Meritor Swings to Fiscal 3Q Profit

Components maker Meritor Inc. Tuesday reported a third-quarter profit compared with a loss a year ago, as its commercial truck unit sales rose.

The company posted net income of $17 million, or 18 cents a share, after a loss of $3 million, or 3 cents, a year ago. Sales for the fiscal quarter ended June 30 rose 33% to $1.29 billion.

Adjusted earnings before interest, taxes, depreciation and amortization were $102 million, a 55% increase from a year ago, “driven primarily by commercial truck demand globally and our attention to managing costs through this high volume cycle,” CEO Chip McClure said in a statement.

Commercial truck sales were $770 million, up from $522 million in the same period last year. Adjusted EDITDA was $49 million, up from $25 million a year ago.

Its aftermarket and trailer segment posted sales of $293 million, up from $257 million in the same period last year. Adjusted EBITDA rose to $35 million from $20 million.