Meritor’s 4Q Profit Jumps on Stronger Truck Market
Components maker Meritor Inc. said Tuesday its fiscal fourth-quarter profit jumped from a year ago on a stronger global truck market.
Net income rose to $31 million, or 32 cents per share, from $2 million, or 2 cents. Sales for the period ended Sept. 30 jumped 29% to $1.2 billion.
“Commercial truck demand globally remained strong,” Chairman and CEO Chip McClure said in a statement.
Adjusted income from continuing operations jumped to $43 million, from $14 million a year ago.
Its commercial truck segment’s sales rose to $768 million, up from $547 million a year ago. Adjusted earnings before interest, taxes, depreciation and amortization almost doubled to $49 million, from $25 million.
Its aftermarket and trailer segment posted sales of $274 million, up from $237 million. Adjusted EBITDA for the segment rose $10 million to $32 million.
For the full fiscal year, Meritor earned $63 million, or 65 cents per share, up from $12 million, or 14 cents, a year earlier. Sales rose 31% to $4.6 billion.
For fiscal year 2012, Meritor — formerly known as ArvinMeritor Inc. — projected adjusted income from continuing operations of $105 million to $135 million, on revenue of about $4.8 billion.
