NAV - Navistar International Corporation

NYSE - Nasdaq Real Time Price. Currency in USD
+2.21 (+8.90%)
As of 3:00PM EDT. Market open.
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Performance Outlook
  • Short Term
    2W - 6W
  • Mid Term
    6W - 9M
  • Long Term
Previous Close24.84
Bid27.39 x 900
Ask27.40 x 800
Day's Range25.02 - 27.48
52 Week Range15.01 - 38.00
Avg. Volume952,864
Market Cap2.691B
Beta (5Y Monthly)2.19
PE Ratio (TTM)12.18
EPS (TTM)2.22
Earnings DateJun 04, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateOct 24, 2001
1y Target Est28.33
  • Navistar International Corp (NAV) Q2 2020 Earnings Call Transcript
    Motley Fool

    Navistar International Corp (NAV) Q2 2020 Earnings Call Transcript

    NAV earnings call for the period ending April 30, 2020.

  • Coronavirus update: Global case tally climbs above 6.6 million and California reports a rise in infections amid protests and reopening

    Coronavirus update: Global case tally climbs above 6.6 million and California reports a rise in infections amid protests and reopening

    The number of confirmed cases of the coronavirus that causes COVID-19 rose past 6.6 million on Thursday, and California reported a rise in infections after weeks of slowing, raising concerns that the protests at the death of George Floyd, and the reopening of certain counties, are helping spread the illness.

  • Navistar Logs Q2 Loss From COVID-19 Impact On Truck Production

    Navistar Logs Q2 Loss From COVID-19 Impact On Truck Production

    Navistar International Corp. (NYSE: NAV) reported a $38 million loss in its fiscal second quarter because of production suspensions and supply chain issues related to the COVID-19 pandemic.The loss was narrower than the $48 million in red ink reported a year ago when the truck maker took a $159 million charge to settle complaints over defective engines in trucks built in the previous decade.The loss, which amounted to 38 cents per diluted share, was three cents less than a consensus of analysts, who projected a loss of 41 cents per diluted share.Revenues in the quarter were $1.9 billion, down 36% from nearly $3 billion in the year-ago quarter. New vehicle deliveries of its core Class 6-8 trucks and buses in the United States and Canada were nearly 40% below a year ago, primarily due to COVID-19.Earnings before interest, taxes, depreciation and amortization (EBITDA) was $61 million, compared to $55 million in the second quarter of 2019.  Navistar cut costs and issued $600 million in new debt during the quarter to leave it with $1.5 billion in cash and marketable securities as of April 30."Recovery will likely be gradual as businesses reassess operating plans to return to a ‘new normal,' but this ‘new normal' will still require trucks," said Navistar Chairman, CEO and President Troy Clarke. "The actions we've taken over the past few months have us in position to succeed, no matter the shape of [the] recovery." Photo: NavistarSee more from Benzinga * Sales Lessons Learned From 'The Last Dance' (With Video) * Canadian Railroads Shatter Previous May Grain Records * CMA CGM Donates 200,000 Face Masks(C) 2020 Benzinga does not provide investment advice. All rights reserved.

  • Navistar (NAV) Reports Q2 Loss, Tops Revenue Estimates

    Navistar (NAV) Reports Q2 Loss, Tops Revenue Estimates

    Navistar (NAV) delivered earnings and revenue surprises of 86.11% and 10.26%, respectively, for the quarter ended April 2020. Do the numbers hold clues to what lies ahead for the stock?

