ArvinMeritor Swings To 4Q Profit On Gain; Revenue Up 37%

Date : 11/16/2010 @ 9:04AM
Source : Dow Jones News
Stock : Arvinmeritor, Inc. (ARM)
Quote : 19.53  0.0 (0.00%) @ 2:05AM

ArvinMeritor Swings To 4Q Profit On Gain; Revenue Up 37%

Arvinmeritor (NYSE:ARM)
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ArvinMeritor Inc. (ARM) swung to a fiscal fourth-quarter profit on a pension gain as the auto-parts maker's sales jumped and margins improved, and as it was helped by a $7 million gain from pension curtailment.

The producer of parts for commercial vehicles has seen positive volume trends of late in Europe and North America as the automotive market has improved. Results suffered last year when vehicle production was slashed because of slack demand.

For the quarter ended Sept. 30, ArvinMeritor reported a profit of $2 million, or 2 cents a share, compared with a year-earlier loss of $14 million, or 20 cents a share. There were 33% more shares outstanding in the most recent quarter. The most recent quarter included an nearly $7 million gain related to the curtailment of the company's U.K. pension plan.

Revenue jumped 37% to $956 million.

Analysts polled by Thomson Reuters forecast a loss of 2 cents a share on revenue of $943 million.

Gross margin rose to 12.1% from 10%.

Sales at its ArvinMeritor's commercial-truck business, its biggest, rose 68%, while aftermarket and trailer sales climbed 15%.

Shares closed at $17.41 Monday and were inactive premarket. The stock has risen 56% this year.

-By Nathan Becker, Dow Jones Newswires; 212-416-2855;


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