US auto parts supplier ArvinMeritor (Meritor, MTOR) today announced that it has lowered its second-quarter earnings forecast because of rising steel prices, other raw material costs are also higher than expected.

Meritor has raised its second-quarter operating income forecast to $1.18 billion to $1.21 billion, and the company's first fiscal quarter performance report released on February 1, 2011 is expected to be $1.125 billion. To 1.175 billion U.S. dollars. However, the company’s EBITDA forecast has been lowered from US$85 million to US$95 million to between US$77 million and US$83 million. The expected profit of continuing operations has been adjusted from $5 million to $15 million to between $2 million and $10 million. The cash flow expectation is adjusted from the previous “level near the break-even point” to “slight decline”.

The company stated that there was no change in the financial plan for the entire financial period in fiscal year 2011. The company expects capital expenditures for the fiscal year 2011 to be between $7.5 million and $9 million, and interest expenses between $100 million and $110 million.

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