Meritor’s 3Q Operating Income Improves

Meritor Inc.’s fiscal third-quarter operating profit improved, the truck and auto components maker said Wednesday.

Net income from continuing operations improved to $50 million, or 51 cents per share, from $27 million, or 28 cents.

Sales for the quarter ended June 30 fell 13% to $1.11 billion, while truck unit revenue declined 10% to $690 million.

Higher truck-unit sales volumes in North America were more than offset by decreases in Brazil and Europe, said Meritor, formerly known as ArvinMeritor Inc.

Meritor’s full-year adjusted earnings will be 90 cents to $1.15 per share, on revenue of $4.4 billion to $4.5 billion, the company said. That’s down from a previous forecast of $1.08 to $1.39 per share, on revenue of $4.8 billion.

“We expect continuing global weakness in our major end markets to impact full-year revenue expectations,” CEO Chip McClure said in a statement.