Meritor, Inc. (NYSE: MTOR) today reported financial results for its second fiscal quarter that ended March 31, 2020.
Second-Quarter Highlights
- Sales of $871 million
- Net income attributable to Meritor was $241 million and net income from continuing operations attributable to Meritor was $240 million
- Diluted earnings per share from continuing operations of $3.19
- Adjusted income from continuing operations attributable to the company of $56 million, or $0.74 per adjusted diluted share
- Adjusted EBITDA of $107 million and adjusted EBITDA margin of 12.3 percent
- Received $265 million from the termination of its distribution arrangement with WABCO Holdings, Inc.
Second-Quarter Results
For the second quarter of fiscal year 2020, Meritor posted sales of $871 million, down $285 million, or approximately 25 percent, from the same period last year. The decrease in sales was driven by lower global production volumes, including changes in customer demand and the impact of government mandates as a result of COVID-19, partially offset by sales from the AxleTech business, which was acquired in the fourth quarter of fiscal year 2019.
Net income attributable to Meritor was $241 million, or $3.20 per diluted share, compared to net income attributable to Meritor of $72 million, or $0.84 per diluted share in the prior year, and net income from continuing operations attributable to Meritor was $240 million, or $3.19 per diluted share, compared to net income from continuing operations attributable to Meritor of $73 million, or $0.85 per diluted share, in the same period last year. Higher net income year over year was driven by $203 million of after tax income associated with the termination of the distribution arrangement with WABCO Holdings, Inc.
Adjusted income from continuing operations attributable to the company in the second quarter of fiscal year 2020 was $56 million, or $0.74 per adjusted diluted share, compared to $88 million, or $1.03 per adjusted diluted share, in the same period last year.
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SOURCE: Meritor
