TROY–The transportation supplier Meritor Inc. (NYSE: MTOR) posted net income of $62 million or 87 cents a share in the quarter ended Sept. 30, up from $1 million or 1 cent a share in the same quarter a year earlier. Revenue was $945 million, up from $758 million a year earlier.
For the fiscal year, net income was $199 million or $2.73 a share, down from $245 million or $3.24 a share in the prior fiscal year. Revenue was $3.83 billion, up from $3.04 billion a year earlier.
Company officials said the quarterly sales increase was driven by higher truck production in all of its markets. Those sales increases were the primary drivers behind higher net income, along with lower tax expense. For the full year, the decrease in net income was attributed to expenses associated with the termination of the company’s distribution agreement with Wabco Holding Inc., and higher freight, steel, and electrification costs.
The company also released a figure for “adjusted income from continuing operations” of $57 million or 80 cents a share, vs. $8 million or 11 cents a share in the year-earlier quarter.
The company said commercial truck sales were $740 million, up 32 percent from the year-earlier quarter. Aftermarket and industrial sales were $250 million, up 11 percent from the year-earlier quarter.
Company officials projected fiscal 2022 revenue of $4.1 billion to $4.2 billion, and net income attributable to Meritor of $220 million to $255 million.
“While 2021 was a challenging industry environment, we performed well,” said Chris Villavarayan, Meritor CEO and president. “Now in the last year of our M2022 plan, we remain focused on earnings and growth, particularly as we expand our customer base in the growing commercial vehicle electrification market.”
To listen to a conference call replay discussing these results, call (855) 859-2056 in the United States or (404) 537-3406 elsewhere, using pass code 2362339, or visit the investors page of www.meritor.com.