Meritor Inc Stock Price, News & Analysis

Meritor, Inc. (MTOR) received PACCAR's 10 PPM Quality Award for 2020 at six plants, highlighting exceptional quality control with less than ten defective parts per million. The awarded plants include locations in Franklin and Manning, achieving a defect level of 0 PPM. This recognition underscores Meritor's commitment to quality, safety, and performance, especially during challenging industry conditions. In total, 369 suppliers across 27 countries were honored with this award.

Meritor, Inc. (NYSE: MTOR) has announced the appointment of Elizabeth A. Fessenden as a Class II director, effective June 1, 2021. Her term will expire at the 2023 annual meeting of shareholders, expanding the board to 11 members. Fessenden brings over 25 years of P&L management experience, previously serving at American Capital and Alcoa. CEO Chris Villavarayan expressed optimism about her addition, highlighting her potential to enhance long-term shareholder value. Fessenden holds multiple degrees, including in systems engineering and electrical engineering, from Clarkson University.

Meritor, Inc. (NYSE: MTOR) reported second-quarter fiscal 2021 results with sales of $983 million, a 13% increase year-over-year. Net income was $63 million, down from $241 million in the prior year, heavily affected by a $203 million income related to a previous WABCO distribution agreement. Adjusted EBITDA increased to $111 million, though margins fell to 11.3%. The company maintains fiscal year 2021 guidance with revenues projected between $3.65B and $3.8B and EPS between $2.00 and $2.15, despite headwinds from rising steel costs and increased electrification expenses.

Meritor, Inc. (NYSE: MTOR) announced a collaboration with Hexagon Purus to integrate its Blue Horizon™ 14Xe™ electric powertrain into Hexagon's projects for Class 6, 7, and 8 trucks. This partnership aims to advance clean mobility solutions in the commercial vehicle sector, with production expected to commence in 2021. Meritor's vice president highlighted the commitment to innovative technologies, while Hexagon's executive emphasized the shared vision for zero-emission vehicles.

Meritor, Inc. (NYSE: MTOR) announced the appointment of Joe Mejaly as vice president of North America Aftermarket, effective May 3, 2021. Mejaly will oversee all aspects of the Aftermarket business in North America, reporting to Tim Bowes. With 36 years in the commercial vehicle industry, Mejaly's previous roles include senior vice president at DENSO Products and Services Americas and 27 years at Meritor. His leadership is expected to aid the execution of strategic objectives for the business.

Meritor, Inc. (NYSE: MTOR) announced the appointment of Jim Keane as vice president of Industrial, effective May 3, 2021. Keane, who has been with Meritor since 2005, will oversee the company's global Industrial strategy, including Engineering, Sales, and Product Management. His previous roles include senior director of Global Industrial Engineering, highlighting his extensive experience in the company. This leadership change aims to strengthen Meritor's Industrial business and align with its growth objectives.

Meritor, Inc. (NYSE: MTOR) launched a new Trailer Axle Components Selector Tool on MeritorPartsXpress.com. This tool simplifies the identification of components for trailer axles and wheel ends, reducing incorrect orders and improving fleet uptime. The tool responds to customer demand for streamlined identification of aftermarket parts across six categories. Additional site enhancements include expanded functionality for pricing comparisons and real-time order updates. Meritor aims to enhance customer experience as part of its M2022 strategic goals.

Meritor, Inc. (NYSE: MTOR) has achieved a production milestone with its one millionth air disc brake manufactured at its York, South Carolina facility. Since 1981, Meritor has produced over 10 million air disc brakes globally. The York facility, which opened in 1980, also manufactures drum brake components and provides axle assembly services. Over the last five years, Meritor invested around $25 million to enhance air disc brake production, adding more than 50 jobs to support this increase. This milestone reflects the company's commitment to operational excellence and product safety.

Meritor, Inc. (NYSE: MTOR) will host a conference call on May 4, 2021, at 9 a.m. ET to discuss its second-quarter results for fiscal year 2021. Investors can join the call by dialing (844) 412-1003 within the U.S. or (216) 562-0450 internationally, using conference ID: 1999651. A replay will be available from 12 p.m. ET on May 4 to 12 p.m. ET on May 11. The financial results will be released prior to the call and accessible on the company’s website.