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