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Meritor, Inc. (MTOR) Stock Surged 5.18% Pre-Market, Here’s Why     

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Meritor, Inc. (MTOR) stock soared 5.18% in the pre-market trading session at the price of $27.00 after it has scheduled to announce financial results for the fourth quarter of fiscal 2021. MTOR is an international provider of drivetrain, mobility, braking, and electric powertrain solutions for industrial transport and mechanical markets. 

MTOR Fourth Quarter and Fiscal 2021 Financial Results 

On 14th October 2021, MTOR has scheduled to publish its fourth quarter and fiscal 2021 financial results on 17th November 2021. The management will host a conference call and webcast to present financial and business updates on Wednesday at 9 a.m. Eastern Time. 

MTOR Supplied Blue Horizon Electrification Technology to Hyliion 

On 4th August 2021, MTOR published that it will supply electric drivetrain sub-systems for Hyliion’s Hypertruck ERX powertrain. Hyliion’s powertrain system has highlighted Blue Horizon 14Xe ePowertrain drive axles as the standard state propulsion and reformation hardware on Hyliion vehicles.  

Management Comments 

Chief executive officer of MTOR, Chris Villavarayan, remarked that Hypertruck ERX produces a functional, clean and long-haul powertrain solution that operates in all-electric mode. The company is excited to be chosen as a long-term partner to power the Hypertruck ERX. They feel proud to produce and deliver innovative technologies as a perfect fit for such a game-changing vehicle. 

Chief executive officer of Hyliion, Thomas Healy, commented that Meritor is assigned to provide them industry-leading and zero-emissions vehicle solutions. MTOR’s experience and expertise in electric drivetrain technology is an impressive addition for the commercialization of Hypertruck ERX, he added.  

MTOR Third Quarter Fiscal 2021 Financial Results 

On 4th August 2021, MTOR announced its financial results for the third quarter of fiscal 2021 and provided corporate updates.  

Financial Summary 

MTOR reported sales of $1,016 million for the third quarter of fiscal 2021. It represents an increase of $502 million or 98 percent from the same period of the previous year. Net income attributable to the company was $42 million or $0.58 per share for the third quarter ended 30th June 2021. 

Higher net income resulted from larger sales volumes, partially balanced by higher freight and electrification charges. Adjusted income from operations was $45 million or $0.62 per diluted share in the third fiscal quarter ended 30th June 2021. For the third fiscal quarter ended 30th June 2020, net loss was $26 million or $0.36 per diluted share. 

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