Business Services Industry
Taking Stock: Suppliers see down 2nd quarter, but Wall St. likes what it sees.(automobile equipment suppliers)(Brief Article)
Crain's Detroit Business, July, 2001 by Strong, Michael
Several metro Detroit-based auto suppliers have issued earnings warnings for the second quarter showing they are still struggling with a slower economy. But Wall Street interest in the sector is rekindling. Most second-quarter earnings reports are expected to be released in the next few weeks.
Southfield-based Lear Corp. (NYSE: LEA) said its earnings would be down 13 cents a share in the quarter compared with the previous quarter because of tough conditions, while Delphi Automotive Systems Corp. (NYSE: DPH) and ArvinMeritor Inc. (NYSE: ARM) said they would be at the bottom end of their earnings estimates. Both companies are based in Troy. ArvinMeritor CFO Tom Madden said the company is going to struggle to meet expectations. He said the company is being...
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