Back to top

Analyst Blog

This page is temporarily not available.  Please check later as it should be available shortly. If you have any questions, please email customer support at support@zacks.com or call 800-767-3771 ext.  9339.

Meritor Inc. (MTOR - Analyst Report) announced the pricing of senior unsecured notes of $275 million due to mature on Jun 25, 2021 and carrying interest of 6-3/4%. The sale of the notes is expected to close on May 31, 2013, subject to customary closing conditions.

The proceeds from this offering will be utilized to buyback all or part of the company’s 8-1/8% notes due 2015, which was previously announced in the cash tender offer and consent solicitation and for general corporate purposes. Citigroup, JP Morgan, BofA Merrill Lynch, RBS and UBS Investment Bank will act as the joint book-running managers for the offering.

Headquartered in Troy, Mich., Meritor is a global automotive parts manufacturer and supplier to various customers in North America, Europe and other parts of the world. The company operates manufacturing facilities in North America, South America, Europe and Asia-Pacific. Currently, shares of the company retain a Zacks Rank #3 (Hold).

Meritor reported a significant fall in adjusted income to $6.0 million or 6 cents per share in the second quarter of fiscal 2013 compared with $32.0 million or 33 cents in the year-ago quarter. However, earnings per share surpassed the Zacks Consensus Estimate by 5 cents.

Revenues went down 21.7% to $908.0 million, missing the Zacks Consensus Estimate of $934.0 million. The decline in revenues was due to lower sales volumes in global markets excluding South America.

Some stocks that are performing well in the industry include Tower International, Inc. (TOWR - Snapshot Report), Federal-Mogul Corp. (FDML - Snapshot Report) and Visteon Corp. (VC - Snapshot Report). All these companies carry a Zacks Rank #1 (Strong Buy).
 

Please login to Zacks.com or register to post a comment.

New to Zacks?

Start Here

Zacks Investment Research

Close

Are you a new Zacks Member or a visitor to Zacks.com?

Top Zacks Features

Learn more

Start for as little as $4.50 per trade.

My Portfolio Tracker

Is it Time to Sell?

One of the most important steps you can take today is to set up your portfolio tracker on Zacks.com. Once you do, you'll be notified of major events affecting your stocks and/or funds with daily email alerts.

More Zacks Resources

Zacks Rank Home - Evaluate your stocks and use the Zacks Rank to eliminate the losers and keep the winners.

Mutual Fund Rank Home - Evaluate your funds with the Mutual Fund Rank for both your personal and retirement funds.

Stock/Mutual Fund Screening - Find better stocks and mutual funds. The ones most likely to beat the market and provide a positive return.

My Portfolio - Track your Portfolio and find out where your stocks/mutual funds stack up with the Zacks Rank.

Zacks #1 Rank Top Movers for Zacks #1 Rank Top Movers

Company Symbol Price %Chg
RAMBUS INC RMBS 12.49 +5.94%
DIXIE GROUP DXYN 15.43 +5.11%
BOFL HOLDING BOFI 84.90 +4.48%
DAIMLER AG DDAIF 93.05 +2.98%
CELL THERAPE CTIC 3.08 +2.90%