Supplier News
3/10/2010
Navistar International Posts Lower Income on Fewer Shipments
For the fiscal first quarter, Navistar posted a net income attributable to Navistar International of $17 million, down from a net income of $48 million in the year-ago quarter.
The company is still in the midst of developing and launching its 2010-emissions compliant engines, which will use exhaust gas recirculation. The company says it will launch its EGR MaxxForce engines in the coming months.
Sales and revenues for the quarter was about $2.8 billion, compared to $2.97 billion in the fiscal first quarter of last year.
Despite the fact that quarterly shipments were low, the company's truck segment managed to see 31 percent market share for its Class 6-8 trucks and buses in the U.S. and Canada. The truck segment had a profit of $35 million, mostly due to reductions in its product costs offset by lower MRAP sales. A year ago, the segment posted first quarter profit of $114 million.
"First quarter results reflect the progress we are making in the toughest of economic conditions and in a normally difficult seasonal quarter for our company due to fewer operating days," said Daniel C. Ustian, Navistar's chairman, president and CEO. "And we were able to deliver those results while investing in the future. The last half of 2010 will provide opportunities for even better margins as we launch our 2010 EGR strategies."
The company's engine segment reported $54 million in profit during the quarter on higher demand in Brazil and from Ford in anticipation of the Dec. 31, 2009 expiration of the company's contract to supply diesel engines in the U.S. and Canada. This is compared with a year-ago first quarter segment profit of $189 million, which was favorably impacted by the Ford settlement and other related charges.
Meanwhile, the parts segment turned a profit of $79 million, down from the year-ago's $104 million in profit.
During the fiscal first quarter, Navistar launched its first commercial trucks for the Indian market with joint venture partner Mahindra & Mahindra Ltd. In December, Navistar also completed its acquisition of the concrete mixer manufacturing business of Continental Manufacturing Company, Inc.
For the year ending Oct. 31, Navistar expects total truck industry retail sales volume for Class 6-8 trucks and school buses in the U.S. and Canada to be in the range of 195,000 to 215,000 units.
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