The provider of mobility solution for commercial vehicle, Meritor Inc’s (MTOR) shares leapt 6.62% in extended trading on Friday reaching $32.38 after ring of the bell. During the regular session, the stock gained about 2.08% to close the weekend session at $30.37, all that rise came in absence of any related news.
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Company profile:
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As a leading global supplier of drivetrain, mobility, spare parts, aftermarket, and traction products for the transportation industry, Meritor, Inc. manufactures and distributes solutions to meet the needs of commercial and industrial customers.
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The company has been offering superior products for more than 110 years, including commercial truck, trailer, off-highway, defense, specialty, and aftermarket customers.
More than 8,600 employees draw their skills and knowledge into manufacturing facilities, engineering centers, joint ventures, distribution centers, and global offices at Meritor, which is based in Troy, Michigan, United States.
Recent developments:
Meritor, Inc. this month reported financial results for its first fiscal quarter that ended Dec. 31, 2020, some highlights of which are as follows:
- Meritor posted sales of $889 million for the first quarter of fiscal year 2021, a decline of $12 million or nearly 1% from corresponding quarter of last year.
- Meritor posted a net income attributable to the company of $32 million or $0.44 per share, down from $39 million or $0.48 per diluted share a year earlier.
- Adjusted earnings per share in the reported quarter were $102 million, up from $98 million in ayear ago quarter.
- Cash from operating activities amounted to $44 million, compared to $19 million generated by those activities in the same period last year.
- In the reported quarter, Commercial Truck sales increased $28 million, or 4.3%, from the first quarter of fiscal year 2020 to $691 million.
- In the first quarter of fiscal year 2020, Commercial Truck’s segment adjusted EBITDA was $63 million, up $6 million from the year earlier period.
- Sales decreased by $41 million, or 15 percent, from the same period a year ago in the Aftermarket and Industrial segment.
- Compared to the first quarter of fiscal year 2020, segment adjusted EBITDA comes in at $35 million, down $4 million.
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- As outlined by the SEC filing dated 22nd February 2021, an insider trade that took place on Feb 18 when CEO and President sold 199,570 shares at a price of 31.84, was worth $6,354,309 in total.
