Parts maker Dura Automotive Systems reportedly has posted a quarterly net profit compared with a year-earlier loss, but operating results fell because of vehicle production cuts and higher materials costs.
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According to Reuters, Dura called the fourth-quarter challenging given automotive production cuts in the United States and Europe, and said 2005 will be challenging for the company as well – the operating results and sales fell short of company forecasts.
Dura, which makes driver control systems, reported a fourth-quarter net profit of $US1.9 million, or 10 cents a share, compared with a net loss of $US2.9 million, or 15 cents a share, a year earlier, the report said.
Excluding one-time charges for facility consolidation, Dura earned 26 cents a share, down from 52 cents a share a year earlier, compared with the 35 cents three analysts polled by Reuters Estimates were expecting.
Revenue at Dura fell 7% to $582.8 million in the quarter from a year earlier, the report said.
Dura told Reuters it expects first-quarter earnings per share, excluding facility consolidation charges, of 5 cents to 15 cents with revenue of $600 million to $650 million. For 2005, it expects earnings per share of $1.35 to $1.50 on the same basis with revenue of $2.4 billion to $2.5 billion.
