ArvinMeritor Provides Earnings Expectations for First Quarter - aftermarketNews

ArvinMeritor Provides Earnings Expectations for First Quarter

Company withdraws full year guidance for fiscal year 2009.

TROY, Mich. — ArvinMeritor has issued guidance for the first quarter of fiscal year 2009, and has withdrawn previously released earnings expectations issued on Nov. 18, 2008 for the full year ending Sept. 27, 2009. The company said it is withdrawing full-year guidance due to continuing distress in the global markets and the uncertainty associated with projecting production volumes in the second half of the fiscal year.

For the first quarter of fiscal year 2009, ArvinMeritor expects to generate $50 million to $58 million of EBITDA (defined as income or loss from continuing operations before interest, income taxes, depreciation and amortization and loss on sale of receivables) on slightly more than $1 billion in sales, before special items. The company anticipates free cash outflow in the first quarter of 2009 to be less than its free cash outflow in the same period last year.

ArvinMeritor’s financial guidance for the first quarter of 2009 is for continuing operations — which includes its commercial vehicle systems and wheels businesses. The company said it expects the remaining light vehicle systems (LVS) businesses to be separated during 2009. The LVS outlook continues to be weak and may negatively affect the company’s overall financial condition and GAAP results of operations until the point of sale.

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