Automotive parts maker Tower Automotive on Thursday posted a quarterly loss, hurt by a massive asset impairment charge stemming from its decision to stop making frames for Ford’s Explorer sports utility vehicle, Reuters reported.
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The news agency said the Grand Rapids, Michigan-based maker of vehicle body structures and other components reported a third-quarter net loss of $US101 million, or $1.78 a share, compared with a profit of $10 million, or 15 cents a share, a year ago.
The 2003 quarter included an impairment charge of $122.7 million and restructuring charges of $1.9 million pre-tax, which had a combined after-tax impact of $1.45 a share, Reuters said, adding that revenue fell to $623 million from $654 million.
According to Reuters, Tower also said it expects to post a net loss of 26 cents a share in the fourth quarter, including 14 cents of restructuring charges, on revenue of $680 million to $700 million.
Analysts on average had expected a fourth-quarter loss of 7 cents a share, according to Reuters Research, a unit of Reuters Group Plc.
