Navistar Wins Foreign Sales Contract Worth $18.8 Million
Navistar International Corporation’s NAV affiliate Navistar Defense, LLC has been awarded a foreign sales contract by the U.S. Army. Per the sales contract, Navistar is to provide 115 International 7000-MV Medium Tactical Vehicles (MTV) to Iraq. The deal is valued at $18.8 million.
Most of the assembling of 7000-MV Medium Tactical vehicles will take place in the company’s West Point, MI plant. The planned delivery completion will be in Jan 2018.
Navistar Defense MTVs are designed for both off and on-road operations and is based on a multipurpose International Workstar.
Per company management, Navistar Defense has delivered 7,000 trucks and buses to Iraq through foreign military sales contracts, since 2004.
This equipment is being used by Iraqi security forces in the Ministry of Interior and Ministry of Defense. Navistar Defense’s dealer in Iraq, Hama, provides parts and service support to Navistar vehicles in Iraq and the region.
One of the largest truck producers, Navistar engages in manufacturing and marketing of International branded commercial and military trucks, MaxxForce branded diesel engines and IC Bus ("IC") branded school and commercial buses. The company also provides service parts for trucks and diesel engines.
Price Performance
Navistar has outperformed the Zacks categorized Auto/Truck Original Equipment industry over the last one year. The company’s shares rallied 136.5% over this period, while the industry saw a 30.8% increase.
Zacks Rank & Key Picks
Navistar currently carries a Zacks Rank #3 (Hold).
Navistar International Corporation Price and Consensus
Navistar International Corporation Price and Consensus | Navistar International Corporation Quote
Better-ranked companies in the auto space include Allison Transmission Holdings Inc. ALSN, Dana Incorporated DAN and Ferrari N.V. RACE. All three sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Expected long-term growth rate for Allison Transmission, Dana and Ferrari are 11%, 3% and 14.1%, respectively.
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