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Meritor Reports Third-Quarter Fiscal Year 2017 Results
Revenue Increased 9 Percent Year-Over-Year
Diluted Earnings Per Share Up 13 Percent Year-Over-Year

TROY, Mich., Aug. 2, 2017 /PRNewswire/ -- Meritor, Inc. (NYSE:MTOR) today reported financial results for its third fiscal quarter ended June 30, 2017.

Third-Quarter Highlights

  • Sales of $920 million
  • Net income attributable to the company of $48 million and net income from continuing operations attributable to the company of $49 million
  • Diluted earnings per share from continuing operations of $0.52
  • Adjusted income from continuing operations attributable to the company of $60 million, or $0.64 of Adjusted diluted earnings per share
  • Adjusted EBITDA of $103 million and Adjusted EBITDA margin of 11.2 percent

Third-Quarter Results
For the third quarter of fiscal year 2017, Meritor posted sales of $920 million, up $79 million, or approximately 9 percent, from the same period last year. The increase in sales was primarily driven by increased production in North America, Europe and China and new business wins.

Net income attributable to the company was $48 million, or $0.51 per diluted share, compared to $41 million, or $0.45 per diluted share, in the same period last year. Net income from continuing operations attributable to the company was $49 million, or $0.52 per diluted share, compared to $42 million, or $0.46 per diluted share, in the same quarter last year. Higher net income year over year was driven primarily by increased revenue and continued material performance. Adjusted income from continuing operations attributable to the company in the third quarter of fiscal year 2017 was $60 million, or $0.64 of Adjusted diluted earnings per share, compared to $52 million, or $0.57 of Adjusted diluted earnings per share, in the same period last year.

Adjusted EBITDA was $103 million, compared to $96 million in the third quarter of fiscal year 2016. Adjusted EBITDA margin for the third quarter of fiscal year 2017 was 11.2 percent, compared to 11.4 percent in the same period last year. Adjusted EBITDA increased year over year as higher revenue and continued material performance more than offset higher variable compensation accruals. Also in the prior year, the company recognized a recovery of approximately $6 million related to a supplier litigation settlement.

Cash flow provided by operating activities in the third quarter of fiscal year 2017 was $106 million, up $1 million from the same period a year ago. Free cash flow was $94 million, compared to $86 million in the same period last year.

Third-Quarter Segment Results
Commercial Truck & Industrial sales for the third quarter of fiscal year 2017 were $728 million, up $88 million compared to the same period last year. The increase in sales was primarily driven by higher Class 8 truck production in North America, increased production in Europe and China and new business wins.

Segment adjusted EBITDA for the Commercial Truck & Industrial segment was $75 million for the quarter, up $14 million from the third quarter of fiscal year 2016. Segment adjusted EBITDA margin was 10.3 percent, up from 9.5 percent in the same period last year. The increases in Segment adjusted EBITDA and Segment adjusted EBITDA margin were driven by higher revenue and continued material performance. These increases were partially offset by higher allocated variable compensation accruals.

The Aftermarket & Trailer segment posted sales of $228 million, up slightly from the same period a year ago.

Segment adjusted EBITDA for Aftermarket & Trailer was $26 million for the quarter, down $12 million from the third quarter of fiscal year 2016. Segment adjusted EBITDA margin decreased to 11.4 percent, down from 16.7 percent in the same period last year. The decreases in Segment adjusted EBITDA and Segment adjusted EBITDA margin were primarily driven by a favorable settlement with a supplier recognized in the third quarter of fiscal year 2016 that did not repeat, as well as higher allocated variable compensation accruals and net steel costs in the third quarter of fiscal year 2017.

Outlook for Fiscal Year 2017
The company's guidance for fiscal year 2017 has been revised from the prior quarter as follows:

  • Revenue to be approximately $3.25 billion
  • Net income attributable to the company and net income from continuing operations attributable to the company to be approximately $110 million (diluted earnings per share and diluted earnings per share from continuing operations of approximately $1.20)
  • Adjusted EBITDA margin to be approximately 10.2 percent
  • Adjusted diluted earnings per share from continuing operations to be approximately $1.70
  • Operating cash flow to be in the range of $165 million to $175 million
  • Free cash flow to be in the range of $80 million to $90 million

"Strengthening end markets, new business wins and continued excellent execution from our employees around the world drove our financial results this quarter," said Jay Craig, CEO and president. "We are pleased to be in a position to raise our full-year guidance across the board as we continue to work toward increasing shareholder value and achieving our M2019 targets."

