What: Shares of Meritor Inc. (NYSE:MTOR) jumped as much as 21.7% today after the trucking industry supplier reported fiscal third-quarter results. At 3:20 p.m. EDT, the stock was still up an impressive 20.6%.

So what: Sales fell 7% to $841 million in the quarter but net income more than tripled to $41 million, or $0.45 per share. On an adjusted basis, income from continuing operations rose to $52 million, or $0.57, from $42 million a year.  Results missed the $842 million in revenue Wall Street expected, but earnings easily topped the $0.44-per-share forecast.  

Image source: Getty Images.

Slower sales of Class 8 trucks in North America drove the decline in revenue, but it's clearly something analysts and investors were ready for. What surprised the market were the lower costs that led to the earnings beat.

Now what: Even though the results topped expectations in the third quarter, management didn't increase full-year guidance, which is a bit concerning. They lowered revenue guidance slightly to $3.225 billion and earnings per share are expected to be $1.60, in the middle of the previous guidance of $1.55 to $1.65.

What can't be denied is the value shares are trading at today. Even after the pop, shares trade at just six times earnings. If demand for trucks isn't in a slump forever, there should be plenty of value for investors, even if they're jumping in today.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.