Navistar fiscal 4Q loss shrinks, revenue falls

Navistar fiscal 4th quarter loss shrinks, revenue also drops across business segments

Associated Press

LISLE, Ill. (AP) -- NEWS: Navistar International Corp. said Friday that its fiscal fourth quarter loss shrank compared to last year, when a $2 billion tax expense weighed on the truck maker's results.

DETAILS: The Lisle, Ill., company had a $220 million income tax benefit in this year's quarter, and total costs and expenses fell more than 16 percent to $3.11 billion.

Navistar also said it saw lower sales across all of its business segments.

The company began major cost-reduction initiatives last year and has said new job cuts, expected to be completed by the end of the fiscal year, would save between $50 million and $60 million annually starting in fiscal 2014.

NUMBERS: Overall, Navistar lost $154 million, or $1.91 per share, in the quarter that ended Oct. 31. That compares to a loss of $2.77 billion, or $40.13, last year. Revenue fell 13 percent to $2.75 billion.

Analysts expected, on average, a loss of $1.53 per share on $2.88 billion in revenue, according to FactSet.

STOCK: Down 3.9 percent, or $1.52, to $37.95 in afternoon trading, while the Standard & Poor's 500 index rose slightly. The stock is still up more than 70 percent since closing 2012 at $21.77.

Rates

View Comments (0)