Meritor, Inc. (NYSE: MTOR) today reported financial results for its second fiscal quarter ended March 31, 2019.
Second-Quarter Highlights
- Sales of $1,156 million
- Net income attributable to the company of $72 million and net income from continuing operations attributable to the company of $73 million
- Diluted earnings per share of $0.84
- Adjusted income from continuing operations attributable to the company of $88 million, or $1.03 per adjusted diluted share
- Adjusted EBITDA of $139 million and adjusted EBITDA margin of 12.0 percent
Second-Quarter Results
For the second quarter of fiscal year 2019, Meritor posted sales of $1,156 million, up from $1,066 million, or approximately 8 percent from the same period last year. The increase in sales was driven by higher truck production, primarily in North America, partially offset by the strengthening of the U.S. dollar against most currencies. Sales were also favorably impacted by revenue outperformance.
Net income attributable to the company was $72 million, or $0.84 per diluted share, compared to net income attributable to the company of $57 million, or $0.63 per diluted share, in the same period last year. Higher net income year over year is attributable to conversion on increased revenue.
Adjusted income from continuing operations attributable to the company in the second quarter of fiscal year 2019 was $88 million, or $1.03 per adjusted diluted share, compared to $68 million, or $0.75 per adjusted diluted share, in the same period last year.
Adjusted EBITDA was $139 million, compared to $122 million in the second quarter of fiscal year 2018. Adjusted EBITDA margin for the second quarter of fiscal year 2019 was 12.0 percent, compared to 11.4 percent in the same period last year. Higher adjusted EBITDA year over year was driven primarily by conversion on higher revenue, partially offset by the strengthening of the U.S. dollar against most currencies. Also, in the prior year, the company recorded an incremental environmental accrual of $8 million, principally related to a legacy site, that did not repeat.
Cash provided by operating activities in the second quarter of fiscal year 2019 was $40 million compared to $39 million in the same period a year ago. Free cash flow was $19 million compared to free cash flow of $22 million in the same period last year.
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SOURCE: Meritor
