Meritor Reports Fiscal First-Quarter Profit
Meritor Inc. reported a profit for its fiscal first quarter on increased production in Europe and South America despite lower defense revenue, the truck component maker said Jan. 29.
The company reported a net income of $11 million, or 11 cents a share, compared with a loss of $16 million, or 17 cents, a year ago. Sales for the quarter ended Dec. 31 rose 2% to $907 million.
Meritor said its commercial truck and industrial unit’s earnings before interest, taxes, depreciation and amortization rose 56% to $53 million. Sales increased $12 million to $727 million.
The company reaffirmed its full fiscal-year guidance, projecting its revenue from continuing operations to be unchanged at about $3.7 billion.
Adjusted earnings per share for the year will be 30 to 40 cents, Meritor said.
“We’re confident that our business initiatives and cost management actions will enable us to improve margins for the year despite our expectations for flat year-over-year revenue,” Meritor Chairman and CEO Ike Evans said in a statement.
© 2014, Transport Topics Publishing Group. All rights reserved.