Class 8 trucks and light vehicles, softness in demand in our replacement markets, coupled with weaker European currencies, continue to have a negative impact on our revenues and earnings," said Larry Yost, ArvinMeritor's chairman and chief executive officer.
ArvinMeritor recently revised its outlook for North American Class 8 production down to 135,000 units from 160,000 units, reflecting the continued backlog of new and used vehicles in the market, Yost said.