
TROY—Meritor Inc. (NYSE: MTOR) reported net income of $42 million or 58 cents a share in its third fiscal quarter, which ended June 30. That’s up from a loss of $36 million or 50 cents a share in the same quarter a year earlier. Revenue was $1.02 billion, up 98 percent from $502 million a year earlier.
The company said the jump in sales was “driven by higher global truck production in all markets.”
For the nine months, net income was $137 million or $1.87 cents a share, down from $244 million or $3.20 a share in the first nine months of the prior fiscal year. Last year’s net income was aided by a one-time payment of $265 million for the termination of a distribution agreement. Revenue was $2.89 billion, up from $2.29 billion in the first nine months of the prior fiscal year.
Commercial truck sales for the third quarter were $800 million, up $464 million, or 138 percent, compared to the same period last year. Adjusted earnings for the segment was $69 million, compared to a loss of $23 million a year earlier.
Aftermarket and industrial sales for the third quarter were $258 million, up $55 million, or 27 percent, from the same period a year ago. Adjusted earnings for the segment was $36 million, up from $31 million a year earlier.
In the third quarter of fiscal year 2021, the company repurchased approximately 1 million shares of common stock for $25 million. In July 2021, the board of directors authorized the repurchase of an additional $250 million of the company’s common stock subject to compliance with legal and regulatory requirements and the company’s debt covenants.
The company boosted its fiscal year sales forecast to $3.9 billion from $3.65 billion, and its net income forecast to $175 million from $145 million to $155 million. Earnings per share were forecasted at $2.40, up from a prior estimate of $2 to $2.15.
Chris Villavarayan, president and CEO, said in a news release: “As market adoption grows for electric commercial vehicles, we remain focused on expanding growth opportunities as demonstrated by the new relationships we announced with Hyliion, Hino and SEA Electric.”
To listen to a replay of a conference call discussing these results, call (855) 859-2056 from the United States or (404) 537-3406 elsewhere, using conference ID 8153569, or visit the investors page of www.meritor.com.
Meritor manufactures fossil-fuel and electric drivetrain, braking, and aftermarket components for the commercial truck, trailer, off-highway, defense, and specialty vehicle markets. The company has more than 8,600 employees in 19 countries.