US company, Meritor, has reported sales of $1.156 million USD (approx. €1.396 million), following the release of its Q2 2019 financial results.
The increase in sales – up 8 per cent year-over-year from $1.066 million USD (€953,926) – was reportedly driven by higher truck production, primarily in North America, partially offset by the strengthening US dollar against most currencies.
Net income attributable to the company was $72 million USD (€64.4 million) compared to net income attributable to the company of $57 million USD (€51 million) in the same period last year.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) was $139 million USD (€124.3 million), compared to $122 million USD (€109.1 million) in the second quarter of fiscal year 2018.
Adjusted EBITDA margin for the second quarter of fiscal year 2019 was 12 per cent, compared to 11.4 per cent in the same period last year.
Cash provided by operating activities in the second quarter of fiscal year 2019 was $40 million USD (€35.7 million) compared to $39 million USD (€34.9 million) in the same period a year ago. Free cash flow was $19 million USD (€17 million) compared to free cash flow of $22 million USD (€19.6 million) in the same period last year.
The Aftermarket, Industrial and Trailer segment posted sales of $329 million USD (€294.4 million), up $33 million USD (€29.5 million) or 11 per cent, from the same period last year. Higher sales were driven by increased industrial, trailer and aftermarket volumes in North America and pricing actions within the company’s Aftermarket business.
“We delivered solid execution on our priorities during the quarter with strong conversion while continuing investments in our future,” said Meritor CEO and President, Jay Craig. “We expect to successfully deliver our M2019 plan and build on this success as we transition to M2022.”
Last month, Meritor announced a strategic investment in an electrification technology innovator for large commercial vehicles, Transpower.
(Image: Meritor CEO and President, Jay Craig.)