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July 31, 2019 4:00 PM, EDT

Meritor’s Net Income Up 34.4% in 3Q

Meritor booth at industry show Meritor booth at industry show by John Sommers II for Transport Topics

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Meritor Inc. reported net income rose 34.4% to $86 million, or $1 per diluted share, for its third quarter ended June 30.

That compares with $64 million, or 71 cents per diluted share, the Troy, Mich.-based supplier reported July 31.

Revenue was $1.17 billion, up $37 million, or about 3%, from the same period last year, when revenue stood at $1.13 billion.

Meritor officials said the increase in sales was driven by higher truck production, primarily in North America, partially offset by the strengthening of the U.S. dollar against most currencies.

Meritor is a global supplier of drivetrain, mobility, braking and aftermarket solutions for commercial vehicle and industrial markets. Meritor has approximately 9,300 employees in 19 countries.