  • Benzinga

    Recap: Navistar International Q2 Earnings

    Shares of Navistar International (NYSE:NAV) rose 0.2% in pre-market trading after the company reported Q2 results.Quarterly Results Earnings per share came in at ($0.38), which beat the estimate of ($0.41).Revenue of $1,925,000,000 declined by 35.75% from the same period last year, which beat the estimate of $1,870,000,000.Looking Ahead Navistar International hasn't issued any earnings guidance for the time being.The upcoming fiscal year's revenue expected to be between $9,250,000,000 and $9,750,000,000.Conference Call Details Date: Jun 04, 2020View more earnings on NAVTime: 09:00 AMET Webcast URL: Action Company's 52-week high was at $38.00Company's 52-week low was at $15.01Price action over last quarter: down 27.96%Company Description Navistar is a manufacturer of medium- and heavy-duty trucks, school buses, military vehicles, and diesel engines. Its principle markets are North America and Latin America. Its trucks are sold through over 800 dealers in the United States, Canada, and Mexico. It currently commands a 17% share for its core products, which include class 6 through 8 trucks and school buses. The company previously struggled to develop an unconventional diesel emission technology, or EGR, to meet 2010 EPA guidelines, which caused its market share to plummet to 16% in 2015 from 36% in 2009. In 2019, manufacturing revenues were approximately $11 billion.See more from Benzinga * Recap: Greenlane Holdings Q1 Earnings * KLX Energy Services: Q1 Earnings Insights * Recap: LexinFintech Q1 Earnings(C) 2020 Benzinga does not provide investment advice. All rights reserved.

  • MarketWatch

    Navistar's stock set to gain after narrower-than-expected loss and revenue beat

    Shares of Navistar International Corp. were indicated up nearly 1% in premarket trading Thursday, after the trucks and diesel engines maker reported a narrower than expected loss while revenue fell less than forecast. Net losses narrowed to $38 million, or 38 cents a share, from $48 million, or 48 cents a share, in the year ago period. Excluding non-recurring items, the company swung to an adjusted net loss was $10 million from net income of $105 million last year. The FactSet consensus was for a net loss of 44 cents a share and a adjusted loss of 30 cents a share. Revenue fell 36% to $1.93 billion, due primarily to the impact of the COVID-19 pandemic, which resulted in lower volumes in its core trucks and buses market, but was above the FactSet consensus of $1.90 billion. Truck sales fell 39% and parts sales declined 23%. The stock has dropped 29.7% over the past three months through Wednesday, while the S&P 500 slipped 0.2%.

  • Navistar Shares Surge Ahead of Earnings
    Schaeffer's Investment Research

    Navistar Shares Surge Ahead of Earnings

    Navistar's second-quarter earnings report is due out before Thursday's open

  • Wirecard Said to Add SoftBank Partner to Supervisory Board

    Wirecard Said to Add SoftBank Partner to Supervisory Board

    (Bloomberg) -- Embattled German electronic payment provider Wirecard AG is close to naming a partner at SoftBank Group Corp.’s investment arm as a new supervisory board member, continuing its personnel overhaul in an effort to regain shareholder confidence, according to people familiar with the matter.Samuel Merksamer’s appointment could be announced as early as this week and is seen as a vote of confidence by SoftBank in a company whose market value has dropped about 14% this year, the people said, declining to be identified discussing information that isn’t public.Merksamer joined SoftBank Investment Advisers, which controls the $100 billion Vision Fund, last October, and has represented billionaire Carl Icahn on several corporate boards including truck maker Navistar International Corp., American International Group Inc. and Hertz Global Holdings Inc.A spokesman for Wirecard declined to comment. A spokesman for SoftBank Investment Advisers wasn’t immediately available to comment.In April last year, SoftBank agreed to buy $1 billion of Wirecard convertible bonds, and in September cut its exposure in a complex transaction that included signing a “strategic cooperation agreement” with the payments firm. The move was seen as facilitating partnerships between SoftBank’s portfolio companies and Wirecard, including Auto1 Group, Brightstar and Oyo Corp.Wirecard’s supervisory board has five members since former Chairman Wulf Matthias resigned and was replaced by Thomas Eichelmann, who had joined the committee mid-2019. In Germany, supervisory boards have an oversight function and usually consist of 20 members.Read More: Wirecard Expands Management Team in Bid to Revive Investor TrustWirecard has been mired in controversy about its accounting practices and has put off the publication of its 2019 financial results three times. The company has been working with KPMG on a probe into allegations about accounting irregularities brought forward by a series of articles in the Financial Times. A special audit by KPMG in April failed to resolve all concerns and triggered a 26% decline in Wirecard’s stock.Wirecard’s shares rose 1.7% to 94.17 euros at 3:29 p.m. in Frankfurt on Wednesday. (Updates with Wirecard’s share price in final paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Navistar Reports Second Quarter 2020 Results
    PR Newswire

    Navistar Reports Second Quarter 2020 Results

    Navistar International Corporation (NYSE: NAV) today announced a second quarter 2020 net loss of $38 million, or $0.38 per diluted share, compared to second quarter 2019 net loss of $48 million, or $0.48 per diluted share.

