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MTOR

Meritor

$15.21 /

+1.21 (+8.64%)

16:40
03/25/20
03/25
16:40
03/25/20
16:40

Meritor suspends stock repurchases, withdraws guidance due to COVID-19 pandemic

Meritor provided an update on its global operations in response to the continued spread and impact of COVID-19. "The COVID-19 pandemic has resulted in unprecedented uncertainty in the global commercial vehicle industry and economies around the world," said Jay Craig, CEO and president of Meritor. "In light of rapidly evolving market conditions, and in accordance with the guidance of global health professionals, we made the difficult but necessary decision, along with many of our customers, to suspend production at most of our global commercial truck manufacturing facilities. We are also taking proactive and decisive actions to reduce costs and increase our financial flexibility.A reduction to the retainer fees paid to non-employee directors by 60 percent; A reduction of 50 percent to 60 percent to the base salary of each of its named executive officers; A reduction to the base salary for all other salaried employees in the United States and Canada by 40 percent to 50 percent, and; The temporary suspension of share repurchases under the company's share repurchase plan. As a result of the highly uncertain operating environment, the company has determined to withdraw its guidance given on January 30, 2020 regarding its fiscal year 2020 financial results. The company will provide an update on its full fiscal year outlook when it announces its second fiscal quarter results.

MTOR Meritor
$15.21 /

+1.21 (+8.64%)

11/14/19
Fly Intel: Top five analyst upgrades
11/14/19 KeyBanc
Meritor upgraded to Overweight from Sector Weight at KeyBanc
05/21/19 RBC Capital
Meritor management discussions increase confidence in M2022, says RBC Capital
05/06/19 Longbow
Meritor downgraded to Neutral from Buy at Longbow

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Technical Analysis
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