Meritor Reports Second-Quarter Fiscal Year 2022 Results

$MTOR
Auto Parts:O.E.M.
Consumer Discretionary
Get the next $MTOR alert in real time by email

TROY, Mich., May 3, 2022 /PRNewswire/ -- Meritor, Inc. (NYSE: MTOR) today reported financial results for its second fiscal quarter that ended March 31, 2022.

Second-Quarter Highlights

  • Sales of $1,154 million
  • Net income attributable to Meritor of $62 million and net income from continuing operations attributable to Meritor of $61 million
  • Diluted earnings per share from continuing operations of $0.85
  • Adjusted income from continuing operations attributable to the company of $70 million, or $0.98 of adjusted diluted earnings per share
  • Adjusted EBITDA of $127 million and adjusted EBITDA margin of 11.0 percent
  • Operating cash flow was negative $17 million
  • Free cash flow was negative $38 million
Second-Quarter Results

For the second quarter of fiscal year 2022, Meritor posted sales of $1,154 million, up $171 million, or approximately 17 percent, from the same period last year. The increase in sales was primarily driven by higher truck production in most global markets and pricing actions.

Net income attributable to Meritor was $62 million, or $0.86 per diluted share, compared to $63 million, or $0.86 per diluted share, in the same period last year. Net income from continuing operations attributable to Meritor was $61 million, or $0.85 per diluted share, compared to $63 million, or $0.86 per diluted share, in the same period last year. Flat net income year over year was driven primarily by higher sales volumes, pricing actions and lower tax expense, partially offset by increased steel and freight costs, and the recognition of value-added tax credits in Brazil during the second quarter of fiscal year 2021.

Adjusted income from continuing operations attributable to the company in the second quarter of fiscal year 2022 was $70 million, or $0.98 of adjusted diluted earnings per share, compared to $50 million, or $0.68 of adjusted diluted earnings per share, in the same period last year.

Adjusted EBITDA was $127 million, compared to $111 million in the second quarter of fiscal year 2021. The increase in adjusted EBITDA was driven primarily by higher sales volumes and pricing actions, partially offset by higher steel and freight costs. Adjusted EBITDA margin decreased to 11.0 percent compared to 11.3 percent in the same period last year. The decrease in adjusted EBITDA margin was driven primarily by higher net steel and freight costs which unfavorably impacted the conversion on sales.

Cash used for operating activities was $17 million in the second quarter of fiscal year 2022, compared to cash provided by operating activities of $63 million in the second quarter of fiscal year 2021. The decrease in operating cash flow year over year was driven primarily by an increase in working capital requirements.

Second-Quarter Segment Results

Commercial Truck sales for the second quarter of fiscal year 2022 were $938 million, up $161 million, or approximately 21 percent, compared to the same period last year. The increase in sales was primarily driven by higher truck production in most global markets and pricing actions.  

Segment adjusted EBITDA for Commercial Truck was $78 million, up $5 million, compared to the second quarter of fiscal year 2021. The increase in segment adjusted EBITDA was driven primarily by higher sales volumes, partially offset by higher net steel and freight costs. Segment adjusted EBITDA margin was 8.3 percent in the second quarter of fiscal year 2022, compared to 9.4 percent in the same period of the prior year. The decrease in segment adjusted EBITDA margin was primarily driven by higher net steel and freight costs which unfavorably impacted the conversion on sales.

Aftermarket & Industrial sales for the second quarter of fiscal year 2022 were $262 million, up $15 million, or 6 percent, from the same period a year ago. The increase in sales in the second quarter of 2022 was primarily due to pricing actions.

Segment adjusted EBITDA for Aftermarket & Industrial was $44 million, up $10 million, compared to the second quarter of fiscal year 2021. Segment adjusted EBITDA margin was 16.8 percent in the second quarter of fiscal year 2022, compared to 13.8 percent in the same period of the prior year. The increase in segment adjusted EBITDA and segment adjusted EBITDA margin was primarily driven by pricing actions, partially offset by higher freight costs.

