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Meritor Quarterly Profit Plunges
Meritor Inc. netted $5 million in the fiscal fourth quarter ended Sept. 30 compared with $31 million a year earlier.
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Meritor Inc. netted $5 million in the fiscal fourth quarter ended Sept. 30 compared with $31 million a year earlier. Revenue dropped 19% to $986 million as sales volume outside the U.S. shrank.
For the full fiscal year, Meritor's net earnings fell 17% year over year to $52 million. Adjusted profit from continuing operations jumped 35% to $11 million.
Annual revenue dipped 4% to $4.4 billion on weaker global sales and unfavorable exchange rates. Free cash outflow shrank to $12 million from $70 million the year before.
For the fiscal year that began Oct. 1, Meritor predicts a decline in revenue to about $4 billion. The company expects adjusted earnings before interest, taxes, depreciation and amortization to shrink to 7% of sales from 7.8% in the just-ended fiscal year.
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