ArvinMeritor has said it expects earnings for the third quarter of fiscal year 2005, ending June 30, to be at the higher end of the range forecasted in early May of $0.60 to $0.70 per share, before special items. It also now expects its earnings for the full fiscal year to be at the higher end of the previously forecasted range of $1.40 to $1.60 per share.
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“Our strong performance during April and May has raised our expectations for the third quarter, and we anticipate this improved performance will lead to higher earnings for the full fiscal year as well,” said CEO Charles McClure.
“Our improved operating performance and record sales from our commercial vehicle systems group are the main contributors driving our stronger outlook.”
The sale of the North American light vehicle aftermarket business is also on track, according to McClure, and is to be completed in the second half of the fiscal year.
“While these positive performance indicators are encouraging, we continue to address the ongoing challenges that impact our industry, including higher steel prices, global competition and pricing pressures from our customers,” added McClure.
The company plans to release its third-quarter results on July 28.
