Meritor Profits Climb in Fiscal-Year 2Q
Meritor Inc. reported fiscal-year, second-quarter gains in net income and revenue.
Net income for the period ended March 31 climbed 26% to $74 million, or 84 cents per diluted share, compared with $60 million, or 63 cents, in the same period last year.
Revenue rose 8% to $1.15 billion compared with $1.06 billion. It was driven by higher truck production, primarily in North America, partially offset by the strengthening of the U.S. dollar against most currencies, according to the Troy, Mich.-based company.
On March 13, the company realigned its operations resulting in a change to its reportable segments. As of the second quarter of fiscal 2019, the two new reportable segments are commercial truck, plus aftermarket, industrial and trailer.
Commercial truck sales for the quarter were $876 million, up $61 million, or 7%, compared with the same period last year.
The aftermarket, industrial and trailer segment posted sales of $329 million, up $33 million, or 11%, from a year earlier.
Meritor increased its full-year guidance for net income and revenue.
