Collins & Aikman, a maker of instrument panels, plastic trim, fabrics, carpeting and convertible tops, on Thursday reported a wider quarterly loss, saying certain underperforming operations hurt results, Reuters reported.
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“We have a dozen plants that are generating operating losses from operations and are dragging down our overall financial performance,” Jerry Mosingo, the company’s CEO, said in a statement cited by Reuters. Those facilities account for about 11% of the company’s worldwide sales.
Collins & Aikman also said significant development spending increases contributed to its profit decline as it reported a first-quarter net loss from continuing operations of $28.7 million, or 34 cents a share, compared with a loss of $18.4 million, or 27 cents a share, a year ago, Reuters said. Sales rose to $1.04 billion from $914.8 million.
The news agency said the company predicted it would post a loss of 60 cents to 70 cents a share for 2003 as it forecast full-year net sales of $3.9 billion to $4.0 billion, with operating income in the $135 million to $145 million range.
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