TROY, Mich., Feb. 2, 2012 /PRNewswire-FirstCall/ -- Meritor,
Inc. (NYSE: MTOR) today reported financial results for its first
fiscal quarter ended Dec. 31,
2011.
First-Quarter Highlights
- Sales were $1.159 billion, up
$202 million or 21 percent, from the
same period last year.
- Net loss on a GAAP basis was $22
million (which includes $24
million in restructuring), compared to a net loss of
$2 million in the prior year's first
quarter.
- Adjusted EBITDA was $79 million,
up $14 million or 22 percent from the
same period last year.
- Cash flow provided by operations was $5
million in the first quarter of fiscal year 2012, compared
to negative $49 million in the same
period last year.
- Free cash flow was negative $20
million in the first quarter of fiscal year 2012, compared
to negative $74 million in the same
period last year.
"Our performance this quarter was in line with our expectations,
driven primarily by higher commercial truck sales in all regions
that helped us to deliver a 22-percent increase in Adjusted EBITDA
year-over-year," said Chairman, CEO and President Chip McClure. "In addition, we completed key
initiatives, including our European footprint rationalization and
commercial truck pricing negotiations, which we expect to drive
improving margins in the coming quarters."
First-Quarter Results
For the first quarter of fiscal year 2012, Meritor posted sales
of $1.159 billion, up 21 percent from
the same period last year. This increase in sales was primarily due
to stronger truck demand in all regions. As compared to the fourth
quarter of fiscal year 2011, sales in the first quarter were down
almost five percent due to normal seasonality and lower defense
revenue due to the planned deferral of Caiman shipments to future
quarters.
Loss from continuing operations, on a GAAP basis, was
$13 million or $0.13 per diluted share, compared to a loss from
continuing operations of $6 million
or $0.07 per diluted share in the
prior year. Loss from continuing operations includes $24 million of restructuring charges (including
$19 million of non-cash charges)
primarily associated with the sale of the company's St. Priest,
France, facility.
Adjusted income from continuing operations in the first quarter
of fiscal year 2012 was $11 million,
or $0.12 per diluted share, compared
to an adjusted loss from continuing operations of $3 million, or $0.04 per diluted share, a year ago.
Adjusted EBITDA was $79 million,
compared to $65 million in the first
quarter of fiscal year 2011. Adjusted EBITDA margin for the first
quarter of fiscal year 2012 was flat with the same period last year
at 6.8 percent. Higher Adjusted EBITDA was primarily due to the
benefits of increased sales partially offset by higher material
costs.
Free cash flow for the first quarter of fiscal year 2012 was
negative $20 million compared to free
cash flow of negative $74 million in
the same period last year.
First-Quarter Segment Results
Commercial Truck sales were $751
million, up $176 million from
the same period last year. Segment EBITDA for the Commercial Truck
segment was $47 million for the
quarter, up $14 million from the
first quarter of fiscal year 2011, primarily driven by increased
sales in all regions partially offset by higher material costs.
Sales for the company's Industrial segment were $248 million, up $18
million from the first quarter of fiscal year 2011,
primarily driven by the company's on-highway business in
India. Segment EBITDA for the
company's Industrial segment was $11
million, down $6 million from
the same period last year. The lower Segment EBITDA is primarily
attributable to changes in sales mix and higher material costs
compared to the prior year.
The company's Aftermarket & Trailer segment posted sales of
$235 million, up $24 million from the same period last year,
primarily due to sales gains in North
America. Segment EBITDA for Aftermarket & Trailer was
$20 million, up $4 million or 25 percent from the first quarter
of fiscal year 2011, primarily due to the favorable impact of
higher sales.
First-Quarter Execution Highlights
- Completed Commercial Truck pricing negotiations.
- Increased base pricing to align to the company's value
proposition.
- Improved commodity cost recovery mechanisms.
- Rationalized European footprint as planned.
- Sale of St. Priest, France,
facility to Renault effective Jan. 2,
2012.
- Negligible impact on European revenue.
- Anticipated strong payback starting in the second quarter of
fiscal year 2012.
Outlook for 2012
For fiscal year 2012, the company reaffirms its guidance for the
following results from continuing operations:
- Revenue to be approximately $4.8
billion.
- Adjusted EBITDA margin in the range of 8.2 percent to 8.6
percent.
