Meritor releases largely positive results for Q4 and FY2021
By Bradley Osborne - 29th November 2021
USA – Meritor Inc, a components manufacturer based in Troy, Michigan, released financial results for the fourth quarter, along with full year results, for its financial year 2021 which ended 30 September 2021.
In the fourth quarter, Meritor reported sales of USD945m, a 25% increase on the same period of the previous year (USD758m). The company achieved a net income of USD62m and adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of USD91m, providing a profit margin of 9.6% (compared to 7.6% in the previous year). Meritor claims these results were driven primarily by higher sales volume and lower tax expense, including a net tax benefit from certain tax initiatives. Its profits, however, were partially offset by higher freight and steel costs.
