TROY, Mich. — Meritor has reported financial results for its third fiscal quarter ended June 30.
Sales were $1.287 billion, up $321 million or 33 percent, from the same period last year. The company said this increase in sales was primarily due to continued strength in truck demand globally with all segments contributing to the revenue growth. As compared to the second quarter of fiscal year 2011, sales in the third quarter were up 8 percent.
Net income on a GAAP basis was $17 million, compared to a net loss of $3 million in the prior year’s third quarter.
Adjusted EBITDA was $102 million, up $36 million or 55 percent, from the same period last year.
"We are pleased to report a 55 percent increase in adjusted EBITDA year-over-year, driven primarily by commercial truck demand globally and our attention to managing costs through this high volume cycle," said Chairman, CEO and President Chip McClure. "Our solid performance this period resulted in an adjusted EBITDA margin of 7.9 percent, an increase of 110 basis points compared to the prior year."
For the fourth quarter of fiscal year 2011, the company anticipates revenue in the range of $1,175 million to $1,275 million.
"We will continue to take the appropriate steps to manage the challenges associated with commercial truck volumes that are expected to be strong in all major markets," said McClure. "With a diligent focus on cost management and execution, we remain confident that we will achieve our EBITDA margin target of 10 percent by the end of fiscal year 2012."
