Meritor has posted third-quarter net income attributable to the company up 17% to US$48m, with sales of US$920m, mainly driven by increased production in North America, Europe, China and new business wins.
Adjusted EBITDA was US$103m compared to US$96m in the third quarter of fiscal year 2016. Adjusted EBITDA margin for the third quarter of fiscal year 2017 was 11.2%, compared to 11.4% in the same period last year.
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Outlook for Fiscal Year 2017:
The company’s guidance for fiscal year 2017 has been revised from the prior quarter as follows:
- Revenue to be around US$3.25bn
- Net income attributable to the company and net income from continuing operations attributable to the company to be around US$110m
- Adjusted EBITDA margin to be around 10.2%
- Adjusted diluted earnings per share from continuing operations to be around US$1.70
- Operating cash flow to be in the range of US$165m to US$175m
- Free cash flow to be in the range of US$80m to US$90m
“Strengthening end markets, new business wins and continued execution from our employees around the world drove our financial results this quarter,” said Meritor CEO and president, Jay Craig.
“We are pleased to be in a position to raise our full-year guidance across the board as we continue to work toward increasing shareholder value and achieving our M2019 targets.”
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