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TROY, Mich., Feb. 3, 2021 /PRNewswire/ -- Meritor, Inc. (NYSE:
MTOR) today reported financial results for its first fiscal quarter that ended Dec. 31, 2020.
First-Quarter Highlights
Sales of $889 million
Net income attributable to Meritor and net income from continuing operations attributable to Meritor of $32 million
Diluted earnings per share from continuing operations of $0.44
Adjusted income from continuing operations attributable to the company of $44 million, or $0.60 per adjusted diluted share
Adjusted EBITDA of $102 million and adjusted EBITDA margin of 11.5 percent
Operating cash flow of $44 million
Free cash flow of $34 million
First-Quarter Results
For the first quarter of fiscal year 2021, Meritor posted sales of $889 million, down $12 million, or approximately one percent, from the same period last year. The decrease in sales was driven primarily by the impact from the termination of the WABCO distribution arrangement, which occurred in the second quarter of fiscal year 2020, largely offset by higher truck production.