Meritor Inc. reported a loss for its fiscal first quarter, citing weaker conditions outside of North America.
Meritor also announced it appointed Jay Craig president of the commercial truck unit. Craig has been Meritor’s chief financial officer. Replacing him as CFO will be Kevin Nowlan, the company’s controller.
The trucking component maker said Wednesday it lost $21 million, or 22 cents per share, compared with a net loss of $22 million, or 23 cents, a year earlier.
Revenue for the quarter ended Dec. 31 fell 23% to $891 million, “primarily due to lower sales in all global markets,” Meritor said in a statement.
Adjusted earnings before interest, taxes, depreciation and amortization were $46 million, down from $79 million a year earlier.
EBITDA at its commercial truck and industrial unit fell to $34 million from $61 million, while sales declined to $715 million from $975 million.
EBITDA at its aftermarket and trailer segment fell to $13 million from $17 million, with sales down to $203 million from $218 million.