Collins & Aikman 3Q Loss Widens, Lowers ‘04 Outloo
Troy, MI, November 9--Automotive interiors supplier Collins & Aikman Corp. said its quarterly net loss widened as it took restructuring and impairment charges.
The company also forecast a larger loss and lower sales for the year than its previous outlook, mostly due to the production cuts by the U.S. automakers in North America.
The third-quarter net loss widened to $55.6 million, or 67 cents a share, from a net loss of $32.1 million, or 38 cents a share, a year earlier.
The results included after-tax charges for restructuring and long-lived asset impairments and loss on early extinguishment of debt of $25.1 million, or 30 cents a share. The year-earlier loss included one-time items totaling 19 cents.
Sales in the quarter fell to $864.8 million from $902.2 million last year at Collins & Aikman, which supplies auto interiors such as instrument panels and cockpits, carpets and fabrics.
The company said increased commodity costs and North American light vehicle production cuts have pressured results, as have numerous other U.S. auto parts suppliers.
