UPDATE 1-ArvinMeritor earnings fall, steel costs weigh


(Adds sales figures, continuing operations income)

CHICAGO, Jan 31 (Reuters) - Auto and truck parts maker ArvinMeritor Inc. on Monday said quarterly earnings fell, hurt by the rising cost of steel and other raw materials.

Net income fell to $18 million, or 26 cents a share, for the fiscal first quarter ended Dec. 31, from $19 million, or 28 cents a share, a year earlier. Results include operations that have been or are expected to be discontinued as ArvinMeritor focuses on its core business.

Income from continuing operations was $12 million, or 17 cents a share, at the mid-point of the company's forecast provided in November. Analysts' average forecast was 21 cents, according to Reuters Estimates.

Sales rose to $2.09 billion from $1.92 billion a year earlier, said ArvinMeritor, which makes heavy duty truck axles and brake systems and other car and truck parts.

The booming heavy truck market has helped support ArvinMeritor, which has struggled with rising steel costs along with other large auto parts suppliers.



Follow Us

Sponsored Introduction Continue on to (or wait seconds) ×