In the second fiscal quarter of 2022, the company announced the planned acquisition of Meritor by Cummins. The Hart-Scott-Rodino (HSR) antitrust waiting period expired on April 6, 2022. A special shareholder meeting will be held on May 26, 2022 seeking the approval of Meritor's shareholders for the proposed transaction.

"I am extremely proud of the team's outstanding performance in the second quarter," said Chris Villavarayan, CEO and president of Meritor. "Despite severe macro headwinds, we continue to deliver strong financial results. In addition, we expect the Cummins transaction to close by year-end, subject to all closing conditions being met."

About Meritor

Meritor, Inc. is a leading global supplier of drivetrain, mobility, braking, aftermarket and electric powertrain solutions for commercial vehicle and industrial markets. With more than a 110-year legacy of providing innovative products that offer superior performance, efficiency and reliability, the company serves commercial truck, trailer, off-highway, defense, specialty and aftermarket customers around the world. Meritor is based in Troy, Michigan, United States, and is made up of approximately 9,600 diverse employees who apply their knowledge and skills in manufacturing facilities, engineering centers, joint ventures, distribution centers and global offices in 19 countries. Meritor common stock is traded on the New York Stock Exchange under the ticker symbol MTOR. For important information, visit the company's website at www.meritor.com.

Forward-Looking Statement

This release contains statements relating to future results of the company (including certain outlooks, projections and business trends) that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as "believe," "expect," "anticipate," "estimate," "should," "are likely to be," "will" and similar expressions. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement pursuant to which the company would become a wholly owned subsidiary of Cummins Inc. (the "Merger"); the failure to obtain approval for the Merger from the company's shareholders, the failure to obtain certain required regulatory approvals or the failure to satisfy any of the other closing conditions to the completion of the Merger within the expected timeframes or at all; risks related to disruption of management's attention from ongoing business operations due to the Merger; the effect of the announcement of the Merger on the ability to retain and hire key personnel and maintain relationships with customers, suppliers and others with whom the company does business, or on operating results and business generally; the ability to meet expectations regarding the timing and completion of the Merger; the duration and severity of the COVID-19 pandemic and its effects on public health, the global economy and financial markets, as well as our industry, customers, operations, workforce, supply chains, distribution systems and demand for our products; the ongoing conflict between Russia and Ukraine; reliance on major OEM customers and possible negative outcomes from contract negotiations with our major customers, including failure to negotiate acceptable terms in contract renewal negotiations and our ability to obtain new customers; the outcome of actual and potential product liability, warranty and recall claims; our ability to successfully manage rapidly changing volumes in the commercial truck markets and work with our customers to manage demand expectations in view of rapid changes in production levels; global economic and market cycles and conditions; availability and sharply rising costs of raw materials, including steel, transportation and labor, and our ability to manage or recover such costs; technological changes in our industry as a result of the trends toward electrified drivetrains and the integration of advanced electronics and their impact on the demand for our products and services; our ability to manage possible adverse effects on European markets or our European operations, or financing arrangements related thereto in the event one or more countries exit the European monetary union; risks inherent in operating abroad (including foreign currency exchange rates, restrictive government actions regarding trade, implications of foreign regulations relating to pensions and potential disruption of production and supply due to terrorist attacks or acts of aggression); risks related to our joint ventures; the ability to achieve the expected benefits of strategic initiatives and restructuring actions; the demand for commercial and specialty vehicles for which we supply products; whether our liquidity will be affected by declining vehicle production in the future; OEM program delays; demand for and market acceptance of new and existing products; successful development and launch of new products; labor relations of our company, our suppliers and customers, including potential disruptions in supply of parts to our facilities or demand for our products due to work stoppages; the financial condition of our suppliers and customers, including potential bankruptcies; possible adverse effects of any future suspension of normal trade credit terms by our suppliers; potential impairment of long-lived assets, including goodwill; potential adjustment of the value of deferred tax assets; competitive product and pricing pressures; the amount of our debt; our ability to continue to comply with covenants in our financing agreements; our ability to access capital markets; credit ratings of our debt; the outcome of existing and any future legal proceedings, including any proceedings or related liabilities with respect to environmental, asbestos-related, or other matters; rising costs of pension benefits; possible changes in accounting rules; and other substantial costs, risks and uncertainties, including but not limited to those detailed in our Annual Report on Form 10-K for the year ended September 30, 2021 and from time to time in other filings of the company with the SEC. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law.

