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