Navistar Reports Fourth-Quarter Loss
Navistar International Corp. reported a fiscal 2008 fourth-quarter loss but restated its income for the first three quarters, saying it was $43 million higher than previously reported.
The loss for the fourth quarter ended Oct. 31 was $343 million, or $4.81 per share, compared with $103 million, or $1.46, a year ago, Navistar said late Tuesday.
Revenue for full fiscal year 2008 rose 20% to a record $14.7 billion, doubling revenues from five years ago, the company said.
Navistar said it reported a profit for 2008 compared with a loss in fiscal 2007, and that it would provide more details Monday in a conference call with analysts.
Excluding impairment charges and other costs related to the company’s diesel engine venture with Ford Motor Co., net income for “would reflect near record earnings . . . in a tough North American truck market,” the company said in a statement.
In the restated results for the previous three quarters, its first-quarter loss was raised to $65 million, from $53 million first reported, second-quarter earnings fell to $211 million from $215 million and third-quarter income was restated as $331 million, $272 million.
Navistar, which makes International brand trucks, had said Monday that its 9-month income would be higher than previously reported.
