Transport Topics Online  
The Newspaper of Trucking and Freight Transportation
Welcome  Guest  Log In         
3/8/2016 10:00:00 AM Write a Letter to the Editor Write a letter to the Editor

Navistar Narrows First-Quarter Net Loss


Christopher Dilts/Bloomberg News

Truck maker Navistar International Corp. posted a smaller quarterly net loss than the same period a year earlier, even though revenue also declined by 27%.

Navistar, the maker of International trucks, lost $33 million, or 40 cents a share, on global sales of almost $1.8 billion, during the three months ended Jan. 31, the company reported March 8. In the previous first fiscal quarter, the manufacturer lost $42 million, or 52 cents, on revenue of $2.42 billion.

The company attributed the revenue decline to the termination of the Blue Diamond Truck joint venture with Ford Motor Co. in mid-2015.

Among the company’s four major divisions, losses expanded in the truck segment, parts and financial services earned more and the loss narrowed for global operations.

"Despite a lower revenue base, we continued to unlock value by significantly improving adjusted EBITDA [debt-free cash flow] through managing and optimizing our costs," Navistar CEO Troy Clarke said in the earnings statement. "We are encouraged by our [first-quarter] performance and remain on track to achieve our goals of returning to profitability and generating manufacturing free cash flow in 2016."

The company noted the softening U.S. heavy-duty trucks market and said overseas sales have been hurt by the strong U.S. dollar.

Clarke also said that over the “next few years,” the company will announce a new product every six months, on average, “completely refreshing the product line by the end of 2018.”

By Jonathan S. Reiskin
Associate News Editor


Follow Transport Topics on Subscribe to get up to the minute news briefs and more from our feeds. RSS Twitter Twitter Facebook Facebook

© 2016, Transport Topics, American Trucking Associations Inc.
Reproduction, redistribution, display or rebroadcast by any means without written permission is prohibited.


  RELATED ARTICLES

 
LATEST NEWS



 
LATEST JOBS
Follow Us

Newsletters

TTExpress
This free daily newsletter delivers the latest headlines.

TT Executive Suite
This subscriber-only newsletter program tailors your news.

Services

Advertising

EMU
iTech
© American Trucking Associations, Inc., All Rights Reserved TTNews.com Privacy Statement