All earnings per share amounts are on a diluted basis. The company's fiscal year ends on the Sunday nearest Sept. 30, and its fiscal quarters generally end on the Sundays nearest Dec. 31, March 31 and June 30. All year and quarter references relate to the company's fiscal year and fiscal quarters, unless otherwise stated.

Non-GAAP Financial Measures

In addition to the results reported in accordance with accounting principles generally accepted in the United States ("GAAP"), we have provided information regarding non-GAAP financial measures. These non-GAAP financial measures include adjusted income (loss) from continuing operations attributable to the company, adjusted diluted earnings (loss) per share from continuing operations, adjusted EBITDA, adjusted EBITDA margin, segment adjusted EBITDA, segment adjusted EBITDA margin, free cash flow and free cash flow conversion.

Adjusted income (loss) from continuing operations attributable to the company and adjusted diluted earnings (loss) per share from continuing operations are defined as reported income (loss) from continuing operations and reported diluted earnings (loss) per share from continuing operations before restructuring expenses, asset impairment charges and other special items as determined by management. Adjusted EBITDA is defined as income (loss) from continuing operations before interest, income taxes, depreciation and amortization, non-controlling interests in consolidated joint ventures, loss on sale of receivables, restructuring expenses, asset impairment charges and other special items as determined by management. Adjusted EBITDA margin is defined as adjusted EBITDA divided by consolidated sales from continuing operations. Segment adjusted EBITDA is defined as income (loss) from continuing operations before interest expense, income taxes, depreciation and amortization, noncontrolling interests in consolidated joint ventures, loss on sale of receivables, restructuring expense, asset impairment charges and other special items as determined by management. Segment adjusted EBITDA excludes unallocated legacy and corporate expense (income), net. Segment adjusted EBITDA margin is defined as segment adjusted EBITDA divided by consolidated sales from continuing operations, either in the aggregate or by segment as applicable. Free cash flow is defined as cash flows provided by (used for) operating activities less capital expenditures. Free cash flow conversion is defined as free cash flow over adjusted income from continuing operations attributable to the company. Beginning in the second quarter of fiscal year 2021, the company no longer includes an adjustment for non-cash tax expense related to the use of deferred tax assets in jurisdictions with net operating loss carryforwards or tax credits in adjusted income (loss) from continuing operations attributable to the company and adjusted diluted earnings (loss) per share from continuing operations.

Management believes these non-GAAP financial measures are useful to both management and investors in their analysis of the company's financial position and results of operations. In particular, adjusted EBITDA, adjusted EBITDA margin, segment adjusted EBITDA, segment adjusted EBITDA margin, adjusted income (loss) from continuing operations attributable to the company, adjusted diluted earnings (loss) per share from continuing operations and free cash flow conversion are meaningful measures of performance to investors as they are commonly utilized to analyze financial performance in our industry, perform analytical comparisons, measure value creation, benchmark performance between periods and measure our performance against externally communicated targets.

Free cash flow is used by investors and management to analyze our ability to service and repay debt and return value directly to shareholders. Free cash flow conversion is a specific financial measure of our M2022 plan used to measure the company's ability to convert earnings to free cash flow and provides useful information about our ability to achieve strategic goals.

Management uses the aforementioned non-GAAP financial measures for planning and forecasting purposes, and segment adjusted EBITDA is also used as the primary basis for the Chief Operating Decision Maker ("CODM") to evaluate the performance of each of our reportable segments.

Our Board of Directors uses adjusted EBITDA margin, free cash flow, adjusted diluted earnings (loss) per share from continuing operations and free cash flow conversion as key metrics to determine management's performance under our performance-based compensation plans, provided that, solely for this purpose, adjusted diluted earnings (loss) per share from continuing operations also includes an adjustment for the use of deferred tax assets in jurisdictions with net operating loss carryforwards or tax credits.

