Class 8 market gives ArvinMeritor a big boost
TROY, Mich. (Jan. 29, 2004) — ArvinMeritor attributed a recent $14 million jump in net income primarily as a result of strong growth in North American Class 8 truck volumes.
The company reported sales of $2.2 billion and net income of $19 million for its first fiscal quarter ended Dec. 31, 2003, compared to a net income of $32 million the same quarter last year. Sales increased $471 million, or 28 per cent, as compared to the prior year’s first quarter.
“We are pleased to see the strengthening of our commercial vehicle markets, and look forward to benefiting from the continued recovery of the North American Class 8 truck market as the year progresses,” ArvinMeritor Chairman and CEO Larry Yost said. “Although our light vehicle and aftermarket businesses fell short of our financial targets, we expect to see improvements throughout the year, as we realize our efforts to reduce costs and improve operating performance.”
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