Navistar International Corp.
Navistar International Corp. said Thursday that its fiscal third-quarter profit fell from a year ago and it was reviewing its noncore businesses. It also outlined a cost-reduction plan, including job cuts.
The truck and engine maker earned $84 million, or $1.22 per share, down from $1.4 billion, or $18.24 per share, in the year-ago period, which had included a large tax benefit.
Navistar reported a pre-tax loss of $100 million, compared with a $54 million loss a year ago. Revenue for the fiscal quarter ended July 31 fell 6% to $3.3 billion.
The loss was driven by lower net sales in the U.S. and Canadian truck and engine segments, primarily due to lower military sales and reduced engine volumes in South America, the company said.