Adjusted income (loss) from continuing operations attributable to the company, adjusted diluted earnings (loss) per share from continuing operations, adjusted EBITDA, adjusted EBITDA margin, segment adjusted EBITDA, segment adjusted EBITDA margin and free cash flow conversion should not be considered a substitute for the reported results prepared in accordance with GAAP and should not be considered as an alternative to net income or cash flow conversion calculations as an indicator of our financial performance. Free cash flow and free cash flow conversion should not be considered a substitute for cash provided by (used for) operating activities, or other cash flow statement data prepared in accordance with GAAP, or as a measure of financial position or liquidity. In addition, these non-GAAP cash flow measures do not reflect cash used to repay debt or cash received from the divestitures of businesses or sales of other assets and thus do not reflect funds available for investment or other discretionary uses. These non-GAAP financial measures, as determined and presented by the company, may not be comparable to related or similarly titled measures reported by other companies. Set forth below are reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP.

 

MERITOR, INC.

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(Unaudited)

(In millions, except per share amounts)





Three Months Ended

March 31,



Six Months Ended 

March 31,



2022



2021



2022



2021

Sales

$             1,154



$                983



$             2,138



$             1,872

Cost of sales

(1,017)



(835)



(1,874)



(1,609)

GROSS PROFIT

137



148



264



263

     Selling, general and administrative

(70)



(69)



(132)



(134)

     Other operating expense, net

(1)



(2)



(4)



(9)

OPERATING INCOME

66



77



128



120

     Other income, net

14



23



28



37

     Equity in earnings of affiliates

11



5



18



16

     Interest expense, net

(12)



(17)



(25)



(45)

INCOME BEFORE INCOME TAXES

79



88



149



128

     Provision for income taxes

(15)



(22)



(27)



(29)

INCOME FROM CONTINUING OPERATIONS

64



66



122



99

INCOME FROM DISCONTINUED OPERATIONS, net of tax

1





1



NET INCOME

65



66



123



99

Less: Net income attributable to noncontrolling interests

(3)



(3)



(7)



(4)

NET INCOME ATTRIBUTABLE TO MERITOR, INC.

$                  62



$                  63



$                116



$                  95

















NET INCOME ATTRIBUTABLE TO MERITOR, INC.















     Net income from continuing operations

$                  61



$                  63



$                115



$                  95

     Income from discontinued operations

1





1



     Net income

$                  62



$                  63



$                116



$                  95

















DILUTED EARNINGS PER SHARE















     Continuing operations

$               0.85



$               0.86



$               1.61



$               1.30

     Discontinued operations

0.01





0.02



     Diluted earnings per share

$               0.86



$               0.86



$               1.63



$               1.30

















Diluted average common shares outstanding

71.4



73.4



71.3



73.3

 

MERITOR, INC.

CONDENSED CONSOLIDATED BALANCE SHEET

(Unaudited)

(in millions)





March 31,

2022



September 30,

2021

ASSETS







CURRENT ASSETS:







     Cash and cash equivalents

$                115



$                101

     Receivables, trade and other, net

769



534

     Inventories

719



601

     Other current assets

60



50

          TOTAL CURRENT ASSETS

1,663



1,286

NET PROPERTY

511



517

GOODWILL

504



507

OTHER ASSETS

644



628

     TOTAL ASSETS

$             3,322



$             2,938

LIABILITIES AND EQUITY







CURRENT LIABILITIES:







     Short-term debt

$                114



$                  19

     Accounts and notes payable

779



573

     Other current liabilities

297



308

          TOTAL CURRENT LIABILITIES

1,190



900

LONG-TERM DEBT

1,025



1,008

RETIREMENT BENEFITS

171



191

OTHER LIABILITIES

216



224

     TOTAL LIABILITIES

2,602



2,323









EQUITY:







     Common stock (March 31, 2022 and September 30, 2021, 104.7 and 104.0 shares issued and

     70.8 and 70.1 shares outstanding, respectively)

106



105

     Additional paid-in capital

765



798

     Retained earnings

1,068



935

     Treasury stock, at cost (March 31, 2022 and September 30, 2021, 33.9 and 33.9 shares,

     respectively)

(632)



(632)

     Accumulated other comprehensive loss

(628)



(632)

          Total equity attributable to Meritor, Inc.