  • Hedge Funds Have Never Been This Bullish On Navistar International Corp (NAV)
    Insider Monkey

    Hedge Funds Have Never Been This Bullish On Navistar International Corp (NAV)

    At the end of February we announced the arrival of the first US recession since 2009 and we predicted that the market will decline by at least 20% in (Recession is Imminent: We Need A Travel Ban NOW). In these volatile markets we scrutinize hedge fund filings to get a reading on which direction each […]

  • Why Earnings Season Could Be Great for Navistar (NAV)

    Why Earnings Season Could Be Great for Navistar (NAV)

    Navistar (NAV) is seeing favorable earnings estimate revision activity and has a positive Zacks Earnings ESP heading into earnings season.

  • Analysts Estimate Navistar (NAV) to Report a Decline in Earnings: What to Look Out for

    Analysts Estimate Navistar (NAV) to Report a Decline in Earnings: What to Look Out for

    Navistar (NAV) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

  • City of Tulsa, IC Bus Announce New 20-Year Agreement For Bus Manufacturing Plant
    PR Newswire

    City of Tulsa, IC Bus Announce New 20-Year Agreement For Bus Manufacturing Plant

    The City of Tulsa, Mayor G.T. Bynum and IC Bus announced that a new 20-year agreement has been reached to keep the IC Bus school bus manufacturing facility at Tulsa International Airport. The new agreement builds on the City's efforts to grow and expand its economic base of manufacturing operations.

  • Billionaire John Paulson Snaps Up These 3 Stocks: Should You?

    Billionaire John Paulson Snaps Up These 3 Stocks: Should You?