Third-Quarter Fiscal Year 2017 Conference Call
Meritor, Inc. (NYSE: MTOR) will host a conference call and webcast to discuss the company's third-quarter results for fiscal year 2017 on Wednesday, Aug. 2 at 10 a.m. ET.

To participate, call (844) 412-1003 at least 10 minutes prior to the start of the call. Investors can also listen to the conference call in real time or access a recording of the call for seven days after the event by visiting the investors page on meritor.com.

A replay of the call will be available starting at 1 p.m. ET on Aug. 2, until 11:59 p.m. ET on Aug. 9 by calling (855) 859-2056 (within the United States) or (404) 537-3406 for international calls. Please refer to replay passcode 49474487. To access the listen-only audio webcast, visit meritor.com and select the webcast link from the home page or the investors page.

About Meritor 
Meritor, Inc. is a leading global supplier of drivetrain, mobility, braking and aftermarket solutions for commercial vehicle and industrial markets. With more than a 100-year legacy of providing innovative products that offer superior performance, efficiency and reliability, the company serves commercial truck, trailer, off-highway, defense, specialty and aftermarket customers around the world. Meritor is based in Troy, Mich., United States, and is made up of approximately 8,000 diverse employees who apply their knowledge and skills in manufacturing facilities, engineering centers, joint ventures, distribution centers and global offices in 18 countries. Meritor common stock is traded on the New York Stock Exchange under the ticker symbol MTOR.

Forward-Looking Statement
This release contains statements relating to future results of the company (including certain projections and business trends) that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as "believe," "expect," "anticipate," "estimate," "should," "are likely to be," "will" and similar expressions. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to reliance on major original equipment manufacturer ("OEM") customers and possible negative outcomes from contract negotiations with our major customers, including failure to negotiate acceptable terms in contract renewal negotiations and our ability to obtain new customers; the outcome of actual and potential product liability, warranty and recall claims; our ability to successfully manage rapidly changing volumes in the commercial truck markets and work with our customers to manage demand expectations in view of rapid changes in production levels; global economic and market cycles and conditions; availability and sharply rising costs of raw materials, including steel, and our ability to manage or recover such costs; our ability to manage possible adverse effects on our European operations, or financing arrangements related thereto, following the United Kingdom's decision to exit the European Union or in the event one or more other countries exit the European monetary union; risks inherent in operating abroad (including foreign currency exchange rates, restrictive government actions regarding trade, implications of foreign regulations relating to pensions and potential disruption of production and supply due to terrorist attacks or acts of aggression); risks related to our joint ventures; rising costs of pension and other postemployment benefits; the ability to achieve the expected benefits of strategic initiatives and restructuring actions; the demand for commercial and specialty vehicles for which we supply products; whether our liquidity will be affected by declining vehicle productions in the future; OEM program delays; demand for and market acceptance of new and existing products; successful development and launch of new products; labor relations of our company, our suppliers and customers, including potential disruptions in supply of parts to our facilities or demand for our products due to work stoppages; the financial condition of our suppliers and customers, including potential bankruptcies; possible adverse effects of any future suspension of normal trade credit terms by our suppliers; potential difficulties competing with companies that have avoided their existing contracts in bankruptcy and reorganization proceedings; potential impairment of long-lived assets, including goodwill; potential adjustment of the value of deferred tax assets; competitive product and pricing pressures; the amount of our debt; our ability to continue to comply with covenants in our financing agreements; our ability to access capital markets; credit ratings of our debt; the outcome of existing and any future legal proceedings, including any litigation with respect to environmental, asbestos-related or other matters; possible changes in accounting rules; ineffective internal controls; and other substantial costs, risks and uncertainties, including but not limited to those detailed herein and from time to time in other filings of the company with the SEC. See also the following portions of our Annual Report on Form 10-K for the fiscal year ended September 30, 2016, as amended: Item 1.Business, "Customers; Sales and Marketing"; "Competition"; "Raw Materials and Supplies"; "Employees"; "Environmental Matters"; "International Operations"; and "Seasonality; Cyclicality"; Item 1A.Risk Factors; Item 3.Legal Proceedings; and Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law. All earnings per share amounts are on a diluted basis. The company's fiscal year ends on the Sunday nearest Sept. 30, and its fiscal quarters generally end on the Sundays nearest Dec. 31, March 31 and June 30. All year and quarter references relate to the company's fiscal year and fiscal quarters, unless otherwise stated.

