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Meritor’s Earnings, Sales Decline
Commercial vehicle supplier Meritor Inc. reported weaker results for its fiscal second quarter.
The company said net income for the period ended March 31 fell 26% to $32 million, or 35 cents per share, compared with $43 million, or 42 cents, a year earlier. Year-to-date, net income dropped to $58 million, or 62 cents, from $72 million, or 71 cents.
Meritor’s sales in the quarter slipped to $821 million, down about 5%.
The decrease was driven by lower truck production volumes in North and South America and the effect of foreign exchange translation, particularly in Brazil. Six-month revenues slipped to $1.6 billion, or 62 cents, from $1.7 billion, or 71 cents.
