Heavy-duty component maker ArvinMeritor said fiscal fourth-quarter earnings may be less than previously forecast by as much as 40 cents a share because of a sluggish economy and charges related to suppliers, Bloomberg reported.
鈥淚n North America, we are encountering a weaker than anticipated economic environment in our commercial vehicle systems business group resulting from decreased freight volumes, largely due to the decline in housing construction,鈥 said Jim Donlon, the company鈥檚 chief financial officer.
鈥淥ur customers expect the housing recession to delay the recovery cycle for North America commercial vehicle production into 2008,鈥 he said in a statement.
In fiscal 2008, the company will likely earn $1.40 to $1.60 a share from continuing operations before special items, Donlon said.
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