Shares of automobile components manufacturer Meritor, Inc. (MTOR) are trading down 4 percent on Tuesday as the company announced a drop in second quarter profit, despite higher revenues.
The company reported second quarter net income of $63 million or $0.86 per share, lower than $241 million or $3.20 per share in the year-ago quarter.
On average, 5 analysts polled by Thomson Reuters expected the company to report earnings of $0.61 per share in the quarter.
During the three-month period, revenues climbed 13 percent to $983 million from 871 million in the comparable quarter last year.
Four analysts expected the company to earn revenues of $937.4 million in the second quarter.
The stock is currently trading at $25.81, down $1.28 or 4 percent on the NYSE.
Meritor has traded between $15.72 and $33.56 during the last 52-weeks.
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