Car components maker ArvinMeritor has posted a quarterly net loss after taking an impairment charge for the planned sale of its aftermarket parts business.
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Reuters said the net loss amounted to $US153 million, or $2.23 per share, for the fiscal fourth quarter ended September 30, compared with a profit of $34 million, or 50 cents a share, a year earlier.
Excluding the goodwill impairment charge of $190 million, or $2.27 per share, ArvinMeritor earned $37 million, or 54 cents per share. Analysts on average expected ArvinMeritor to earn 54 cents per share, according to Reuters Estimates.
The news agency noted that ArvinMeritor on October 28 said it planned to sell a metal coil-coating business and its larger replacement car parts business to focus on parts sales to automakers, truck makers and the replacement truck parts market. It recorded them as discontinued operations on fourth-quarter results.
Sales from continuing operations rose 18.6% to $2.01 billion in the quarter for Troy, Michigan-based ArvinMeritor, which reportedly said the price and scarcity of steel hurt results.
ArvinMeritor said it expects to earn 15 cents per share to 20 cents per share in its fiscal first quarter from continuing operations with sales of about $2 billion. It expects earnings of $1.60 to $1.80 per share for the fiscal year, Reuters added.
