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
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
ArvinMeritor will release its fourth-quarter and fiscal year 2008 results
on Nov. 18, 2008, at 9 a.m. Eastern Time.
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/ .
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
SOURCE ArvinMeritor, Inc.
CONTACT: Media Inquiries: Krista McClure, +1-248-435-7115,
firstname.lastname@example.org, or Investor Inquiries: Terry Huch,
+1-248-435-9426, email@example.com, both of ArvinMeritor, Inc.
Web site: http://www.arvinmeritor.com