Supplier DURA Incurs $6.6 Million 3Q Loss
DURA Automotive Systems Inc., parent of RV industry suppliers Atwood Mobile Products and Creation Group, reported a wider net loss for the company’s third quarter, ended Oct. 2.
Revenues for the third quarter declined to $535.9 million from $616.4 million in the prior year. The net loss for the three-month period was $6.6 million compared to a net loss of $2.7 million a year ago.
For the nine-months, revenue totaled $1.8 billion compared to $1.9 billion a year ago while the Rochester Hills, Mich., company reported a net loss of $8.5 million versus net income of $9.8 million.
Dura said the sales decline was driven mostly by lower North American automotive production by domestic automakers, lower European auto volumes, lower recreational vehicle production and five fewer business days in the quarter.
“As industry conditions continue to soften, we have taken significant actions to improve our liquidity and further accelerate cost reductions,” said Larry Denton, president and CEO.