Non-GAAP Financial Measures 
In addition to the results reported in accordance with accounting principles generally accepted in the United States ("GAAP"), we have provided information regarding non-GAAP financial measures. These non-GAAP financial measures include Adjusted income (loss) from continuing operations attributable to the company, Adjusted diluted earnings (loss) per share from continuing operations, Adjusted EBITDA, Adjusted EBITDA margin, Segment adjusted EBITDA, Segment adjusted EBITDA margin, Free cash flow and Net debt.

Adjusted income (loss) from continuing operations attributable to the company and Adjusted diluted earnings (loss) per share from continuing operations are defined as reported income (loss) from continuing operations and reported diluted earnings (loss) per share from continuing operations before restructuring expenses, asset impairment charges, non-cash tax expense related to the use of deferred tax assets in jurisdictions with net operating loss carry forwards, and other special items as determined by management. Adjusted EBITDA is defined as income (loss) from continuing operations before interest, income taxes, depreciation and amortization, non-controlling interests in consolidated joint ventures, loss on sale of receivables, restructuring expenses, asset impairment charges and other special items as determined by management. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by consolidated sales from continuing operations. Segment adjusted EBITDA is defined as income (loss) from continuing operations before interest expense, income taxes, depreciation and amortization, noncontrolling interests in consolidated joint ventures, loss on sale of receivables, restructuring expense, asset impairment charges and other special items as determined by management. Segment adjusted EBITDA excludes unallocated legacy and corporate expense (income), net. Segment adjusted EBITDA margin is defined as Segment adjusted EBITDA divided by consolidated sales from continuing operations, either in the aggregate or by segment as applicable. Free cash flow is defined as cash flows provided by (used for) operating activities less capital expenditures. Net debt is defined as total debt less cash and cash equivalents.

Management believes these non-GAAP financial measures are useful to both management and investors in their analysis of the company's financial position and results of operations. In particular, Adjusted EBITDA, Adjusted EBITDA margin, Segment adjusted EBITDA, Segment adjusted EBITDA margin, Adjusted income (loss) from continuing operations attributable to the company and Adjusted diluted earnings (loss) per share from continuing operations are meaningful measures of performance to investors as they are commonly utilized to analyze financial performance in our industry, perform analytical comparisons, benchmark performance between periods and measure our performance against externally communicated targets.

Free cash flow is used by investors and management to analyze our ability to service and repay debt and return value directly to shareholders. Net debt over Adjusted EBITDA is a specific financial measure in our current three-year M2019 plan used to measure the company's leverage in order to assist in the appropriate allocation of capital.

Management uses the aforementioned non-GAAP financial measures for planning and forecasting purposes, and Segment adjusted EBITDA is also used as the primary basis for the Chief Operating Decision Maker to evaluate the performance of each of our reportable segments.

Our Board of Directors uses Adjusted EBITDA margin, Free cash flow, Adjusted diluted earnings (loss) per share from continuing operations and Net debt over Adjusted EBITDA as key metrics to determine management's performance under our performance based compensation plans.

Adjusted income (loss) from continuing operations attributable to the company, Adjusted diluted earnings (loss) per share from continuing operations, Adjusted EBITDA, Adjusted EBITDA margin, Segment adjusted EBITDA and Segment adjusted EBITDA margin should not be considered a substitute for the reported results prepared in accordance with GAAP and should not be considered as an alternative to net income as an indicator of our financial performance. Free cash flow should not be considered a substitute for cash provided by (used for) operating activities, or other cash flow statement data prepared in accordance with GAAP, or as a measure of financial position or liquidity. In addition, this non-GAAP cash flow measure does not reflect cash used to repay debt or cash received from the divestitures of businesses or sales of other assets and thus does not reflect funds available for investment or other discretionary uses. Net debt should not be considered a substitute for total debt as reported on the balance sheet. These non-GAAP financial measures, as determined and presented by the company, may not be comparable to related or similarly titled measures reported by other companies. Set forth below are reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP.

