Meritor Inc. plummeted the most in 14 months after the maker of axles and brakes for trucks and buses cut its fiscal 2013 revenue forecast following a first-quarter sales decline.
The shares fell 13 percent to $4.68 at the close in New York, the biggest one-day decline since Nov. 15, 2011. The Troy, Michigan-based company’s stock declined 26 percent in the past 12 months, as the Russell 2000 Index rose 13 percent.
Meritor pared its revenue outlook for the year that ends in September to $3.8 billion from a prior forecast of $4 billion, according to a statement today. That trailed the $4.02 billion average of six analysts’ estimates compiled by Bloomberg. First-quarter revenue slid 23 percent to $891 million.
The sales were hurt by “weaker than expected market conditions outside North America,” Chief Executive Officer Chip McClure said in the statement.
Meritor also reported that its first-quarter net loss narrowed to $21 million, or 22 cents a share, from $22 million, or 23 cents, a year earlier.