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Meritor, Inc. (NYSE: MTOR) is a globally recognized leader in providing innovative drivetrain, mobility, braking, aftermarket, and electric powertrain solutions. With over 110 years of experience, Meritor is renowned for delivering superior performance, efficiency, and reliability. The company caters to a diverse range of markets, including commercial trucks, trailers, off-highway vehicles, defense, specialty sectors, and aftermarket services.
Headquartered in Troy, Michigan, Meritor operates with a robust workforce of more than 8,600 employees. These professionals are spread across manufacturing facilities, engineering centers, joint ventures, distribution centers, and global offices in 19 countries, ensuring a broad and efficient service network.
Meritor's product portfolio is extensive, featuring advanced drivetrain systems, high-performance braking solutions, and cutting-edge mobility and electric powertrain systems. The company's continuous commitment to innovation is evident in its recent achievements and ongoing projects, including significant advancements in electric powertrain technologies aimed at enhancing vehicle efficiency and sustainability.
Financially, Meritor has demonstrated consistent growth and stability, supported by strategic partnerships and collaborations. The company’s commitment to excellence has earned it a strong reputation among its global clientele. Notably, Meritor's recent integration into Cummins Inc. marks a significant milestone, poised to amplify its technological capabilities and market reach.
Meritor's dedication to quality and customer satisfaction has positioned it as a trusted supplier in the commercial vehicle and industrial markets. The company's strategic initiatives and forward-looking approach continue to drive its success and ensure its relevance in an ever-evolving industry.
Meritor (NYSE: MTOR) has announced its upcoming Strategy Day scheduled for December 7, 2021. This virtual event will be streamed live from the company’s headquarters in Troy, Michigan. Following the presentations, there will be a live Q&A session. Key executives, including Chris Villavarayan (CEO), Carl Anderson (CFO), and John Bennett (CTO), will be presenting. For more information, visit the company’s investors page.
Meritor, Inc. (NYSE: MTOR) announced its selection by Electra Commercial Vehicles to provide the Blue Horizon™ 14Xe™ integrated ePowertrain for testing on an electric road sweeper platform. This collaboration aims to advance electrified commercial vehicles in Europe. The 14Xe ePowertrain will replace Electra's remote drive solution, enabling a compact electric drive system for enhanced efficiency. The delivery of the ePowertrain is expected by year-end, with testing scheduled in Wales. Meritor specializes in drivetrain and electric powertrain solutions for various markets.
Meritor, Inc. (MTOR) reported strong fourth-quarter results for fiscal year 2021, with sales reaching $945 million, marking a 25 percent increase year-over-year. Net income was $62 million, or $0.88 per diluted share, driven by higher global truck production. For the fiscal year, total sales were $3.8 billion, up 26 percent. However, net income fell to $199 million from $245 million last year due to increased costs. The company projects fiscal year 2022 revenue between $4.1 billion and $4.3 billion.
Meritor, Inc. (NYSE: MTOR) announced its collaboration with PACCAR on the SuperTruck 3 program, aimed at developing zero-emission battery electric drivetrain technology. This initiative will focus on electrifying medium- and heavy-duty freight trucks, enhancing vehicle efficiency, and expanding electric vehicle infrastructure. Tim Bowes, Meritor's senior vice president, expressed pride in contributing to the SuperTruck program. The partnership aligns with PACCAR's goal to lead in zero-emission trucks, leveraging Meritor's Blue Horizon™ technology for future electric powertrains.
Meritor, Inc. (NYSE: MTOR) announced that William "Bill" Newlin has been elected non-executive chairman, effective Dec. 31, 2021. This decision follows Jay Craig stepping down after over 15 years, including six as CEO. During Craig's tenure, he enhanced the company's innovation and financial stability. Newlin, who has been with the company since 2003, emphasized the importance of innovation for delivering value to customers amid growing demand for energy efficiency. He expressed a commitment to driving performance and profitable growth in his new role.
Meritor, Inc. (NYSE: MTOR) will host a conference call on November 17, 2021, at 9 a.m. ET to discuss its fourth-quarter and full-year results for fiscal year 2021. The results will be released prior to the call. Participants can join by calling (844) 412-1003 within the U.S. or (216) 562-0450 from outside the U.S. A replay will be available from noon ET on November 17 until noon ET on November 24. For more information, visit meritor.com.
Meritor, Inc. (NYSE: MTOR) announced a partnership with Hyliion to supply electric drivetrain sub-systems for the Hypertruck ERX™ powertrain, aimed at enhancing Class 8 trucks. Meritor's Blue Horizon™ 14Xe™ ePowertrain, featuring integrated drive axles, will serve as the standard propulsion and regeneration hardware for Hyliion's vehicles. The 14Xe ePowertrain will be produced in Asheville and Forest City, North Carolina. This collaboration highlights both companies' commitment to zero-emissions transportation solutions, positioning them for future market success.
Meritor, Inc. (NYSE:MTOR) announced a collaboration with Hino Motors to evaluate and test Meritor's ePowertrain, aiming for advancements in zero emissions vehicles (ZEV). This partnership builds on Meritor's long-standing supply role for Hino's medium-duty trucks. Meritor's ePowertrain offers notable advantages including a tighter turning radius, increased battery capacity, and a weight reduction of up to 800 pounds. The initiative is expected to accelerate the commercial application of electric vehicles, enhancing sustainability in operational areas.
Meritor reported strong third-quarter results for fiscal year 2021, achieving sales of $1,016 million, a 98% increase year-over-year. Net income reached $42 million, surpassing last year's loss of $36 million. Diluted earnings per share from continuing operations were $0.58, up from a loss of $0.50. Adjusted EBITDA increased to $107 million with a margin of 10.5%. The company raised its fiscal year revenue guidance to $3.9 billion and net income guidance to $175 million. A new share repurchase authorization of $250 million was also announced.
Meritor, Inc. (NYSE: MTOR) announced an equity investment in SEA Electric Holdings Pty Ltd, a leader in commercial electric vehicles. This partnership aims to leverage Meritor's expertise in electrification for medium-duty markets. SEA Electric plans to deliver over 500 electric trucks this year, targeting over 15,000 on the road by 2023. The collaboration is expected to enhance global sales and strengthen the delivery segment for urban operations. Both companies express excitement over this strategic investment, marking a significant step toward sustainable transportation solutions.
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