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Meritor Reports Sales Down 22%

April 30, 2013

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Meritor Inc. reported financial results for its second fiscal quarter ended March 31, 2013, which included that its sales were $908 million, down $252 million or 22 percent, from the same period last year.

This decrease was primarily due to lower sales in all global markets that the company serves, excluding South America.

Loss from continuing operations, on a GAAP basis, was $4 million or $0.04 per diluted share, compared to a net income from continuing operations of $29 million or $0.30 per diluted share in the prior year. Loss from continuing operations includes $11 million of restructuring charges in the second quarter of fiscal year 2013.

Adjusted income from continuing operations in the second quarter of fiscal year 2013 was $6 million, or $0.06 per diluted share, compared to adjusted income from continuing operations of $32 million, or $0.33 per diluted share, a year ago.

Second-Quarter Segment Results

Commercial Truck & Industrial sales were $712 million, down $240 million from the same period last year.

The company's Aftermarket & Trailer segment posted sales of $224 million, down $19 million from the same period last year, primarily due to lower volumes in North America.

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