679



574

     Noncontrolling interests

41



41

          TOTAL EQUITY

720



615

          TOTAL LIABILITIES AND EQUITY

$             3,322



$             2,938

 

MERITOR, INC.

ADJUSTED EBITDA AND SEGMENT ADJUSTED EBITDA-RECONCILIATION

Non-GAAP

AND

CONSOLIDATED BUSINESS SEGMENT SALES INFORMATION

(Unaudited)

(in millions)





Three Months Ended

March 31,



Six Months Ended 

March 31,



2022



2021



2022



2021

Net income attributable to Meritor, Inc.

$               62



$               63



$             116



$               95

Income from discontinued operations, net of tax, attributable to

Meritor, Inc.

(1)





(1)



     Income from continuing operations, net of tax, attributable to

     Meritor, Inc.

$               61



$               63



$             115



$               95

















Interest expense, net

12



17



25



45

Provision for income taxes

15



22



27



29

Depreciation and amortization

25



25



50



52

Noncontrolling interests

3



3



7



4

Loss on sale of receivables

2



1



3



2

Transaction costs (1)

9





9



Restructuring



2



4



8

Brazil VAT Credit (2)



(22)





(22)

          Adjusted EBITDA

$             127



$             111



$             240



$             213

















          Adjusted EBITDA margin (3)

11.0%



11.3%



11.2%



11.4%

















     Unallocated legacy and corporate income, net (4)

(5)



(4)



(11)



(8)

          Segment adjusted EBITDA

$             122



$             107



$             229



$             205

















Commercial Truck















     Segment adjusted EBITDA

$               78



$               73



$             147



$             136

     Segment adjusted EBITDA margin (5)

8.3%



9.4%



8.5%



9.3%

















Aftermarket & Industrial















     Segment adjusted EBITDA

$               44



$               34



$               82



$               69

     Segment adjusted EBITDA margin (5)

16.8%



13.8%



16.3%



14.3%

















Sales















     Commercial Truck

$             938



$             777



$          1,723



$          1,468

     Aftermarket & Industrial

262



247



503



481

     Intersegment Sales

(46)



(41)



(88)



(77)

          Total Sales

$          1,154



$             983



$          2,138



$          1,872





(1)

Represents transaction expenses primarily related to the Merger.

(2)

Amount relates to a pre-tax loss recovery, net of legal expenses, on the overpayment of VAT in Brazil.

(3)

Adjusted EBITDA margin equals adjusted EBITDA divided by consolidated sales from continuing operations.

(4)

Unallocated legacy and corporate income, net represents items that are not directly related to the company's business segments.

These items primarily include pension and retiree medical costs associated with sold businesses and other legacy costs for

environmental.

(5)

Segment adjusted EBITDA margin equals segment adjusted EBITDA divided by consolidated sales from continuing operations,

either in the aggregate or by segment as applicable.

 

MERITOR, INC.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited)

(in millions)





Six Months Ended March 31,



2022



2021

OPERATING ACTIVITIES







Income from continuing operations

$                122



$                  99

Adjustments to income from continuing operations to arrive at cash provided by (used for) operating

activities:







          Depreciation and amortization

50



52

          Deferred income tax expense



2

          Restructuring costs

4



8

          Equity in earnings of affiliates

(18)



(16)

          Stock compensation expense

8



10

          Pension and retiree medical income

(27)



(26)

          Loss on debt extinguishment



8

     Dividends received from equity method investments

5



2

     Pension and retiree medical contributions

(4)



(6)

     Restructuring payments

(8)



(8)

     Changes in off-balance sheet accounts receivable securitization and factoring programs

88



35

     Changes in receivables, inventories and accounts payable

(225)



