Sales increased $143 million, or 9%, as compared to the prior year's first quarter, and net income improved $63 million, as compared to last year's net loss of $31 million.
Chairman & CEO Larry Yost said ArvinMeritor's sales and earnings benefited from the carryover effect of the emissions standards change on Class 8 trucks built in North America. Commercial Vehicle Systems sales were $572 million, up $89 million, or 18%, from last year's first quarter, due to higher Class 8 truck production.
"We are pleased with the improvement in our first-quarter results," Yost said. "New business awards in our Light Vehicle Systems group and the stronger Euro also had a favorable impact on our sales and earnings."
Results for the first quarter of fiscal year 2002 included restructuring costs of $15 million and the cumulative effect of a goodwill accounting charge of $42 million. Excluding those charges, the company's net income increased by $11 million, or 52%.
