ArvinMeritor Reports Second-Quarter 2007 Results
ArvinMeritor has reported financial results for its second quarter ended March 31. Sales from continuing operations of $1.6 billion were approximately equal to the same period last year. Results for continuing operations exclude the company’s Emissions Technologies (ET) business group now held in discontinued operations. Net loss from continuing operations on a GAAP basis was $13 million, or 19 cents per diluted share, compared to income of $32 million, or 46 cents per diluted share in the second quarter of fiscal year 2006. Income from continuing operations, before special items, was $12 million, or 17 cents per diluted share, compared to $24 million, or 34 cents per diluted share in the same period last year.
3M Reports Record First Quarter Sales and Earnings
ST. PAUL, MN — 3M reported record first-quarter 2007 earnings of $1.4 billion or $1.85 per share, up 52.2 percent and 58.1 percent, respectively, from the first quarter of 2006. First quarter 2007 net income includes a net gain of $422 million, or 57 cents per share, from the sale of the company’s branded pharmaceuticals
Hayes Lemmerz Reports 2006 Fiscal Year End Results
Hayes Lemmerz International has reported financial results for its fiscal year ended Jan. 31. The results were in line with preliminary results announced on March 16, and with guidance the company provided to investors in December 2006. For the fiscal year, the automotive and commercial highway wheels and components maker reported sales of $2.06 billion, up 5.1 percent from sales of $1.96 billion in the prior fiscal year. Earnings from operations were $4.8 million for fiscal 2006, compared with a year earlier loss from operations of $215.2 million, which included $185.5 million of goodwill impairment charges.
DURA May Close Four Facilities and Sell Two Businesses as Part of Restructuring Plan
a continuation of the company’s strategic restructuring initiative called “50-cubed,” DURA Automotive Systems is proposing to close four of its manufacturing facilities located in Brownstown, IN; Bracebridge, Ontario; Hannibal South, MO; and Selinsgrove, PA. The plants are slated for closure by year-end 2007. Approximately 416 employees at the four plants will be affected by the closures.
ArvinMeritor to Sell Emissions Technologies Group
ArvinMeritor has signed a definitive agreement to sell its Emissions Technologies business group to One Equity Partners (OEP), an equity investment firm based in New York. "The decision to sell our Emissions Technologies business is part of our long-term strategy to refocus our company and concentrate on the strengths and core competencies that will generate future earnings growth for ArvinMeritor," said Chairman, CEO and President Charles "Chip" McClure
ArvinMeritor Reports First-Quarter Fiscal Year 2007 Results
ArvinMeritor has reported financial results for its first fiscal quarter ended Dec. 31, 2006. For the first quarter of fiscal year 2007, ArvinMeritor posted sales from continuing operations of $2.3 billion, a 12-percent increase from the same period last year. The impact of foreign currency translation and strong sales in Commercial Vehicle Systems (CVS) in North America and Europe were partially offset by a decrease in domestic original equipment manufacturers (OEMs) light vehicle production and a strike at a customer’s facility in Brussels, Belgium, which temporarily shut down an ArvinMeritor door module facility.
Timken Revises Fourth-Quarter Earnings Estimate, Forecasts Stronger Year in 2007
CANTON, OH — Timken announced it is reducing its earnings estimate for the fourth quarter of 2006. The company said the reduction is primarily due to lower North American automotive demand, an increase in the company’s automotive warranty reserves, the effect of higher industrial manufacturing costs and the impact of the sale of Latrobe Steel.
Federal-Mogul Appoints Robert Katz, Vice President and General Counsel
Robert "Bobby" Katz has been named vice president and general counsel of Federal-Mogul Corp, effective Jan. 8, 2007. He has also been named an officer of the company. Katz will assume overall global responsibility for all legal affairs at Federal-Mogul Corp. Previously, Katz was general counsel and regional compliance officer for Delphi’s Europe, Middle East and Africa (EMEA) operations, headquartered in Paris, France. In his seven-year tenure with Delphi, Katz established and led the EMEA legal department, following Delphi’s spin-off from GM in 1999.
United Components Completes Sale of Its Flexible Lamps Unit
United Components, Inc. (UCI) has completed the sale of its Flexible Lamps business unit. The sale price for the transaction was approximately $39 million, subject to post-closing adjustments. The sale of Flexible Lamps, a U.K. manufacturer of lighting systems for commercial vehicles, follows UCI’s divestitures earlier this year of the company’s Neapco and Pioneer business units. These divestitures further UCI’s "Centers of Excellence" strategy, allowing the company now to devote full focus and attention to its core automotive aftermarket businesses: Airtex Products (fuel systems), ASC Industries (cooling systems), Champion Laboratories (filtration) and Wells Manufacturing (engine management).
ArvinMeritor Reports Fourth-Quarter, Full Year 2006 Results; Announces Restructuring Program
ArvinMeritor has reported financial results for its full fiscal year and fourth quarter ended Sept. 30. On a GAAP basis, the loss from continuing operations was $261 million or $3.76 per diluted share for the fourth quarter. These results were primarily due to a $310 million non-cash impairment charge for goodwill related to the company’s light vehicle Emissions Technologies (ET) business. Fourth-quarter income from continuing operations before special items was $28 million, or 40 cents per diluted share. Earnings per share from continuing operations, before special items, of $1.78 per diluted share, for fiscal year 2006, achieving the upper end of our guidance range of $1.65 to $1.75.