- Adjusted income from continuing operations in the range of
$105 million to $135 million.
- Adjusted earnings per share in the range of $1.08 to $1.39.
- Free cash flow before restructuring payments in the range of
$25 million to $75 million.
- Effective tax rate of approximately 40 percent.
For fiscal year 2012, the company continues to plan the
following for its continuing operations:
- Capital expenditures in the range of $100 million to $110 million.
- Interest expense in the range of $85
million to $95 million.
- Cash interest in the range of $75
million to $85 million.
- Cash income taxes in the range of $75
million to $95 million.
- Restructuring cash of approximately $20
million.
"We are executing on our 2012 priorities and key initiatives,"
said McClure. "We will continue driving toward sustainable and
profitable growth, collaboration with customers and suppliers,
strategic investments, new product introductions and cost
management."
First-Quarter Fiscal Year 2012 Conference Call
The company will host a telephone conference call and webcast to
discuss the company's first-quarter results for fiscal year 2012 on
Thursday, Feb. 2, 2012, at
9 a.m. (ET).
To participate, call (617) 213-4845 at least 10 minutes prior to
the start of the call. Please reference participant pass code
74852200 when dialing in. Investors can also listen to the
conference call in real time or access a recording of the call for
seven days after by visiting www.meritor.com.
To access the listen-only audio webcast, visit the Meritor
website at meritor.com and select the webcast link from the home
page or the investor page.
The company's first-quarter financial results will be released
prior to the conference call and webcast on Feb. 2. The release will be distributed through
PR Newswire, First Call and the company's website.
A replay of the call will be available from 11 a.m. on Feb. 2,
to 11:59 p.m. on Feb. 9, by calling (888) 286-8010 (within
the United States) or (617)
801-6888 for international calls. Please refer to replay pass code
number 71425826.
About Meritor
Meritor, Inc. is a leading global supplier of drivetrain,
mobility, braking and aftermarket solutions for commercial vehicle
and industrial markets. With more than a 100-year legacy of
providing innovative products that offer superior performance,
efficiency and reliability, the company serves commercial truck,
trailer, off-highway, defense, specialty and aftermarket customers
in more than 70 countries. Meritor is based in Troy, Mich., United
States, and is made up of more than 11,000 diverse employees
who apply their knowledge and skills in manufacturing facilities,
engineering centers, joint ventures, distribution centers and
global offices in 19 countries. Common stock is traded on the New
York Stock Exchange under the ticker symbol MTOR. For important
information, visit the company's web site at meritor.com.
Forward-Looking Statement
This press release contains statements relating to our future
results (including certain projections and business trends) that
are "forward-looking statements" as defined in the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are typically identified by words or phrases such as
"believe," "expect," "anticipate," "estimate," "should," "are
likely to be," "will" and similar expressions. Actual results may
differ materially from those projected as a result of certain risks
and uncertainties, including but not limited to our ability to
successfully manage rapidly changing volumes in the
commercial truck markets and work with our customers to adjust
their demands in view of rapid changes in production levels;
availability and sharply rising costs of raw materials, including
steel, and our ability to manage or recover such costs; reduced
production for certain military programs and the return of volumes
of selected long-term military contracts to more normalized levels;
global economic and market cycles and conditions, including a
slower than anticipated recovery from the recent global economic
crisis; risks inherent in operating abroad (including foreign
currency exchange rates and potential disruption of production and
supply due to terrorist attacks or acts of aggression); the ability
to achieve the expected benefits of restructuring actions; the
demand for commercial and specialty vehicles for which we supply
products; whether our liquidity will be affected by declining
vehicle productions in the future; original equipment manufacturer
("OEM") program delays; demand for and market acceptance of new and
existing products; successful development of new products; reliance
on major OEM customers and possible negative outcomes from contract
negotiations with our major customers; labor relations of our
company, our suppliers and customers, including potential
disruptions in supply of parts to our facilities or demand for our
products due to work stoppages; the financial condition of our
suppliers and customers, including potential bankruptcies; possible
adverse effects of any future suspension of normal trade credit
terms by our suppliers; potential difficulties competing with
companies that have avoided their existing contracts in bankruptcy
and reorganization proceedings; successful integration of acquired
or merged businesses; the ability to achieve the expected annual
savings and synergies from past and future business combinations;
success and timing of potential divestitures; potential impairment
of long-lived assets, including goodwill; potential adjustment of
the value of deferred tax assets; competitive product and pricing
pressures; the amount of our debt; our ability to continue to
comply with covenants in our financing agreements; our ability to
access capital markets; credit ratings of our debt; the outcome of
existing and any future legal proceedings, including any litigation
with respect to environmental or asbestos-related matters; the
outcome of actual and potential product liability, warranty and
recall claims; rising costs of pension and other postretirement
benefits; and possible changes in accounting rules; as well as
other substantial costs, risks and uncertainties, including but not
limited to those detailed in our Annual Report on Form 10-K for the
year ended October 2, 2011 and from
time to time in our other filings with the SEC. See also the
following portions of our Annual Report on Form 10-K for the year
ended October 2, 2011: Item 1.
