Dura Automotive Systems has warned it now expects a first-quarter loss because of larger-than-expected decline in North America light truck production, slower launches of European programmes and delays in negotiating steel costs.
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According to Reuters, Dura said it expects a loss in adjusted income from continuing operations of 10 cents to 35 cents per share, down from a previous forecast for income of 5 cents to 15 cents a share.
The company also cut its forecasts for earnings before interest, tax depreciation and amortisation for both the first quarter and full year, Reuters said, and it is eliminating the management bonus plan for 2005, freezing salaried wages the rest of the year and eliminating a performance-based discretionary contribution to retirement plans.