 

 

MERITOR, INC.

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(Unaudited)

(In millions, except per share amounts)




Three Months Ended
June 30,


Nine Months Ended
June 30,


2017


2016


2017


2016

Sales

$

920


$

841


$

2,425


$

2,471

Cost of sales

(778)


(714)


(2,073)


(2,119)

GROSS MARGIN

142


127


352


352

Selling, general and administrative

(73)


(59)


(192)


(175)

Restructuring costs


(6)


(4)


(9)

Other operating expense, net



(5)


(3)

OPERATING INCOME

69


62


151


165

Other income (expense), net

1



1


(1)

Equity in earnings of affiliates

14


9


32


26

Interest expense, net

(21)


(20)


(63)


(63)

INCOME BEFORE INCOME TAXES

63


51


121


127

Provision for income taxes

(11)


(8)


(30)


(22)

INCOME FROM CONTINUING OPERATIONS

52


43


91


105

LOSS FROM DISCONTINUED OPERATIONS, net of tax

(1)


(1)


(1)


(4)

NET INCOME

51


42


90


101

Less: Net income attributable to noncontrolling interests

(3)


(1)


(5)


(2)

NET INCOME ATTRIBUTABLE TO MERITOR, INC.

$

48


$

41


$

85


$

99









NET INCOME ATTRIBUTABLE TO MERITOR, INC.








Net income from continuing operations

$

49


$

42


$

86


$

103

Loss from discontinued operations

(1)


(1)


(1)


(4)

Net income

$

48


$

41


$

85


$

99









DILUTED EARNINGS (LOSS) PER SHARE








Continuing operations

$

0.52


$

0.46


$

0.94


$

1.10

Discontinued operations

(0.01)


(0.01)


(0.01)


(0.04)

Diluted earnings per share

$

0.51


$

0.45


$

0.93


$

1.06









Diluted average common shares outstanding

93.3


92.0


91.4


93.1

 

 

MERITOR, INC.

CONDENSED CONSOLIDATED BALANCE SHEET

(in millions)




June 30,
2017


September 30,
2016


(Unaudited)



ASSETS




CURRENT ASSETS:




Cash and cash equivalents (1)

$

231


$

160

Receivables, trade and other, net (1)

500


396

Inventories (1)

360


316

Other current assets

37


33

TOTAL CURRENT ASSETS

1,128


905

NET PROPERTY (1)

430


439

GOODWILL (1)

391


390

OTHER ASSETS

763


760

TOTAL ASSETS

$

2,712


$

2,494

LIABILITIES, MEZZANINE EQUITY AND EQUITY (DEFICIT)




CURRENT LIABILITIES:




Short-term debt

$

132


$

14

Accounts and notes payable (1)

602


475

Other current liabilities

277


268

TOTAL CURRENT LIABILITIES

1,011


757

LONG-TERM DEBT

858


982

RETIREMENT BENEFITS

667


703

OTHER LIABILITIES

220


238

TOTAL LIABILITIES

2,756


2,680

COMMITMENTS AND CONTINGENCIES




MEZZANINE EQUITY:




Convertible debt with cash settlement

12


EQUITY (DEFICIT):




Common stock (June 30, 2017 and September 30, 2016, 101.4 and 99.6 shares issued and 
     88.6 and 86.8 shares outstanding, respectively)

101


99

Additional paid-in capital

875


876

Accumulated deficit

(156)


(241)

Treasury stock, at cost (at both June 30, 2017 and September 30, 2016, 12.8 shares)

(136)


(136)

Accumulated other comprehensive loss

(768)


(809)

Total deficit attributable to Meritor, Inc.