Business, "Customers; Sales and Marketing"; "Competition"; "Raw
Materials and Supplies"; "Employees"; "Environmental Matters";
"International Operations"; and "Seasonality; Cyclicality"; Item
1A. Risk Factors; Item 3. Legal Proceedings; and Item 7.
Management's Discussion and Analysis of Financial Condition and
Results of Operations. These forward-looking statements are made
only as of the respective dates on which they were made, and we
undertake no obligation to update or revise the forward-looking
statements, whether as a result of new information, future events
or otherwise, except as otherwise required by law.
Non-GAAP Measures
In addition to the results reported in accordance with
accounting principles generally accepted in the United States ("GAAP") included throughout
this press release, the company has provided information regarding
Adjusted income or loss from continuing operations, Adjusted
diluted earnings per share from continuing operations, Adjusted
EBITDA, free cash flow and free cash flow from continuing
operations before restructuring payments which are non-GAAP
financial measures.
Adjusted income (loss) from continuing operations and Adjusted
diluted earnings (loss) per share from continuing operations are
defined as reported income or loss from continuing operations and
reported diluted earnings or loss per share from continuing
operations before restructuring expenses, asset impairment charges
and other special items as determined by management. Adjusted
EBITDA is defined as income (loss) from continuing operations
before interest, income taxes, depreciation and amortization,
non-controlling interests in consolidated joint ventures, loss on
sale of receivables, restructuring expenses, asset impairment
charges and other special items as determined by management. Free
cash flow is defined as cash flows provided by (used for) operating
activities less capital expenditures.
Management believes that the non-GAAP financial measures used in
this press release are useful to both management and investors in
their analysis of the company's financial position and results of
operations. In particular, management believes that Adjusted EBITDA
is a meaningful measure of performance as it is commonly utilized
by management and the investment community to analyze operating
performance in our industry. Further, management uses
Adjusted EBITDA for planning and forecasting future periods.
Management believes that free cash flow is useful in analyzing our
ability to service and repay debt.
Adjusted income (loss) from continuing operations, Adjusted
diluted earnings (loss) per share from continuing operations and
Adjusted EBITDA should not be considered a substitute for the
reported results prepared in accordance with GAAP and should not be
considered as an alternative to net income as an indicator of our
operating performance or to cash flows as a measure of liquidity.
Free cash flow should not be considered a substitute for cash
provided by (used for) operating activities, or other cash flow
statement data prepared in accordance with GAAP, or as a measure of
financial position or liquidity. In addition, these non-GAAP cash
flow measures do not reflect cash used to service debt or cash
received from the divestitures of businesses or sales of other
assets and thus do not reflect funds available for investment or
other discretionary uses. These non-GAAP financial measures, as
determined and presented by the company, may not be comparable to
related or similarly titled measures reported by other
companies.
Set forth on the following pages are reconciliations of these
non-GAAP financial measures to the most directly comparable
financial measures calculated and presented in accordance with
GAAP.
Segment EBITDA and EBITDA Margins
Segment EBITDA is defined as income (loss) from continuing
operations before interest expense, income taxes, depreciation and
amortization, noncontrolling interests in consolidated joint
ventures, loss on sale of receivables, restructuring costs and
asset impairment charges. We use Segment EBITDA as the primary
basis for the Chief Operating Decision Maker to evaluate the
performance of each of our reportable segments.
(Logo: http://photos.prnewswire.com/prnh/20110330/DE73783LOGO
)
MERITOR,
INC.
