USA: Tower Automotive Estimates Impact of Production Cuts
Tower Automotive, Inc. (NYSE: TWR) today said that the announced Ford Explorer and Ranger production cuts and the further weakening of the heavy truck market will have a negative impact on its third-quarter earnings. These items are expected to reduce earnings by approximately $0.03 to $0.05 per share for the third quarter of 2000. Tower Automotive believes that there is limited potential for recovery of lost units before year-end, but if these items are still applicable in the fourth quarter, there could be further impact.
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