Meritor beats 1Q earnings expectations, misses revenue forecasts

MarketsAssociated Press

Meritor Inc. (MTOR) on Wednesday reported fiscal first-quarter earnings of $29 million.

On a per-share basis, the Troy, Michigan-based company said it had profit of 29 cents. Earnings, adjusted to account for discontinued operations and restructuring costs, came to 35 cents per share.

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The results topped Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 29 cents per share.

The supplier of parts for commercial vehicles and heavy equipment posted revenue of $879 million in the period, which did not meet Street forecasts. Analysts expected $910.7 million, according to Zacks.

Meritor expects full-year earnings in the range of $1.20 to $1.30 per share, with revenue expected to be $3.7 billion.

Meritor shares have declined 0.5 percent since the beginning of the year. The stock has increased 59 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MTOR at http://www.zacks.com/ap/MTOR

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Keywords: Meritor, Earnings Report