Meritor Goes from Quarterly Loss to Profit
January 29, 2014
Truck component maker Meritor recorded a profit for the final quarter of last year, compared to a loss the same time a year ago, according to a newly released earnings report.
Net income was $11 million or 11 cents per share, compared to a loss of $16 million or $0.17 per share in the prior year. During the same time frame it had sales of $907 million, up 2%.
“The [revenue] increase was primarily due to higher commercial truck production in Europe and South America, partially offset by lower defense revenue and continued weakness in India,” the company said in statement. “The increase in net income from continuing operations was primarily driven by the execution of global pricing initiatives throughout calendar year 2013, lower material and structural costs and slightly higher revenues.”
Commercial truck and industrial sales were $727 million, up $12 million, compared with the same period last year. “This increase was primarily driven by higher revenue in Europe and South America, partially offset by lower defense revenue and continued weakness in India,” said Meritor.
The aftermarket and trailer segment posted sales of $208 million, up $5 million from the same period last year.
Meritor also reaffirmed 2014 guidance for revenue to be approximately $3.7 billion.
There is more information on the Meritor website.