Automotive interior supplier
said Thursday it will post a third-quarter after-tax charge of $130 million to $140 million, or 66 cents to 71 cents a share, due to restructuring activities.
The plan is designed to cut costs mainly in its auto interiors and improve efficiencies businesses over the next 12 months and involves workforce reductions and plant consolidations.
The company also said it expects to record non-recurring tax benefits of about $135 million, or about 68 cents a share, in its third quarter ending June 30, resulting primarily from the reversal of a German deferred tax asset valuation allowance, due to the sustained profitability and expectations for future profitability of the company's operations in that country.
Analysts surveyed by Thomson First Call were expecting earnings of $1.68 a share for the third quarter.
The company will report earnings on July 19.
Shares were recently trading up 22 cents, or 0.3%, at $81.70.
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