CONSOLIDATED
STATEMENT OF OPERATIONS
(Unaudited)
(In
millions, except per share amounts)
|
|
|
Quarter
Ended December 31,
|
|
|
2011
|
|
2010
|
|
Sales
|
$
|
1,159
|
|
$
|
957
|
|
Cost of sales
|
|
(1,053)
|
|
|
(852)
|
|
GROSS MARGIN
|
|
106
|
|
|
105
|
|
Selling, general and
administrative
|
|
(65)
|
|
|
(70)
|
|
Restructuring
costs
|
|
(24)
|
|
|
(3)
|
|
Other operating
expense
|
|
(1)
|
|
|
—
|
|
OPERATING INCOME
|
|
16
|
|
|
32
|
|
Other income,
net
|
|
4
|
|
|
—
|
|
Equity in earnings of
affiliates
|
|
15
|
|
|
13
|
|
Interest expense,
net
|
|
(24)
|
|
|
(27)
|
|
INCOME BEFORE INCOME
TAXES
|
|
11
|
|
|
18
|
|
Provision for income
taxes
|
|
(20)
|
|
|
(20)
|
|
LOSS FROM CONTINUING
OPERATIONS
|
|
(9)
|
|
|
(2)
|
|
INCOME (LOSS) FROM DISCONTINUED
OPERATIONS, net of tax
|
|
(9)
|
|
|
4
|
|
NET INCOME (LOSS)
|
$
|
(18)
|
|
$
|
2
|
|
Less: Net income
attributable to noncontrolling interests
|
|
(4)
|
|
|
(4)
|
|
NET LOSS ATTRIBUTABLE TO
MERITOR, INC.
|
$
|
(22)
|
|
$
|
(2)
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) ATTRIBUTABLE
TO MERITOR, INC.
|
|
|
|
|
|
|
Net loss from continuing
operations
|
$
|
(13)
|
|
$
|
(6)
|
|
Income (loss) from
discontinued operations
|
|
(9)
|
|
|
4
|
|
Net loss
|
$
|
(22)
|
|
$
|
(2)
|
|
|
|
|
|
|
|
|
BASIC AND DILUTED INCOME (LOSS)
PER SHARE
|
|
|
|
|
|
|
Continuing
operations
|
$
|
(0.13)
|
|
$
|
(0.07)
|
|
Discontinued
operations
|
|
(0.10)
|
|
|
0.04
|
|
Basic and diluted loss
per share
|
$
|
(0.23)
|
|
$
|
(0.03)
|
|
|
|
|
|
|
|
|
Basic and diluted average common
shares outstanding
|
|
94.5
|
|
|
93.3
|
|
|
|
|
|
|
|
|
Prior
periods have been recast to reflect European Trailer as
discontinued operations.
|
|
|
|
|
|
|
|
MERITOR,
INC.
CONDENSED
CONSOLIDATED BALANCE SHEET
(Unaudited,
In millions)
|
|
|
|
December
31,
|
|
September
30,
|
|
|
|
|
2011
|
|
2011
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
211
|
|
$
|
217
|
|
|
Receivables, trade and other,
net
|
|
|
611
|
|
|
712
|
|
|
Inventories
|
|
|
483
|
|
|
460
|
|
|
Other current
assets
|
|
|
72
|
|
|
70
|
|
|
TOTAL CURRENT
ASSETS
|
|
|
1,377
|
|
|
1,459
|
|
|
Net property
|
|
|
395
|
|
|
421
|
|
|
Goodwill
|
|
|
428
|
|
|
431
|
|
|
Other assets
|
|
|
353
|
|
|
352
|
|
|
TOTAL ASSETS
|
|
$
|
2,553
|
|
$
|
2,663
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
(DEFICIT):
|
|
|
|
|
|
|
|
|
Short-term debt
|
|
$
|
84
|
|
$
|
84
|
|
|
Accounts payable
|
|
|
771
|
|
|
841
|
|
|
Other current
liabilities
|
|
|
342
|
|
|
328
|
|
|
TOTAL CURRENT
LIABILITIES
|
|
|
1,197
|
|
|
1,253
|
|
|
Long-term debt
|
|
|
951
|
|
|
950
|
|
|
Retirement
benefits
|
|
|
1,075
|
|
|
1,096
|
|
|
Other liabilities
|
|
|
313
|
|
|
325
|
|
|
|
|
|
|
|
|
|
|
|
Total deficit attributable to
Meritor, Inc.
|
|
|
(1,020)
|
|
|
(995)
|
|
|
Noncontrolling
interests
|
|
|
37
|
|
|
34
|
|
|
TOTAL EQUITY
(DEFICIT)
|
|
|
(983)
|
|
|
(961)
|
|
|
TOTAL LIABILITIES AND EQUITY
(DEFICIT)
|
|
$
|
2,553
|
|
$
|
2,663
|
|
|
|
|
|
|
|
|
|
|
|
|
MERITOR,
INC.