(63)

     Changes in other current assets and liabilities

(20)



5

     Changes in other assets and liabilities

(10)



5

     Operating cash flows provided by (used for) continuing operations

(35)



107

     Operating cash flows used for discontinued operations

(3)



     CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES

(38)



107

INVESTING ACTIVITIES







     Capital expenditures

(39)



(26)

     Other investing activities

5



(3)

     CASH USED FOR INVESTING ACTIVITIES

(34)



(29)

FINANCING ACTIVITIES







     Borrowing and securitization

95



     Proceeds from debt issuances



275

     Redemption of notes



(281)

     Redemption of convertible notes



(53)

     Debt issuance costs



(5)

     Term loan payments

(9)



(7)

     Other financing activities



(1)

          Net change in debt

86



(72)

     Repurchase of common stock



     CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES

86



(72)

EFFECT OF CHANGES IN FOREIGN CURRENCY EXCHANGE RATES ON CASH AND CASH

EQUIVALENTS



CHANGE IN CASH AND CASH EQUIVALENTS

14



6

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

101



315

CASH AND CASH EQUIVALENTS AT END OF PERIOD

$                115



$                321

 

MERITOR, INC.

FREE CASH FLOW — RECONCILIATION

Non-GAAP

(Unaudited, in millions)





Three Months Ended

March 31,



Six Months Ended 

March 31,



2022



2021



2022



2021

Cash provided by (used for) operating activities

$                 (17)



$                  63



$                 (38)



$                107

Capital expenditures

(21)



(16)



(39)



(26)

     Free cash flow

$                 (38)



$                  47



$                 (77)



$                  81

 

MERITOR, INC.

ADJUSTED INCOME AND EARNINGS PER SHARE — RECONCILIATION

Non-GAAP

(Unaudited)

(in millions, except per share amounts)





Three Months Ended

March 31,



Six Months Ended 

March 31,



2022



2021



2022



2021

Income from continuing operations attributable to the company

$                  61



$                  63



$                115



$                  95

Adjustments:















     Restructuring



2



4



8

     Loss on debt extinguishment







8

     Brazil VAT Credit (1)



(22)





(22)

     Transaction costs (2)

9





9



     Tax effect of adjustments (3)



7



(1)



4

Adjusted income from continuing operations attributable to the

company

$                  70



$                  50



$                127



$                  93

















Diluted earnings per share from continuing operations

$               0.85



$               0.86



$               1.61



$               1.30

     Impact of adjustments on diluted earnings per share

0.13



(0.18)



0.17



(0.03)

Adjusted diluted earnings per share from continuing operations

$               0.98



$               0.68



$               1.78



$               1.27

















Diluted average common shares outstanding

71.4



73.4



71.3



73.3





(1)

Amount relates to a pre-tax loss recovery, net of legal expenses, on the overpayment of VAT in Brazil.

(2)

Represents transaction expenses primarily related to the Merger.

(3)

Amount for the six months ended March 31, 2022 includes $1 million of income tax benefits related to restructuring. The three

months ended March 31, 2021 includes $7 million of income tax expense related to the Brazilian VAT Credit. The six months ended

March 31, 2021 includes $7 million of income tax expense related to the Brazilian VAT Credit, $2 million of income tax benefits for

the loss on debt extinguishment and $1 million of income tax benefits related to restructuring.

 

Meritor, Inc. logo. (PRNewsFoto/Meritor, Inc.) (PRNewsfoto/Meritor, Inc.)

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/meritor-reports-second-quarter-fiscal-year-2022-results-301537612.html

SOURCE Meritor, Inc.

Get the next $MTOR alert in real time by email

Chat with this insight

Save time and jump to the most important pieces.

