USA - Brake, axle and drive systems supplier, Meritor Inc of Troy, Michigan, has reported strong results for its fiscal year ending September 30, 2019: It posted sales of USD4.4bn, up by almost 5% (USD210m) on USD4.19bn in the previous year. This revenue growth was driven by higher truck production and increased aftermarket and industrial volumes primarily in North America, but this was partially offset by the strengthening of the US dollar against most currencies. Adjusted EBITDA was USD520m in fiscal year 2019 compared with USD474m in fiscal year 2018 and net income totalled USD291m compared with USD117m. Meritor is clearly backing itself as it says it used 62% of its free cash flow to repurchase 8.5 million shares for USD155m in fiscal 2019.

In terms of its financial achievements, Meritor, which had an M2019 target to outperform the market by some 20% said the company achieved market outperformance of 16% or USD604m through diversified growth in the truck, off-highway, specialty and defence businesses as well as revenue from acquisitions.