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Meritor reports Q2 sales decline
A $240 million decline in its Commercial Truck & Industrial sales dragged Meritor’s second quarter sales down 22 percent over all.
“Our improved performance this quarter was in line with our expectations,” said Chairman, CEO and President Chip McClure. “We drove higher EBITDA margins quarter-over-quarter as a result of net material performance, pricing actions and lower structural costs.”
For the second quarter of fiscal year 2013, Meritor posted sales of $908 million, down $252 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.
On its earnings call Tuesday, Meritor says the company completed the consolidation of remanufacturing operations from Mississauga, Ontario, Canada into the North American remanufacturing center of excellence in Plainfield, Ind. The company’s corresponding Canadian customer service support was moved to its Brampton, Ontario facility.
The company added it also executed majority of previously announced reductions of 200 salaried positions as well as 50 hourly positions