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MERITOR® Meritor Reports Third - Quarter Fiscal Year 2021 Results August 4 , 2021 TROY , Mich . , Aug. 4 , 2021 / PRNewswire / -- Meritor , Inc. ( NYSE : MTOR ) today reported financial results for its third fiscal quarter that ended June 30 , 2021 . Third - Quarter Highlights • Sales of $ 1,016 million • Net income attributable to Meritor and net income from continuing operations attributable to Meritor of $ 42 million • Diluted earnings per share from continuing operations of $ 0.58 • Adjusted income from continuing operations attributable to the company of $ 45 million , or $ 0.62 per adjusted diluted share • Adjusted EBITDA of $ 107 million and adjusted EBITDA margin of 10.5 percent • Operating cash flow of $ 39 million • Free cash flow of $ 18 million Third - Quarter Results For the third quarter of fiscal year 2021 , Meritor posted sales of $ 1,016 million , up $ 502 million , or approximately 98 percent , from the same period last year . The increase in sales was primarily driven by higher global truck production in all markets . Net income attributable to Meritor and net income from continuing operations attributable to Meritor , were each $ 42 million , or $ 0.58 per diluted share , compared to net loss of $ 36 million , or $ 0.50 loss per diluted share , in the same period last year . Higher net income year over year was driven by higher sales volumes , partially offset by higher freight , steel and electrification costs . Adjusted income from continuing operations attributable to the company in the third quarter of fiscal year 2021 was $ 45 million , or $ 0.62 per adjusted diluted share , compared to net loss of $ 26 million , or $ 0.36 loss per adjusted diluted share , in the same period last year . Adjusted EBITDA was $ 107 million , compared to $ 7 million in the third quarter of fiscal year 2020. Adjusted EBITDA margin was 10.5 percent , compared to 1.4 percent in the same period last year . The increase in adjusted EBITDA and adjusted EBITDA margin was driven primarily by higher sales volumes , partially offset by higher freight , steel and electrification costs . Cash provided by operating activities was $ 39 million in the third quarter of fiscal year 2021 , compared to cash used for operating activities of $ 102 million in the third quarter of fiscal year 2020. The increase in operating cash flow year over year was driven primarily by higher earnings and the impact of accounts receivable factoring as a result of higher balances available under the company's factoring programs , partially offset by an increase in working capital requirements . Third - Quarter Segment Results Commercial Truck sales for the third quarter of fiscal year 2021 were $ 800 million , up $ 464 million , or 138 percent , compared to the same period last year . The increase in sales was primarily driven by higher global truck production in all markets . Segment adjusted EBITDA for Commercial Truck was $ 69 million , up $ 92 million , compared to the third quarter of fiscal year 2020. Segment adjusted EBITDA margin was 8.6 percent in the third quarter of fiscal year 2021 , compared to negative 6.8 percent in the same period of the prior year . The increase in segment adjusted EBITDA and segment adjusted EBITDA margin was driven primarily by conversion on higher revenue , partially offset by higher freight , steel and electrification costs . Aftermarket & Industrial sales for the third quarter of fiscal year 2021 were $ 258 million , up $ 55 million , or 27 percent , from the same period a year ago . The increase in sales in the third quarter of 2021 was primarily due to higher volumes across the segment . Segment adjusted EBITDA for Aftermarket & Industrial was $ 36 million , up $ 5 million , compared to the third quarter of fiscal year 2020. The increase in segment adjusted EBITDA was driven primarily by higher sales volumes , partially offset by higher freight costs . Segment adjusted EBITDA margin was 14.0 percent in the third quarter of fiscal year 2021 , compared to 15.3 percent in the same period of the prior year . The decrease in segment adjusted EBITDA margin was due primarily to higher freight costs , which more than offset conversion on higher sales . Capital Return and New Share Repurchase Authorization In the third quarter of fiscal year 2021 , the company repurchased approximately 1 million shares of common stock for $ 25 million . In July 2021 , the company repurchased approximately 1.5 million shares of common stock for an additional $ 34 million , completing the remaining equity repurchase authorization . In July 2021 , the Board of Directors authorized the repurchase of an additional $ 250 million of the company's common stock subject to compliance with legal and regulatory requirements and the company's debt covenants . Outlook for Fiscal Year 2021 The company is revising its guidance from its prior outlook for fiscal year 2021 , as follows :