Dura Automotive Systems Inc. reported a 44% decline in net earnings and sales that were down 3% during the first quarter.
The parent of RV industry supplier firm Atwood Mobile Products earned $9.2 million on sales of $661.9 million during the three months ended March 31.
Sales revenue was down due to “continued weakness in the North American automotive and RV industries,” according to the company.
Dura took a $2.6 million pre-tax restructuring charge during the first quarter to reduce its “cost base and address capacity issues given the reduced demand in the North American automotive and RV markets.”
“We are pleased with our first quarter results,” said Karl Storrie, president and CEO. “However, we will continue to closely monitor the market conditions.”