    For those feeling lost in all of the stock market fog, investing gurus can offer a sense of clarity. No one more so than John Paulson, the billionaire investor who made a fortune by betting against the 2007 housing bubble.Paulson built his name and reputation the old hard way – in 1994 he parlayed his $2 million in seed money into one of the most successful hedge funds on Wall Street. In its last 13F filing, for Q1 2020, his firm, Paulson & Co, reported nearly $10.7 billion in assets under management. And in recent days, his long-term love affair with gold stocks has started turning away from lackluster returns.Gold is not the only thing drawing in Paulson’s attention – and his money. He has also recently bought heavily into heavy industrial stocks and cutting-edge high techs. We’ve used TipRanks’ database to pull up the details on three of Paulson’s recent major purchases to find out what makes those stocks special.Kirkland Lake Gold (KL)The first stock we’ll look at is, indeed, a gold stock. In fact, with a market cap over $10 billion, Kirkland plays in the gold mine big leagues. The company has six operating mines, in Canada and Australia, which last year produced over 974,000 ounces of gold. Even after the coronavirus hit, the company estimates 2020 production at 1.5 million ounces, telling investors that the increase is based on higher quality ores coming out of the mines. Kirkland’s financial position is sound, and the company saw free cash flow increase by 81% last year.In the first quarter of this year, Paulson took out a new position in KL stock, buying up more than 1.5 million shares. This is a clear sign that Paulson remains bullish on gold. In the case of Kirkland, this makes sense, as the stock, three months after the February market collapse, is back at pre-bear prices.Writing from CIBC, 5-star analyst Cosmos Chiu also sees clear sailing ahead for KL. He writes, “We continue to like Kirkland Lake Gold as one of our top picks, with three cornerstone assets of Fosterville, Macassa, and Detour Lake that continue to drive high profitability. In Q1, Kirkland Lake Gold generated $191.4 million in adjusted FCF, with Detour Lake contributing $78 million from its first two months…”Chiu’s opinion backs his Buy rating, as does his C$69 (US$$50.20) price target. At current prices, this target suggests a robust 33% upside for the coming year. (To watch Chiu’s track record, click here)Overall, Wall Street agrees that KL is a buying proposition. The stock’s 10 recent reviews break down to 7 Buys and 3 Holds, making the analyst consensus rating a Moderate Buy. KL is currently selling for $37.64, and the $47.13 average price target implies an upside of 25% this year. (See Kirkland stock analysis on TipRanks)Tech Data Corporation (TECD)The next stock on our list is not a new position for Paulson, but it is one that he increased substantially. Tech Data fills a vital niche in the IT industry. The company sells a broad range of products, from logistic capabilities and add-on value to some of the biggest names in tech. TECD’s products, in short, allow cloud, IoT, and other tech applications to work seamlessly.And let’s face it, that’s a niche that will benefit from the coronavirus crisis. With so many people shut in their homes for nearly three months, and millions of workers switching to telecommuting, networking and other high-tech connection devices were in high demand. While the market slumped in February/March, TECD saw a huge jump in earnings for Q1. While Q1 is historically the company’s best of the year, the sequential gains going into Q1 2020, of 60%, were substantially higher than the 50% sequential gain recorded between Q4 2018 and Q1 2019. The results for Q1 2020 were solid; the company reported $4.88 in EPS, beating the forecast by 2%, on top of the strong sequential gain.Tech Data’s solid position in a niche bound to see gains was clear to Paulson. He increased his holding in the stock by 50%, buying over 66,000 shares to make his total holding 200,000. At the current share price, this worth $26.7 million. Reward potential is the name of the game for 5-star Northcoast analyst Keith Housum. In his note on this stock, in which he upgraded his firm’s stance from Neutral to Buy, Housum wrote, “The recent market dislocation has created a risk/reward profile that is leaning convincingly toward a great short term opportunity for investors to lock in a 18% gain to be recognized over next several months.”Housum set a $145 price target on TECD shares, suggesting an upside that now stands at 6.5% for the next 12 months. His is the only recent review of the stock in the TipRanks database – but the Smart Score on this stock, which analyzes 8 separate factors that influence future share price, is a perfect 10. (See Tech Data stock analysis at TipRanks)Navistar (NAV)The third stock on our list is Navistar, a major player in heavy industry. The company’s main subsidiary, International, is a name well-known to truckers; it produces heavy trucks, busses, and diesel engines for both the commercial markets and the defense industry. That cereal you ate for breakfast this morning? There’s good chance it was delivered to the grocery store in an International truck.The economic shutdowns in response to coronavirus hit NAV hard, and the company’s stock – which had been riding high after a strong Q4 earnings beat – has still not recovered from the February price crash. There are at least two bright spots. First, the Q1 losses were not quite as deep as expected; NAV reported a net loss of 33 cents per share, against the forecast of 38 cents. And second, the company is sitting on $1 billion in available cash, and requires about half that sum to maintain operations. It’s an enviable position for any company to hold, and, along with is one of the company’s clear strengths.That NAV has clear strengths is shown by Paulson’s move toward the stock. He bought up over 223,000 shares in Q1, opening a new position that is currently worth almost $5.8 million. Paulson is known for accepting risk – but he’s also known for betting big before the markets change direction.It’s worth paying attention, because on this one Paulson is heading at right angles to the Wall Street sentiment. BMP Capital’s Joel Tiss rates NAV a Hold, writing, “The company has done a tremendous amount of work to lower its cost structure, redesign its products, and gain back some lost market share all while trimming its less profitable product lines… and seeing that the need for new vehicles from large leasing and rental companies is projected to drop by as much as 50% y/y in 2020, we expect the company’s market share could come under further pressure this year.”Even with his Hold, however, Tiss does not give up on NAV. His $35 price target implies a solid upside of 34% for the coming year. (To watch Tiss’ track record, click here)NAV has a unanimous analyst consensus rating – a solid Hold, based on 6 reviews. The stock has been volatile in the past year, and the current share price is $26.68. At $31.33, the average price target indicates room for a potentially strong upside of 17%. (See Navistar stock analysis on TipRanks)To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

  • John Paulson Adds 2 Stocks to Portfolio, Boosts Tiffany

    John Paulson Adds 2 Stocks to Portfolio, Boosts Tiffany

    Merger arbitrage specialist releases first-quarter portfolio Continue reading...

