US company Meritor reported financial results for its fourth quarter and full fiscal year ended 30 September 2014, showing overall gains compared to 2013.
Fourth quarter sales were $933 million, and fiscal year sales were $3.76 billion, both up three per cent from last year.
Fourth quarter net income was down at $3 million compared to $41 million for the same period last year due to the sale of the company’s Mascot remanufacturing business at a $23 million loss.
However, total net income for the 2014 fiscal year was up at $249 million, compared to a net loss of $22 million in the prior fiscal year.
Adjusted income from continuing operations more than doubled in both the fourth quarter and the fiscal year. The fourth quarter was $35 million, up from last year’s recorded $13 million and fiscal year was $101 million compared to $41 million in 2013.
Adjusted EBITDA was $80 million, compared to $73 million in the same period last year. The 2014 fiscal year adjusted EBITDA was $314 million, compared to $264 million in 2013.
“Our improved performance in fiscal year 2014 reflects our commitment across the organization to achieve our objectives,” said Ike Evans, Chairman and CEO of Meritor (pictured). “We believe our focus on achieving the plan will continue to drive improving results in fiscal year 2015.”