ArvinMeritor has reported a net loss, including new restructuring and other special items, of $US33 million, or $0.48 per share for its second fiscal quarter ended March 31, 2005, compared to net income of $41 million, or $0.59 per share last year.
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Sales of $2.3 billion were up 14% from the same period last year.
The loss from continuing operations, including new restructuring and other special items, was $35 million compared to income of $40 million last year.
Operating loss in the second quarter of fiscal year 2005 was $23 million, compared to operating income of $78 million from the prior year’s second quarter.
Contributing to the operating loss were $64 million of restructuring costs; a $9 million charge resulting from the MG Rover Group bankruptcy in Europe; and a $6 million environmental remediation charge associated with a former Rockwell facility.
Included in operating income in the second quarter of fiscal year 2004 was a gain of $20 million on the sale of the company’s ride control joint venture, an $8 million environmental remediation charge associated with a different Rockwell facility and $6 million of restructuring costs.