  • Autopsy Of A Recall: Navistar Engine Issue Gets Special Attention

    Autopsy Of A Recall: Navistar Engine Issue Gets Special Attention

    Navistar International Corp. (NYSE: NAV) is recalling more than 4,900 late-model Class 8 International LT and RH tractors because defective connecting rods could cause engine failure, stranding a driver in traffic.The company knows of three instances in which a driver was stuck in a lane of traffic and dozens in which the driver managed to ease the truck to the side of the road. An engine knocking noise, rough idle or an engine warning light can alert a driver to an imminent engine shutdown.No related crashes or injuries are known, Navistar Vice President of Service Mark Reiter told FreightWaves.Behind the scenesIn a rare behind-the-scenes look at the analysis of a problem and the discussions of what to do about it, Navistar described what led to an April 30 safety defect report to the National Highway Traffic Safety Administration (NHTSA). The agency posted the recall on its website on Thursday."One of the things we did was reach out to some of these fleets' call centers so we could find out what the driver actually reported," Reiter said. "We wanted to understand whether there were safety concerns for drivers."Company investigators collected data for the 2018-2020 International LT and the 2019 and 2020 RH on-highway trucks with Navistar A26 engines. An estimated 13%, or about 640 trucks in the recall population, is likely to experience the issue. About five failures a week are being reported, Reiter said.Supplier changeThe suspect parts, made by Camtac Manufacturing, a Linamar Corp. subsidiary in Guelph, Ontario, connect the piston to the crankshaft. One of two Camtac machines making connecting rods was machined outside the design tolerance for straightness between February 2018 and June 2019.Coincidentally, Navistar was onboarding a new supplier for the component when it learned in September 2019 of connecting rod failures in five trucks at one fleet, Reiter said."We accelerated that change, so within six weeks we went from first notification of an issue to being out of the supplier and into a different supplier so we were able to have clean connecting rods," he said.‘Infant mortality'The connecting rod issue is what safety investigators call "infant mortality," meaning it presents itself early in a vehicle's life. The trouble spot is in the low 100,000s of miles. Trucks with higher mileage are unlikely to have the issue.In the faulty connecting rods, the bushing material in the small end bore of the connecting rod can develop cracks or lose chunks of bushing material over time, leading to connecting rod engine failure, Navistar told the NHTSA. "This is a fatigue failure," Reiter said. "This is not a wearout mode."Determining the beginning of a defect is easy because of multiple failures. "The part you really want to get right is when does it end," he said. Connecting rods are among Navistar engine components covered under a 500,000-mile warranty.Internal debateEven with a relatively high failure rate, Navistar was unconvinced the issue imperiled driver safety. Its data analytics team identified more than 90% of the trucks likely to have bad connecting rods."This was one that we weren't sure if it was a safety concern at all, and there's probably still some people that [disagree it is]," Reiter said.The company considered how to address the problem short of replacing the engines in 4,499 trucks in the United States and 410 trucks in Canada. Navistar decided the best remedy would be a red dashboard warning light programmed into the engine control module (ECM) or by adding a sensor. Newer trucks could get a fix delivered over the air and skip a trip to a dealership."We [looked at] previous recalls where the remedy was to provide advance notification of a failure," Reiter said. "We saw that some other manufacturers had done something similar."Navistar considered but rejected advising drivers against operating the trucks since 87% are believed to be free of the problem."One of the things that is unique about this recall is that the remedy is not to go out and replace every engine or connecting rod in the suspect population," Reiter said. "Although the failure rate is high, we don't think it's high enough to do open-heart surgery."Navistar is still developing the warning light fix. Customers and dealers will be informed by letter by July 8 or sooner. The NHTSA recall is 20V-See more from Benzinga * Cummins' Melting Fuel Heater Leads To Big Navistar Recall * Daimler Trucks Cautiously Resumes US Production * Truck Sales In Mexico Fall Sharply Due To Coronavirus Pandemic(C) 2020 Benzinga does not provide investment advice. All rights reserved.

