USA: ArvinMeritor lowers Q2 earnings forecast

ArvinMeritor now expects earnings for its second fiscal quarter ending March 31, to be in the range of $US0.33 to $0.36 per diluted share, having previously said it expected earnings of $0.40 to $0.46 per diluted share for the period. "The reduction in our earnings outlook is principally driven by softening demand across all our business groups, with the exception of the commercial vehicle systems group. Our businesses continue to be negatively impacted by higher steel costs and greater pricing pressures," said ArvinMeritor chairman and chief executive officer Larry Yost.