Navistar Replaces Auditor, Will Restate Earnings

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ruck maker Navistar International Corp. plans to restate earnings results from 2002 through most of 2005 and has replaced its outside auditor, the company said Friday.

The company named KPMG its new auditor, replacing Deloitte & Touche, it said.

Navistar also has suspended its employees’ purchases of company shares through 401(k) programs because it failed to file an annual earnings report on time, Bloomberg reported.

The company informed employees and executives of the stock-purchase blackout Thursday, it said in a Securities and Exchange Commission filing, Bloomberg reported.

The blackout period will end when the company files its annual report for its fiscal year ended last Oct. 31, Bloomberg said.

Navistar in January said it couldn't file its annual earnings report on time because of accounting issues related leases to affiliates and when some sales could be booked. In March the company said it didn't expect to file its report for the November-January quarter on time.

Navistar is the parent company of International Truck and Engine Corp.

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