  • International Truck, Triumph Business Capital And TriumphPay Collaborate To Provide $75,000 Of Personal Protective Equipment To Truck Drivers
    PR Newswire

    International Truck, Triumph Business Capital And TriumphPay Collaborate To Provide $75,000 Of Personal Protective Equipment To Truck Drivers

    International Truck, Triumph Business Capital and TriumphPay, a carrier payments platform for freight brokers and shippers, have collaborated to purchase and distribute more than $75,000 of personal protective equipment (PPE) to drivers in need.

  • City of Tulsa Threatens To Evict IC Bus From Plant, Putting 1,600 Manufacturing Jobs At Risk
    PR Newswire

    City of Tulsa Threatens To Evict IC Bus From Plant, Putting 1,600 Manufacturing Jobs At Risk

    The City of Tulsa is threatening to evict IC Bus from its school bus manufacturing facility at the Tulsa International Airport, a move which would cost the city and the state of Oklahoma 1,600 jobs.

  • Moody's

    Navistar International Corp. -- Moody's announces completion of a periodic review of ratings of Navistar International Corp.

    Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Navistar International Corp. New York, May 04, 2020 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Navistar International Corp. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's assessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers, which was followed by a rating committee.

  • Navistar Announces Closing Of $600 Million Offering Of 9.500% Senior Secured Notes
    PR Newswire

    Navistar Announces Closing Of $600 Million Offering Of 9.500% Senior Secured Notes

    Navistar International Corporation (NYSE: NAV) ("Navistar") today announced the completion of its private offering of $600 million of its 9.500% senior secured notes due 2025 (the "notes") at an issue price of 100.0% of the aggregate principal amount of the notes. The offering was upsized to $600 million from the previously announced offering size of $500 million. Navistar expects to use the net proceeds of the offering for general corporate purposes. J.P. Morgan Securities LLC, BofA Securities, Inc., Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. are acting as joint book-running managers of the offering.

  • Cummins' Melting Fuel Heater Leads To Big Navistar Recall

    Cummins' Melting Fuel Heater Leads To Big Navistar Recall

    Navistar Inc. is recalling more than 50,000 trucks and buses because an electric fuel heater in a Cummins' medium-duty diesel engine used in school buses, trucks and emergency vehicles could overheat, causing plastic in the fuel heater to melt and potentially catch fire.If that happens, an unexpected engine stall could occur, increasing the possibility of a crash, according to Cummins' and Navistar filings with the National Highway Traffic Safety Administration (NHTSA).The International trucks and IC buses account for the majority of 68,605 engines that Cummins Inc. (NYSE: CMI) recalled March 31. Navistar International, Inc. (NYSE: NAV) was the only customer listed in Cummins' recall notice. The status of the other 17,885 engines was unknown.  About 10% of the Cummins' B6.7 diesel engines are suspected to have the condition. Cummins said it was unaware of any fires, accidents or injuries related to the condition.Cummins is developing a remedy and will notify International and IC dealers on April 30. The recall is expected to start May 29.Cummins investigated the first case of the fuel heater melting in early February. It became aware of 12 cases of the component melting by the time it decided on March 24 to conduct a recall. The NHTSA recall is 20E-018.Cummins told Navistar of the issue, and the truck maker developed the affected population covered in NHTSA recalls 20V-219 and 20V-220.The 27,421 vehicles in the first Navistar recall are:IC Bus/1300 FBC/2018-2019IC Bus/CE/2018-2021IC Bus/HC/2018-2019 IC Bus/TC/2019-2021 International/Durastar/2017-2020International/HV/2018-2021International/MV/2018-2021 andInternational/Workstar/2017-2020The second Navistar recall covers 23,299 models of IC Bus/CE from the 2017-2021 model years.See more from Benzinga * Today's Pickup: C.R. England Tops Four Million Meals Donated * Trucking Freight Futures Market Summary Week Ending 4-24-2020 * Australia Secures Subsidized Airfreight For Exporters(C) 2020 Benzinga does not provide investment advice. All rights reserved.