Recent Analyst Ratings for
$MTOR

DatePrice TargetRatingAnalyst
3/1/2022$34.00 → $36.50Buy → Neutral
Citigroup
2/23/2022$36.50Outperform → Sector Perform
RBC Capital
1/27/2022$28.00 → $25.00Equal-Weight
Barclays
11/18/2021$29.00 → $32.00Outperform
RBC Capital
7/1/2021Neutral → Buy
Citigroup
7/1/2021$34.00Neutral → Buy
Citigroup
More analyst ratings

$MTOR
Press Releases

Fastest customizable press release news feed in the world

See more
  • Nordson Corporation Names Daniel Hopgood as Chief Financial Officer

    Nordson Corporation (NASDAQ:NDSN) today announced that Daniel Hopgood has been named executive vice president and chief financial officer, effective May 20, 2024. Mr. Hopgood succeeds Joseph Kelley, who assumed the role of Nordson's executive vice president and Industrial Precision Solutions segment leader as previously announced. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240422695443/en/Daniel Hopgood (Photo: Business Wire) Mr. Hopgood brings more than 25 years of financial and operational expertise to the role. Since 2012, he's held roles of increasing responsibility at Eaton Corporation (NYSE:ETN), a $23 billion multinat

    $ETN
    $NDSN
    $MTOR
    Industrial Machinery/Components
    Technology
    Industrials
    Auto Parts:O.E.M.
  • Ball Announces Charles Baker's Retirement, Names Hannah Lim-Johnson as Successor

    WESTMINSTER, Colo., Sept. 1, 2023 /PRNewswire/ -- Ball Corporation (NYSE:BALL) today announced that Charles E. Baker, 66, vice president, general counsel and corporate secretary, will be retiring after a 30-year career with the company. Hannah Lim-Johnson, 51, has been named senior vice president, chief legal officer and corporate secretary, effective Sept. 18, 2023. Baker will remain with Ball to provide counsel to support the successful completion of the proposed aerospace transaction which was disclosed last month. "As part of Ball's long-term strategic succession planning, we are pleased to welcome Hannah to Ball, and on behalf of our entire team, we thank Charles for his numerous contri

    $BALL
    $MTOR
    Containers/Packaging
    Industrials
    Auto Parts:O.E.M.
    Consumer Discretionary
  • Meritor, Inc. Provides Notice of Fundamental Change to Holders of its Convertible Notes in Connection with the Completed Merger

    TROY, Mich., Aug. 3, 2022 /PRNewswire/ -- Meritor, Inc. (the "Company") today provided notice that, pursuant to the terms of the indenture, dated September 22, 2017 (the "Indenture") governing its 3.25% Convertible Senior Notes due 2037 (the "Notes"), in connection with the closing of the transaction contemplated by the Agreement and Plan of Merger, dated as of February 21, 2022 (the "Merger Agreement"), among Cummins, Inc., Rose Newco, Inc. and the Company, the Company delivered a Notice of Fundamental Change and Execution of Supplemental Indenture (the "Fundamental Change Notice") to holders of the Notes notifying holders that a Fundamental Change, as such term is defined in the Indenture,

    $MTOR
    Auto Parts:O.E.M.
    Consumer Discretionary

$MTOR
Analyst Ratings

Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

See more

$MTOR
Insider Trading

Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

See more

$MTOR
SEC Filings

See more

$MTOR
Leadership Updates

Live Leadership Updates

See more
  • Meritor Appoints William "Bill" Newlin as Non-Executive Chairman

    TROY, Mich., Nov. 12, 2021 /PRNewswire/ -- Meritor, Inc. (NYSE: MTOR) today announced that William "Bill" Newlin, currently lead independent director of the Board, has been elected non-executive chairman, effective Dec. 31, 2021. This follows the decision by Jay Craig, currently executive chairman of the Board, to step down after more than 15 years of service to Meritor, including six years as chief executive officer. During his tenure as chief executive officer, Mr. Craig oversaw the advancement of Meritor's innovation and product portfolio, strengthened the company's financial foundation and created a collaborative and diverse organization. Mr. Craig led the execution of the company's M20

    $MTOR
    Auto Parts:O.E.M.
    Consumer Discretionary
  • Meritor Names Elizabeth A. Fessenden to its Board of Directors

