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ArvinMeritor Inc. (ARM) filed Quarterly Report for the period ended 2011-07-03.
Arvinmeritor Inc. has a market cap of $1.03 billion; its shares were traded at around $19.53 . The dividend yield of Arvinmeritor Inc. stocks is 2.5%.
This is the annual revenues and earnings per share of ARM over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of ARM.
Highlight of Business Operations:
In the third quarter of fiscal year 2011, we saw stronger commercial truck demand in all regions. As a result, sales increased in the third quarter of fiscal year 2011 to approximately $1,287 million compared $966 million in the prior year s third quarter. The higher sales resulted in improved financial results compared to the prior year s third fiscal quarter. Pre-tax income from continuing operations for the quarter ended June 30, 2011 was $58 million, compared to $19 million in the prior year s third fiscal quarter. Net income for the quarter ended June 30, 2011 was $17 million compared to a net loss of $3 million in the same period in fiscal year 2010.
Adjusted EBITDA for the three months ended June 30, 2011 was $102 million compared to $66 million in the three months ended June 30, 2010. Adjusted EBITDA margin was 7.9 percent for the quarter ended June 30, 2011 compared to 6.8 percent in the prior year s third fiscal quarter. Although the higher sales volumes resulted in significantly improved operating results, including Adjusted EBITDA, our financial performance was negatively impacted in the quarter by higher steel, freight and other premium costs. Also unfavorably impacting Adjusted EBITDA were lower sales for certain military programs, which typically carry higher margins.
Cash flow from operating activities was $25 million in the quarter ended June 30, 2011 compared to $47 million in the prior fiscal year s third quarter. The decrease in operating cash flows in the third quarter of fiscal year 2011 was primarily due to higher investments in inventory as global commercial vehicle and industrial markets continue to strengthen.
On January 3, 2011, we completed the sale of our Body Systems business to an affiliate of Inteva Products, LLC. Pursuant to the Agreement signed in August 2010, total consideration was approximately $35 million, subject to certain potential adjustments for items such as working capital fluctuations. The actual purchase price at the closing was $27 million (excluding estimated closing expenses for outside advisory fees of $12 million), consisting of $12 million in cash at closing (adjusted for estimated balances in working capital and other items at the time of the closing) and a five year, 8 percent promissory note for $15 million. In addition to the purchase price, we expect to receive the cash held at the time of the sale by the Body Systems entities operating in China and Brazil of approximately $33 million, before applicable taxes and other withholding, at such time as it becomes available for distribution, as provided in the Purchase and Sale Agreement. We recognized an after-tax gain of $32 million during the second quarter of fiscal year 2011 associated with this transaction. This gain is recorded in income from discontinued operations in the accompanying condensed consolidated statement of income.
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