, a supplier of powertrain systems, said its earnings for the first quarter fell 21%.
The Auburn Hills, Mich.-based company earned $61.3 million, or $1.10 a share, in the quarter, compared with $77.6 million, or $1.36 a share, a year ago. Adjusted for the expense on implementation of the accounting standard on employee stock options of $2.3 million, earnings were $63.6 million. Analysts surveyed by Thomson First Call were expecting earnings of $59.8 million, or $1.1 a share.
First-quarter revenues rose 6.6% from a year ago to $1.15 billion, matching the analysts' expectation.
The gross profit margin fell 12 basis points from a year ago to 19.6% though its gross profits increased 12.7% to $226.4 million. Operating margin rose 45 basis points from corresponding last quarter to 8.2%. The operating profit also rose 12.8% to $94.3 million.
The company achieved a record 21% rise in its overseas sales. The company expects its earnings for the year to be $4.20 a share to $4.60 a share, in line with the analysts' expectation of $4.50 a share.
This story was created through a joint venture between TheStreet.com and IRIS.