(84)


(211)

Noncontrolling interests (1)

28


25

TOTAL DEFICIT

(56)


(186)

TOTAL LIABILITIES, MEZZANINE EQUITY AND DEFICIT

$

2,712


$

2,494


(1) As of June 30, 2017, Assets and Liabilities held for sale were: (i) $1 million Cash and cash equivalents; (ii) $11 million Receivables, trade and other, net; (iii) $2 million Inventories; (iv) $3 million Net property; (v) $1 million Goodwill; (vi) $10 million Accounts and notes payable; and (vii) $2 million Noncontrolling interests. As of September 30, 2016, Assets and Liabilities held for sale were: (i) $1 million Cash and cash equivalents; (ii) $8 million Receivables, trade and other, net; (iii) $1 million Inventories; (iv) $5 million Net property; (v) $5 million Accounts and notes payable; and (vi) $3 million Noncontrolling interests.

 

 

MERITOR, INC.

ADJUSTED EBITDA AND SEGMENT ADJUSTED EBITDA-RECONCILIATION

Non-GAAP

AND

CONSOLIDATED BUSINESS SEGMENT SALES INFORMATION

(Unaudited)

(dollars in millions)




Three Months Ended
June 30,


Nine Months Ended
June 30,


2017


2016


2017


2016

Net income attributable to Meritor, Inc.

$

48


$

41


$

85


$

99

Loss from discontinued operations, net of tax, attributable to Meritor, Inc.

1


1


1


4

Income from continuing operations, net of tax, attributable to Meritor, Inc.

$

49


$

42


$

86


$

103

Interest expense, net

21


20


63


63

Provision for income taxes

11


8


30


22

Depreciation and amortization

18


17


55


48

Noncontrolling interests

3


1


5


2

Loss on sale of receivables

2


2


4


6

Asset impairment charges

(1)



2


Restructuring costs


6


4


9

Adjusted EBITDA

$

103


$

96


$

249


$

253









  Adjusted EBITDA margin (1)

11.2%


11.4%


10.3%


10.2%









Unallocated legacy and corporate expense (income), net (2)

(2)


3



2

Segment adjusted EBITDA

$

101


$

99


$

249


$

255









Commercial Truck & Industrial








Segment adjusted EBITDA

$

75


$

61


$

171


$

169

Segment adjusted EBITDA margin (3)

10.3%


9.5%


9.1%


8.9%









Aftermarket & Trailer








Segment adjusted EBITDA

$

26


$

38


$

78


$

86

Segment adjusted EBITDA margin (3)

11.4%


16.7%


12.4%


13.3%









Sales:








Commercial Truck & Industrial

$

728


$

640


$

1,887


$

1,904

Aftermarket & Trailer

228


227


627


648

Intersegment Sales

(36)


(26)


(89)


(81)

Total Sales

$

920


$

841


$

2,425


$

2,471


(1) Adjusted EBITDA margin equals Adjusted EBITDA divided by consolidated sales from continuing operations.


(2) Unallocated legacy and corporate expense (income), net represents items that are not directly related to the company's business segments. These items primarily include asbestos-related charges and settlements, pension and retiree medical costs associated with sold businesses, and other legacy costs for environmental and product liability.


(3) Segment adjusted EBITDA margin equals Segment adjusted EBITDA divided by consolidated sales from continuing operations, either in the aggregate or by segment as applicable.

 

 

MERITOR, INC.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited, in millions)




Nine Months Ended
June 30,


2017


2016

OPERATING ACTIVITIES




Income from continuing operations

$

91


$

105

Adjustments to income from continuing operations to arrive at cash provided by operating
activities:




Depreciation and amortization

55


48

Deferred income tax expense

19


2

Restructuring costs

4


9

Gain on sale of property


(2)

Equity in earnings of affiliates

(32)


(26)

Asset impairment charges

2


Pension and retiree medical expense

11


15

Other adjustments to income from continuing operations

12


5

Dividends received from equity method investments

25


29

Pension and retiree medical contributions

(28)


(32)

Restructuring payments

(11)


(8)

Changes in off-balance sheet accounts receivable factoring

62


(30)

Changes in assets and liabilities, excluding effects of acquisitions, divestitures, foreign
currency adjustments and discontinued operations

(73)


31

Operating cash flows provided by continuing operations

137


146

Operating cash flows used for discontinued operations

(1)


(2)

CASH PROVIDED BY OPERATING ACTIVITIES

136


144

INVESTING ACTIVITIES




Capital expenditures

(52)


(66)

