Meritor’s Second-Quarter Profit Improves
Components maker Meritor Inc. Tuesday reported an improved second-quarter profit, as its commercial truck unit sales rose from a year ago.
Net income rose to $17 million, or 18 cents a share, from $13 million, or 16 cents, a year ago. Sales for the fiscal quarter ended March 31 rose 37% to $1.2 billion.
Adjusted earnings before interest, taxes, depreciation and amortization were $81 million, a 33% increase from a year ago, the company said.
Commercial truck sales were $693 million, up $235 million from the same period last year. Adjusted EDITDA was $40 million, up from $15 million a year ago.
“Continued improvement of commercial truck sales in all regions drove a 33% increase in adjusted EBITDA year-over-year,” Chairman and CEO and Chip McClure said in a statement.
Its aftermarket and trailer segment posted sales of $272 million, up $34 million from the same period last year. Adjusted EBITDA rose 65% to $28 million, “driven primarily by the favorable impact of higher sales for the company’s core aftermarket replacement and trailer product,” the company said.
Meritor announced at the Mid-America Trucking Show in late March that it had changed its name from ArvinMeritor Inc.
