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Tuesday, November 10, 2009
ArvinMeritor Reports Narrowed 4Q Loss
FOXBusiness
ArvinMeritor (ARM), the commercial vehicle equipment manufacturer, reported a loss of $12 million, or 17 cents per share, down substantially from last year’s loss of $153 million, or $2.12 per share.
Cost cuts and efforts to streamline operations at the company offset low auto-production volume. The company managed to save $195 million in the last year from its core operations, even as its commercial vehicle systems division dropped 53%.
Excluding one-time charges, the Troy, Michigan-based company had losses from continuing operations totaling 28 cents per share, down from last year’s 35 cents per share. Analysts were looking for a loss of 31 cents a share.
Revenue dropped to $984 million, a decline of 36%, as the company sold its stake in a suspension-systems joint venture, along with a wheel manufacturing division in September.
Shares of ArvinMeritor added 6.8% to $9.28.
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