TROY, Mich., Sept. 23 /PRNewswire-FirstCall/ -- ArvinMeritor, Inc.
(NYSE: ARM) announced today that it is raising its forecast for diluted
earnings per share from continuing operations, before special items, to be
in the range of $1.55 to $1.65, up from the top end of the previous range
of $1.40 to $1.60, forecasted in the company's third-quarter earnings
report.
Chip McClure, chairman, CEO and president, said, "Although we continue
to operate in an uncertain economic environment, the ArvinMeritor team has
executed well this year. We are pleased that we are able to improve our
outlook for fiscal year 2008 despite weaker market conditions in North
America and Europe."
ArvinMeritor also expects improved cash flow performance compared to
its previous guidance. In the third quarter, the company forecasted free
cash flow for fiscal year 2008 to be in the range of negative $50 million
to negative $100 million.
ArvinMeritor will release its fourth-quarter and fiscal year 2008
results on Nov. 18, 2008, at 9 a.m. Eastern Time.
About ArvinMeritor
ArvinMeritor, Inc. is a premier global supplier of a broad range of
integrated systems, modules and components to the motor vehicle industry.
The company serves commercial truck, trailer and specialty original
equipment manufacturers and certain aftermarkets, and light vehicle
manufacturers. Headquartered in Troy, Mich., ArvinMeritor employs
approximately 18,000 people in 24 countries. ArvinMeritor common stock is
traded on the New York Stock Exchange under the ticker symbol ARM. For more
information, visit the company's Web site at: http://www.arvinmeritor.com/
.
Forward-Looking Statements
This press release contains statements relating to future results of
the company (including certain projections and business trends) that are
"forward-looking statements" as defined in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are typically
identified by words or phrases such as "believe," "expect," "anticipate,"
"estimate," "should," "are likely to be," "will" and similar expressions.
There are risks and uncertainties relating to the announced spin-off of
ArvinMeritor's LVS business, including the timing and certainty of
completion of the transition. In addition, actual results may differ
materially from those projected as a result of certain risks and
uncertainties, including but not limited to global economic and market
cycles and conditions; the demand for commercial, specialty and light
vehicles for which the company supplies products; risks inherent in
operating abroad (including foreign currency exchange rates and potential
disruption of production and supply due to terrorist attacks or acts of
aggression); availability and sharply rising cost of raw materials,
including steel and oil; OEM program delays; demand for and market
acceptance of new and existing products; successful development of new
products; reliance on major OEM customers; labor relations of the company,
its suppliers and customers, including potential disruptions in supply of
parts to our facilities or demand for our products due to work stoppages;
the financial condition of the company's suppliers and customers, including
potential bankruptcies; possible adverse effects of any future suspension
of normal trade credit terms by our suppliers; potential difficulties
competing with companies that have avoided their existing contracts in
bankruptcy and reorganization proceedings; successful integration of
acquired or merged businesses; the ability to achieve the expected annual
savings and synergies from past and future business combinations and the
ability to achieve the expected benefits of restructuring actions; success
and timing of potential divestitures; potential impairment of long-lived
assets, including goodwill; potential adjustment of the value of deferred
tax assets; competitive product and pricing pressures; the amount of the
company's debt; the ability of the company to continue to comply with
covenants in its financing agreements; the ability of the company to access
capital markets; credit ratings of the company's debt; the outcome of
existing and any future legal proceedings, including any litigation with
respect to environmental or asbestos-related matters; the outcome of actual
and potential product liability and warranty and recall claims; rising
costs of pension and other post-retirement benefits and possible changes in
pension and other accounting rules; as well as other risks and
uncertainties, including but not limited to those detailed from time to
time in filings of the company with the SEC. These forward-looking
statements are made only as of the date hereof, and the company undertakes
no obligation to update or revise the forward-looking statements, whether
as a result of new information, future events or otherwise, except as
otherwise required by law.
All earnings per share amounts are on a diluted basis. The company's
fiscal year ends on the Sunday nearest Sept. 30, and its fiscal quarters
end on the Sundays nearest Dec. 31, March 31 and June 30. All year and
quarter references relate to the company's fiscal year and fiscal quarters,
unless otherwise stated.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010524/ARVINLOGO )
SOURCE ArvinMeritor, Inc.
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Related links:
http://www.arvinmeritor.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20010524/ARVINLOGO
PRN Photo Desk, photodesk@prnewswire.com
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CONTACT:
Media Inquiries: Krista McClure,
+1-248-435-7115, krista.mcclure@arvinmeritor.com, or Investor
Inquiries: Terry Huch, +1-248-435-9426,
terry.huch@arvinmeritor.com, both of ArvinMeritor, Inc.
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