Navistar International Corp. said Wednesday its fiscal second-quarter profit more than doubled, on higher truck and engine sales.
Net income rose to $30 million, or 42 cents per share, from $12 million, or 16 cents, a year ago. Revenue for the quarter ended April 30 slipped 2.3% to $2.74 billion.
Truck segment profit rose to $76 million, from $56 million a year ago, while engine income was $15 million, compared with a loss of $84 million last year, the company said in a statement.
The company affirmed its full-year forecast, which it boosted in April, saying it will turn a profit between $198 million and $234 million, or $2.75 and $3.25 per share,
“Our expectations are to be profitable across the business cycle,” Chairman and Chief Executive Officer Daniel Ustian said in a statement.
“The plans we have put in place for our core businesses are on track through the second quarter,” he said. “We are confident that the foundation is in place to continue to support our profitability and grow our business.”
Navistar is using advanced exhaust gas recirculation, or EGR, technology in its 2010 engines, making it the only major diesel engine maker offering EGR instead of the selective catalytic reduction, or SCR, technology being offered by its competitors.