CONSOLIDATED
BUSINESS SEGMENT INFORMATION
(Unaudited,
In millions)
|
|
|
|
Quarter
Ended
|
|
|
|
|
December
31,
|
|
|
|
|
2011
|
|
2010
|
|
|
Sales:
|
|
|
|
|
|
|
|
|
Commercial
Truck
|
|
$
|
751
|
|
$
|
575
|
|
|
Industrial
|
|
|
248
|
|
|
230
|
|
|
Aftermarket
& Trailer
|
|
|
235
|
|
|
211
|
|
|
Intersegment
Sales
|
|
|
(75)
|
|
|
(59)
|
|
|
Total
sales
|
|
$
|
1,159
|
|
$
|
957
|
|
|
EBITDA:
|
|
|
|
|
|
|
|
|
Commercial
Truck
|
|
$
|
47
|
|
$
|
33
|
|
|
Industrial
|
|
|
11
|
|
|
17
|
|
|
Aftermarket
& Trailer
|
|
|
20
|
|
|
16
|
|
|
Segment
EBITDA
|
|
|
78
|
|
|
66
|
|
|
Unallocated
Corporate
|
|
|
1
|
|
|
(1)
|
|
|
Adjusted
EBITDA
|
|
|
79
|
|
|
65
|
|
|
Interest Expense,
Net
|
|
|
(24)
|
|
|
(27)
|
|
|
Provision for Income
Taxes
|
|
|
(20)
|
|
|
(20)
|
|
|
Depreciation and
Amortization
|
|
|
(17)
|
|
|
(16)
|
|
|
Noncontrolling
interests
|
|
|
(4)
|
|
|
(4)
|
|
|
Loss on Sale of
Receivables
|
|
|
(3)
|
|
|
(1)
|
|
|
Restructuring
Costs
|
|
|
(24)
|
|
|
(3)
|
|
|
Loss from
Continuing Operations
attributable to Meritor, Inc.
|
|
|
(13)
|
|
|
(6)
|
|
|
Income
(loss) from Discontinued Operations attributable to Meritor,
Inc.
|
|
|
(9)
|
|
|
4
|
|
|
Net loss attributable to
Meritor, Inc.
|
|
$
|
(22)
|
|
$
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
Prior
periods have been recast to reflect European Trailer as
discontinued operations.
|
|
|
|
|
|
|
|
|
|
MERITOR,
INC.
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited,
In millions)
|
|
|
|
Three Months
Ended December 31,
|
|
|
|
|
2011
|
|
2010
|
|
|
OPERATING
ACTIVITIES
|
|
|
|
|
|
|
|
|
Loss from continuing
operations
|
|
$
|
(9)
|
|
$
|
(2)
|
|
|
Adjustments to loss from
continuing operations:
|
|
|
|
|
|
|
|
|
Depreciation
and amortization
|
|
|
17
|
|
|
16
|
|
|
Restructuring
costs
|
|
|
24
|
|
|
3
|
|
|
Equity in
earnings of affiliates
|
|
|
(15)
|
|
|
(13)
|
|
|
Pension and
retiree medical expense
|
|
|
14
|
|
|
18
|
|
|
Other adjustments
to loss from continuing operations
|
|
|
4
|
|
|
8
|
|
|
Pension and retiree medical
contributions
|
|
|
(25)
|
|
|
(16)
|
|
|
Changes in off-balance sheet
receivable securitization and factoring
|
|
|
77
|
|
|
125
|
|
|
Changes in assets and
liabilities
|
|
|
(79)
|
|
|
(158)
|
|
|
Operating cash flows provided by
(used for) continuing operations
|
|
|
8
|
|
|
(19)
|
|
|
Operating cash flows used for
discontinued operations
|
|
|
(3)
|
|
|
(30)
|
|
|
CASH PROVIDED BY (USED FOR)
OPERATING ACTIVITIES
|
|
|
5
|
|
|
(49)
|
|
|
INVESTING
ACTIVITIES
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
|
(25)
|
|
|
(19)
|
|
|
Other investing
activities
|
|
|
2
|
|
|
3
|
|
|
Net investing cash
flows used for continuing operations
|
|
|
(23)
|
|
