Meritor Reports Second-Quarter Fiscal Year 2021 Results

By Meritor10 days ago

TROY, Mich., May 4, 2021 /PRNewswire/ --Meritor, Inc. (NYSE: MTOR) today reported financial results for its second fiscal quarter that ended March31, 2021.

Second-Quarter Highlights

  • Sales of $983 million
  • Net income attributable to Meritor and net income from continuing operations attributable to Meritor of $63 million
  • Diluted earnings per share from continuing operations of $0.86
  • Adjusted income from continuing operations attributable to the company of $50 million, or $0.68 per adjusted diluted share
  • Adjusted EBITDA of $111 million and adjusted EBITDA margin of 11.3 percent
  • Operating cash flow of $63 million
  • Free cash flow of $47 million
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Change in Non-GAAP Measures

Beginning in the second quarter of fiscal year 2021, the company revised its presentation of two non-GAAP measures, adjusted income (loss) from continuing operations and adjusted diluted earnings (loss) per share, to better align with SEC guidance. The adjustment for non-cash tax expenses related to the use of deferred tax assets in jurisdictions with net operating loss carryforwards or tax credits will no longer be included in these two non-GAAP measures; however, the underlying availability and benefit of the tax attributes to offset taxable income has not changed. For comparability, references to prior periods' non-GAAP measures have also been updated to show the effect of omitting the non-cash tax expense adjustment from adjusted income (loss) from continuing operations and adjusted diluted earnings (loss) per share see proforma table below.

Second-Quarter Results

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