Meritor Wednesday reported its financial results for its third fiscal quarter ended June 30, 2018.
During the third quarter of fiscal year 2018, Meritor announces it posted sales of $1,129 million, up $209 million or approximately 23 percent, from the same period last year. The increase in sales was driven primarily by higher production in all of the company’s major markets. Sales for the quarter also were favorably impacted by revenue outperformance, primarily through increased market share and new business wins, Meritor claims.
Net income attributable to the company was $64 million, or $0.71 per diluted share, compared to $48 million, or $0.51 per diluted share, in the same period last year. Net income from continuing operations attributable to the company was $66 million, or $0.73 per diluted share, compared to $49 million, or $0.52 per diluted share, in the same quarter last year. Higher net income year over year was driven primarily by conversion on increased revenue, Meritor adds.
“In our third quarter of fiscal year 2018, we continued to successfully capitalize on higher The commercial vehicle aftermarket future is here volumes and revenue outperformance in the majority of our end markets globally,” says Jay Craig, CEO and president. “The strength in our markets, combined with excellent operating performance by our global team, is reflected in higher revenue, expanded EBITDA margin and strong free cash flow generation.”
From a market segment perspective, Meritor states Commercial Truck & Trailer sales were $904 million in the third quarter of fiscal year 2018, up 24 percent compared to the third quarter of fiscal year 2017. The company says the increase in sales was driven primarily by higher production in all of major markets and revenue outperformance.
Aftermarket & Industrial sales were $273 million in the third quarter of fiscal year 2018, up 15 percent compared to the third quarter of fiscal year 2017. Meritor states the increase in sales was driven by increased Aftermarket volumes in North America and higher sales in its Industrial business, which included sales from the business acquired in the fourth quarter of fiscal year 2017.