Other investing activities


3

Net investing cash flows provided by discontinued operations

2


4

CASH USED FOR INVESTING ACTIVITIES

(50)


(59)

FINANCING ACTIVITIES




Repayment of notes


(55)

Debt issuance costs

(4)


Other financing activities

(12)


(15)

Net change in debt

(16)


(70)

Repurchase of common stock


(81)

CASH USED FOR FINANCING ACTIVITIES

(16)


(151)

EFFECT OF CHANGES IN FOREIGN CURRENCY EXCHANGE 
     
RATES ON CASH AND CASH EQUIVALENTS

1


2

CHANGE IN CASH AND CASH EQUIVALENTS

71


(64)

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

160


193

CASH AND CASH EQUIVALENTS AT END OF PERIOD

$

231


$

129

 

 

MERITOR, INC.

ADJUSTED INCOME AND EARNINGS PER SHARE — RECONCILIATION

Non-GAAP

(Unaudited)

(in millions, except per share amounts)




Three Months Ended
June 30,


Nine Months Ended
June 30,


2017


2016


2017


2016

Income from continuing operations attributable to Meritor, Inc.

$

49


$

42


$

86


$

103

Adjustments:








Restructuring costs


6


4


9

Asset impairment charges, net of noncontrolling interests



2


Non-cash tax expense (1)

11


5


22


10

Income tax benefits


(1)



(1)

Adjusted income from continuing operations attributable to Meritor,
Inc.

$

60


$

52


$

114


$

121









Diluted earnings per share from continuing operations

$

0.52


$

0.46


$

0.94


$

1.10

Impact of adjustments on diluted earnings per share

0.12


0.11


0.31


0.20

Adjusted diluted earnings per share from continuing operations

$

0.64


$

0.57


$

1.25


$

1.30









Diluted average common shares outstanding

93.3


92.0


91.4


93.1


(1) Represents tax expense related to the use of deferred tax assets in jurisdictions with net operating loss carry forwards.

 

 

MERITOR, INC.

FREE CASH FLOW — RECONCILIATION

Non-GAAP

(Unaudited, in millions)




Three Months Ended
June 30,


Nine Months Ended
June 30,


2017


2016


2017


2016

Cash provided by operating activities

$

106


$

105


$

136


$

144

Capital expenditures

(12)


(19)


(52)


(66)

Free cash flow

$

94


$

86


$

84


$

78

 

 

MERITOR, INC.

OUTLOOK FOR FISCAL YEAR 2017— RECONCILIATIONS

Non-GAAP

(Unaudited)

(in millions, except per share amounts)




Fiscal Year


2017 Outlook (1)

Net income attributable to Meritor, Inc.

$~110

Loss from Discontinued Operations, net of tax, attributable to Meritor, Inc.

Income from Continuing Operations, net of tax, attributable to Meritor, Inc.

$~110

Interest expense, net

~85

Provision for income taxes

~50

Depreciation and amortization

~70

Restructuring

~5

Other (noncontrolling interests, loss on sale of receivables, etc.)

~10

Adjusted EBITDA

$~330



Sales

$~3,250



Adjusted EBITDA margin (2)

~10.2%



Diluted earnings per share from continuing operations

~$1.20

Adjustments:


Restructuring costs

~0.05

Non-cash tax expense (3)

~0.45

Adjusted diluted earnings per share from continuing operations

$~1.70



Diluted average common shares outstanding

~92



Cash flows provided by operating activities

$165-$175

Capital expenditures

~(85)

Free cash flow

$80-$90


(1) Amounts are approximate.


(2) Adjusted EBITDA margin equals Adjusted EBITDA divided by consolidated sales from continuing operations.


(3) Represents tax expense related to the use of deferred tax assets in jurisdictions with net operating loss carry forwards.

 

 

Meritor, Inc. logo. (PRNewsFoto/Meritor, Inc.)

 

 

View original content with multimedia:http://www.prnewswire.com/news-releases/meritor-reports-third-quarter-fiscal-year-2017-results-300497786.html

SOURCE Meritor, Inc.

Media Inquiries: Krista Sohm, (248) 435-7115, krista.sohm@meritor.com; Investor Inquiries: Carl Anderson, (248) 435-1588, carl.anderson@meritor.com

 
 
 
 
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