- Posted February 01, 2013
- Tweet This | Share on Facebook
Meritor 1st quarter results miss analysts' expectations
TROY (AP) -- Auto parts supplier Meritor said Wednesday that its fiscal first-quarter loss narrowed, hurt by softer-than-expected market conditions overseas.
Its quarterly performance missed Wall Street's expectations, and the company cut its fiscal 2013 revenue forecast.
Shares fell 75 cents, or 14 percent, to $4.60 in morning trading. The stock has traded in a 52-week range of $3.83 to $8.74.
For the period ended Dec. 31, Meritor lost $21 million, or 22 cents per share. That compares with a loss of $22 million, or 23 cents per share, a year earlier.
Excluding restructuring charges, Meritor Inc.'s loss from continuing operations was 11 cents per share.
Analysts polled by FactSet expected earnings of 4 cents per share.
Revenue declined to $891 million from $1.16 billion, hurt by lower sales from its commercial truck and industrial unit and its aftermarket and trailer segment. Wall Street predicted $950 million in revenue.
Meritor now foresees fiscal 2013 revenue of about $3.8 billion, down from its prior $4 billion forecast. It still anticipates adjusted earnings from continuing operations of 25 cents to 35 cents per share.
Analysts expect revenue of $4.03 billion and earnings of 47 cents per share.
The Troy, Mich.-based company also announced that Chief Financial Officer Jay Craig is becoming the president of its commercial truck and industrial division. Kevin Nowlan, vice president and controller, will take over the CFO post.
Published: Fri, Feb 1, 2013
headlines Oakland County
- Annual Meeting
- Oakland County clerk/register brings services to Highland Township and surrounding areas with June 4 local office visit
- Whitmer announces Wayne, Oakland, Macomb commit to expand Project DIAMOnD, calls for statewide expansion of “infrastructure for innovation”
- Oakland County completes work for first RainSmart resident
- SUPREME COURT NOTEBOOK
headlines National
- This Los Angeles lawyer found her calling as a death doula
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- Artificial intelligence tools for brief writing and analysis are a small firm litigator’s new best friend
- Baker McKenzie partner drops suit seeking IRS documents on partnership scrutiny
- Family members sue networks after learning of loved ones’ deaths by seeing bodies on TV
- Ex-BigLaw attorney once ‘consumed with remorse’ over $10M client theft sentenced in new scheme