News Briefs - Dec. 6
The Latest Headlines:
- Navistar Says It Will Post 4Q Profit
- N.Y. Times: Bush to Replace Treasury Secretary Snow
- OPEC Likely to Maintain Current Quotas
- Dana Completes Sale of Businesses
- International, MAN Agree to Cooperate
- FAA Issues More Funding for Hurricane Repairs
- N.Y. Times: Bush to Replace Treasury Secretary Snow
Navistar Says It Will Post 4Q Profit
Navistar International Corp. said Monday its net income for the fiscal fourth quarter ended Oct. 31 would be at least $148 million or $1.88 per share, compared with $77 million or $1 a year earlier.The parent of company of International Truck and Engine Corp. said in a statement earnings for the fourth quarter and full year would likely be restated higher pending the outcome of an adjustment involving its finance subsidiary.
Navistar said consolidated sales and revenues for the quarter were expected to total $3 billion, compared with $2 billion a year earlier.
N.Y. Times: Bush to Replace Treasury Secretary Snow
President Bush has decided to replace John Snow as treasury secretary, and an announcement will come sooner rather than later, the New York Times reported Monday.The Times also reported that Transportation Secretary Norman Mineta was expected to resign in the "next week or two."
One possible replacement for Snow is the White House chief of staff, Andrew Card Jr., the Times said. Card was transportation secretary under the president's father.
Snow was previously the chief executive of rail company CSX Corp. Transport Topics
OPEC Likely to Maintain Current Quotas
OPEC officials said that the oil cartel was likely to keep production at a 25-year high to prevent shortages during the winter and lower prices, Bloomberg reported.The group was scheduled to meet later this week in Egypt to discuss production for the first quarter of 2005.
Oil prices have risen almost 40% in the past year and reached a record $55.67 a barrel on Oct. 25. Since then, crude has fallen as low as $42.54.
Meanwhile, the Wall Street Journal reported that the cartel was expected to informally consider raising its floor price for a basket of crude-oil varieties it sells, which would likely keep prices in the United States around $40 a barrel. Transport Topics
Dana Completes Sale of Businesses
In a move Dana Corp. said would help it focus on other business lines including truck components, the commercial component manufacturer sold its automotive aftermarket business to Affinia Group Inc. for about $1 billion.Dana said Nov. 30 it sold the aftermarket business for $950 million in cash and a seller’s note worth $74.5 million.
Dana Chairman and Chief Executive Officer Michael Burns said proceeds from the sale would be reinvested into the company’s core business, which is commercial vehicle systems.
The sale included 52 facilities employing about 13,000 people worldwide, but excluded its distribution and marketing operations for engine products. Those operations were retained as part of its automotive systems group.
Dana’s automotive aftermarket operations had combined annual sales of about $2 billion in 2003. Transport Topics
International, MAN Agree to Cooperate
Navistar International Corp. said Monday that its operating company, International Truck and Engine Corp., and German truck maker MAN AG have signed a agreement to collaborate on the manufacturing of components and systems for commercial trucks, including a range of diesel engines."This agreement is one of a number of opportunities we are exploring for strategic growth in order to achieve long-term success . . ." said Daniel Ustian, Navistar chairman and president.
Jack Allen, president of International's Engine Group, said in a statement the companies agreed not to yet comment on any specifics of the deal. Transport Topics
FAA Issues More Funding for Hurricane Repairs
Transportation Secretary Norman Mineta said Friday the Federal Aviation Administration would fund repairs at 12 additional airports damaged by hurricanes earlier this year.DOT said in a statement $4.5 million was being distributed to airports in Alabama, Florida and Puerto Rico. The funds would pay for the repair and replacement of terminal buildings, hangars and security lighting, the release said.
In October, FAA gave $20.5 million to 71 hurricane-damaged airports in Alabama, Florida, Kentucky, Mississippi, North Carolina, Pennsylvania, West Virginia and Puerto Rico. Transport Topics