    TROY, Mich., May 20, 2021 /PRNewswire/ -- Meritor, Inc. (NYSE:MTOR) today announced that it has appointed Elizabeth A. Fessenden as a Class II director, with a term expiring at the 2023 annual meeting of shareholders. Her appointment is effective on June 1, 2021 and will increase the size of the company's board of directors to 11 members. Fessenden spent more than 25 years in P&L management roles throughout her career. From 2005-2007, she served as principal at American Capital, a publicly traded, private equity company. Before joining American Capital, Fessenden spent 28 years at Alcoa, Inc., a Fortune 100 global industrial manufacturing company, where she served as president of the company

    $MTOR
    Auto Parts:O.E.M.
    Consumer Discretionary
  • Meritor Announces Appointment of Joe Mejaly as Vice President of North America Aftermarket

    TROY, Mich., May 3, 2021 /PRNewswire/ -- Meritor, Inc. (NYSE: MTOR) today announced that Joe Mejaly has been appointed vice president of North America Aftermarket, effective May 3, 2021. Mejaly will have oversight and leadership responsibility for all aspects of the company's Aftermarket business in North America. He will report directly to Tim Bowes, senior vice president and president of Industrial and North America Aftermarket, and Electrification. Mejaly will relocate to Troy, Michigan, from his current residence in California. "Joe has enjoyed a successful 36-year career in the commercial vehicle industry, and we are fortunate that he has agreed to return to Meritor and lead our After

    $MTOR
    Auto Parts:O.E.M.
    Consumer Discretionary

$MTOR
Financials

Live finance-specific insights

See more
  • Meritor Reports Third-Quarter Fiscal Year 2022 Results

    TROY, Mich., Aug. 2, 2022 /PRNewswire/ -- Meritor, Inc. (NYSE: MTOR) today reported financial results for its third fiscal quarter that ended June 30, 2022. Third-Quarter Highlights Sales of $1,212 millionNet income attributable to Meritor and net income from continuing operations attributable to Meritor of $73 millionDiluted earnings per share from continuing operations of $1.02Adjusted income from continuing operations attributable to the company of $77 million, or $1.07 of adjusted diluted earnings per shareAdjusted EBITDA of $142 million and adjusted EBITDA margin of 11.7 percentOperating cash flow was $117 millionFree cash flow was $93 millionThird-Quarter ResultsFor the third quarter

    $MTOR
    Auto Parts:O.E.M.
    Consumer Discretionary
  • Meritor Reports Second-Quarter Fiscal Year 2022 Results

    TROY, Mich., May 3, 2022 /PRNewswire/ -- Meritor, Inc. (NYSE: MTOR) today reported financial results for its second fiscal quarter that ended March 31, 2022. Second-Quarter Highlights Sales of $1,154 millionNet income attributable to Meritor of $62 million and net income from continuing operations attributable to Meritor of $61 millionDiluted earnings per share from continuing operations of $0.85Adjusted income from continuing operations attributable to the company of $70 million, or $0.98 of adjusted diluted earnings per shareAdjusted EBITDA of $127 million and adjusted EBITDA margin of 11.0 percentOperating cash flow was negative $17 millionFree cash flow was negative $38 millionSecond-Qu

    $MTOR
    Auto Parts:O.E.M.
    Consumer Discretionary
  • Meritor To Release Fiscal Year 2022 Second-Quarter Earnings Results

    TROY, Mich., April 19, 2022 /PRNewswire/ -- Meritor, Inc. (NYSE:MTOR) will release the company's second-quarter results for fiscal year 2022 on Tuesday, May 3, 2022. Due to the pending acquisition proposal from Cummins, Inc., Meritor will not host a conference call. The company will file its standard financial results press release. The release will be distributed through PR Newswire and posted on meritor.com.  About MeritorMeritor, Inc. is a leading global supplier of drivetrain, mobility, braking, aftermarket and electric powertrain solutions for commercial vehicle and industrial markets. With more than a 110-year legacy of providing innovative products that offer superior performance, eff

    $MTOR
    Auto Parts:O.E.M.
    Consumer Discretionary

$MTOR
Large Ownership Changes

This live feed shows all institutional transactions in real time.

See more