Meritor Sales, Profits Up In Second Quarter
April 20, 2000
Meritor Automotive reported net income of $57 million for its fiscal 2000 second quarter, an increase of 14% over second quarter 1999.
Sales were $1.2 billion, up 3% from the previous year.
Heavy Vehicle Systems sales were $776 million, a 3% increase over the same period last year. Sales to original equipment manufacturers were $652 million versus $637 million a year earlier. Aftermarket sales totaled $124 million versus $115 million in 1999. The company said strong demand in the North American and European heavy-duty truck markets and higher aftermarket sales was partially offset by declines in the North American off-highway and specialty vehicle sectors.
For its first fiscal six months, Meritor's sales were $2.3 billion, up 11% from last year. Net income was $103 million, up 23% from last year. Heavy Vehicle Systems sales were $1.5 billion, 15% over the previous year. That included $1.3 billion in OE sales versus $1.1 billion a year ago, and $227 million in aftermarket sales versus $180 million last year.
Chairman and CEO Larry Yost said they anticipate a 15% decline in the North American heavy truck and trailer markets in the second half of the fiscal year.