Meritor reports sales increase and strong income growth in first quarter of FY2021/22
By Bradley Osborne - 10th March 2022
USA – Meritor Inc, a commercial vehicle components manufacturer based in Troy, Michigan, has released results for the first quarter of the financial year 2021/22, which ended 31 December 2021. Meritor’s sales totalled USD984m, up 11% on the same period of the previous year (USD889m); net income grew by roughly 69%, from USD32m the year before to USD54m.
Sales of components in the Commercial Truck segment accounted for USD785m, a 14% increase over Q1 2020/21 (USD691m). This performance was driven primarily by higher truck production across the world, according to Meritor. Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for the segment was USD69m, a near-10% increase on the year before (USD63m); the profit margin, however, was lower at 8.8% (compared to 9.1% the year prior), which Meritor attributed to higher steel costs.
