Business Services Industry
Specter of production cuts starts to worry auto suppliers; Dura chief's earnings warning may be precursor to more.(News)(Dura Automotive Systems Inc., CEO Larry Denton)
Crain's Detroit Business, March, 2003 by Kosdrosky, Terry
Byline: Terry Kosdrosky Shortly after taking charge of Dura Automotive Systems Inc. in February, CEO Larry Denton disappointed Wall Street investors by lowering the auto supplier's earnings projections for 2003. What Denton saw on the horizon were growing stockpiles of vehicles on dealer lots and an inevitable reduction in auto production, the financial lifeblood of original-equipment parts-makers such as Dura.
It turns out that Dura (Nasdaq: DRRA) may have had it right, and more suppliers may have to lower their estimates and production schedules. Deutsche Bank auto analyst Rod Lache recently downgraded Delphi Corp. (NYSE: DPH) and Visteon Corp. (NYSE: VC) to ``sell'' from ``hold'' and said that a prolonged slowdown is possible. Rochester Hills-based...
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