|
(16)
|
|
|
Net investing cash flows
provided by (used for) discontinued operations
|
|
|
11
|
|
|
(6)
|
|
|
CASH USED FOR INVESTING
ACTIVITIES
|
|
|
(12)
|
|
|
(22)
|
|
|
CASH PROVIDED BY FINANCING
ACTIVITIES
|
|
|
—
|
|
|
2
|
|
|
EFFECT OF CHANGES IN FOREIGN
CURRENCY EXCHANGE
|
|
|
|
|
|
|
|
|
RATES ON CASH AND
CASH EQUIVALENTS
|
|
|
1
|
|
|
2
|
|
|
CHANGE IN CASH AND CASH
EQUIVALENTS
|
|
|
(6)
|
|
|
(67)
|
|
|
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD
|
|
|
217
|
|
|
343
|
|
|
CASH AND CASH EQUIVALENTS AT END
OF PERIOD
|
|
$
|
211
|
|
$
|
276
|
|
|
Prior
periods have been recast to reflect European Trailer as
discontinued operations.
|
|
|
|
|
|
|
|
|
|
MERITOR,
INC.
ADJUSTED
INCOME AND EARNINGS PER SHARE – RECONCILIATION
Non-GAAP
(Unaudited)
(In
millions, except per share amounts)
|
|
|
|
Quarter
Ended
|
|
|
|
|
December
31,
|
|
|
|
|
2011
|
|
2010
|
|
|
Loss from
continuing operations
|
|
|
|
|
|
|
|
|
attributable to Meritor,
Inc.
|
|
$
|
(13)
|
|
$
|
(6)
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Restructuring
costs
|
|
|
24
|
|
|
3
|
|
|
Adjusted
income (loss) from continuing operations
|
|
$
|
11
|
|
$
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss per share
from continuing operations
|
|
$
|
(0.13)
|
|
$
|
(0.07)
|
|
|
Impact of
adjustments on basic and diluted loss per share
|
|
|
0.25
|
|
|
0.03
|
|
|
Adjusted basic and diluted
income (loss) per share from continuing operations
|
|
$
|
0.12
|
|
$
|
(0.04)
|
|
|
|
|
|
|
|
|
|
|
|
Prior
periods have been recast to reflect European Trailer as
discontinued operations.
|
|
|
|
|
|
|
|
|
|
MERITOR,
INC.
FREE CASH
FLOW – RECONCILIATION
Non-GAAP
(Unaudited,
In millions)
|
|
|
|
Quarter
Ended
|
|
|
|
|
December
31,
|
|
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
Cash flows
provided by (used for) operating activities – continuing
operations
|
|
$
|
8
|
|
$
|
(19)
|
|
|
Capital
expenditures – continuing operations
|
|
|
(25)
|
|
|
(19)
|
|
|
Free cash
flow - continuing operations
|
|
|
(17)
|
|
|
(38)
|
|
|
Cash flow
used for operating activities - discontinued
operations
|
|
|
(3)
|
|
|
(30)
|
|
|
Capital
expenditures – discontinued operations
|
|
|
—
|
|
|
(6)
|
|
|
Free cash
flow – discontinued operations
|
|
|
(3)
|
|
|
(36)
|
|
|
Free cash
flow – total company
|
|
$
|
(20)
|
|
$
|
(74)
|
|
|
|
|
|
|
|
|
|
|
|
Free cash
flow - continuing operations
|
|
$
|
(17)
|
|
$
|
(38)
|
|
|
Restructuring
payments
|
|
|
7
|
|
|
4
|
|
|
Free cash
flow from continuing operations before restructuring
payments
|
|
$
|
(10)
|
|
$
|
(34)
|
|
|
Prior
periods have been recast to reflect European Trailer as
discontinued operations.
|
|
|
|
|
|
|
|
|
|
SOURCE Meritor, Inc.