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Meritor Reports 3rd Quarter Fiscal Year Sales Down

August 1, 2013

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For the third quarter of fiscal year 2013, Meritor posted sales of $993 million, down 11% from the same period last year. This decrease was primarily due to lower sales in North America, the company's military business and China.

Loss from continuing operations, on a GAAP basis, was $37 million or $0.38 per diluted share, compared to net income from continuing operations of $50 million or $0.51 per diluted share in the prior year.

Loss from continuing operations in the third quarter of fiscal year 2013 includes a $27 million loss on the settlement of certain pension plans in Canada, $19 million loss on debt extinguishment, $12 million of restructuring charges and a $12 million charge for a specific warranty contingency.

Adjusted income from continuing operations in the third quarter of fiscal year 2013 was $33 million, or $0.34 per diluted share, compared to adjusted income from continuing operations of $37 million, or $0.38 per diluted share, a year ago.

Free cash flow for the third quarter of fiscal year 2013 was $28 million compared to free cash flow of $46 million in the same period last year.

Third-Quarter Segment Results

Commercial Truck & Industrial sales were $784 million, down $118 million from the same period last year, primarily driven by lower sales in all regions, except South America.

The company's Aftermarket & Trailer segment posted sales of $238 million, down $7 million from the same period last year, primarily due to lower volumes in North America. S

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