Navistar Reports Second-Quarter Loss

Navistar International Corp. reported a fiscal second-quarter loss of $374 million, or $4.65 per share, for the period ended April 30. It's more than double the prior-year period loss of $172 million, or $2.50 per share, citing weak demand.

Revenue fell 23% to $2.53 billion from $3.26 billion as the Lisle, Ill.-based manufacturer’s sales slumped during a transition to tractors with selective catalytic reduction, or SCR, after treatment.

The truck division’s operating loss more than doubled to $109 million, and the engine unit had a $138 million operating loss.

“We are not satisfied with our overall financial results this quarter, but we are pleased with the continued progress we made in a number of areas on our turnaround plan,” CEO Troy Clarke said in a statement.

Navistar’s loss from continuing operations was $353 million, or $4.39 per share, compared with $138 million, or $2.01 per share.