  • Daimler Trucks Cautiously Resumes US Production

    Daimler Trucks Cautiously Resumes US Production

    Daimler Trucks North America (DTNA), the largest manufacturer of heavy-duty trucks in North America, resumed production at its U.S. plants this week, albeit with plant-specific worker protections in place.The maker of Freightliner and Western Star trucks had suspended production on March 24 on a week-by-week basis at plants in Mount Holly and Cleveland, North Carolina; Gaffney, South Carolina; and Portland, Oregon."We are going to great lengths to ensure the safety of our employees and continue to assess the situation daily," the Portland-based subsidiary of Daimler Trucks AG said in a statement. "The safety and well-being of our employees is our priority as we return to work to support the critical essential infrastructure of the country."In addition to providing PPE at our locations, we have localized task forces comprised of both plant management and union labor representation at each of our manufacturing facilities to safeguard the health of our employees and to continue to assess our measures daily."Parent company Daimler AG (OTCMKTS: DDAIF) began reopening Mercedes-Benz car plants in Europe this week as well.Other truck makers reported various states of operation.Navistar International Corp. (NYSE: NAV), which makes International trucks in Springfield, Ohio, and Escobedo, Mexico, said last week it was extending its production suspension until early May while also trying to conserve cash. The company on Tuesday said it plans to sell $500 million in senior secured debt depending on market conditions."The extent of this virus is unprecedented, and our personal lives, businesses and global economies are being impacted by events beyond our control," Navistar CEO Troy Clarke said April 14.Volvo Group, parent for Volvo Trucks North America and Mack Trucks, did not immediately provide an update on production. * Mack had suspended production through April 17 in Lehigh Valley, Pennsylvania.  * Volvo Trucks was operating a skeletal staff at its manufacturing complex in Dublin, Virginia. * An engine plant serving Volvo and Mack assembly plants was closed through April 10.PACCAR Inc. (NASDAQ: PCAR) parent of Kenworth Truck Co. and Peterbilt Motors, told analysts on its first-quarter earnings call Tuesday that it was gradually reopening plants, starting with Europe and Australia."It's going to be done on a location-by-location basis in a phased manner," PACCAR CEO Preston Feight said. "We will work through the rest of our plants in the coming weeks and make sure we take care of the employees and bring the truck factories back up and running."Truck manufacturers face a difficult environment as new equipment orders were already challenged by overproduction in 2018 and 2019.The coronavirus pandemic made the situation more dire as North American industry inventory-to-sales ratios of unsold trucks swelled to 4.1 months at the end of March compared with the desired 2.5 months, according to ACT Research.Photo credit: DaimlerSee more from Benzinga * Landstar Saw Market Deteriorate In Last Week Qf Quarter, Issues No 2Q Guidance * CSX First-Quarter Net Profit Falls But Operating Ratio Reaches Record * Get Ready For The New, Slimmer Delta(C) 2020 Benzinga does not provide investment advice. All rights reserved.

  • Crude oil plunge challenges renewed faith in ‘junk’ bonds

    Crude oil plunge challenges renewed faith in ‘junk’ bonds

    The plunge in energy prices could expose the frailty of a rebound among bonds sold by the most indebted companies in the U.S.

  • Moody's

    Navistar International Corp. -- Moody's assigns B2 to Navistar's new senior secured notes; outlook is negative

    Moody's Investors Service, ("Moody's") assigned a B2 rating to Navistar International's (Navistar) $500 million of new senior secured notes (Notes) due 2025. Navistar's other ratings are unchanged, including the corporate family rating (CFR) at B2 and senior unsecured rating at B3. Also unchanged are the rating of its major operating subsidiary, Navistar, Inc, with senior secured term loan at Ba2 and the industrial revenue bonds at B1.