Driver control systems specialist Dura Automotive has posted a wider net loss for the third quarter, as revenue fell 13% due to overall lower automotive production levels.
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The Associated Press (AP) said the company’s loss totaled US$6.5m, or 35 cents per share, compared with a loss of $2.7m, or 15 cents per share, during the same period a year ago.
Dura’s adjusted loss, excluding facility consolidation charges and minority interest, was $5.2m, or 28 cents per share, compared with last year’s adjusted net income of $900,000, or 5 cents per share, the report added.
Revenue was $535.9m, down from last year’s $616.4m. Dura reportedly attributed the decline to lower North American automotive production, decreased European volumes, reduced recreational-vehicle production and five fewer business days.
For the year, Dura said it expects revenue to range from $2.3 billion to $2.4 billion, compared with last year’s $2.5 billion. The company also expects its net debt to increase by $20m to $40m for the year, the Associated Press said.
