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Meritor Inc. has posted sales of $1.21 billion for its third fiscal quarter that ended June 30, 2022, up $196 million, or approximately 19 percent, from the same period last year.
Net income attributable to Meritor and net income from continuing operations attributable to Meritor were each $73 million, or $1.02 per diluted share, compared with $42 million for each, or $0.58 per diluted share, in the same period last year.
Adjusted income from continuing operations attributable to the company in the third quarter of fiscal year 2022 was $77 million, or $1.07 of adjusted diluted earnings per share, compared with $45 million, or $0.62 of adjusted diluted earnings per share, in the same period last year, the company reports.
Adjusted EBITDA was $142 million, compared with $107 million in the third quarter of fiscal year 2021. Adjusted EBITDA margin increased to 11.7 percent compared with 10.5 percent in the same period last year.
Cash provided by operating activities was $117 million in the third quarter of fiscal year 2022, compared with $39 million in the same period last year.
On May 26, Meritor’s shareholders voted in favor of the Cummins acquisition bid, further validating the potential of what Cummins and Meritor can achieve together. The companies are working together to complete the acquisition this week as it has received all regulatory approvals to close the transaction, Meritor says.
Additional earnings information can be found here. (Scroll down for company balance sheet.)