Navistar Posts $120 Million Loss for 2007 Fiscal Year
Truck and engine maker Navistar International Corp. said it posted a loss of $120 million for fiscal year 2007, and that it has brought its annual financial reporting up to date.
Its net loss for the year ended Oct. 31 was $1.70 a share, compared with net income of $301 million, or $4.12 a share, a year earlier, Navistar said late Thursday.
It reported net sales and revenue of $12.3 billion in fiscal 2007, when U.S. and Canadian commercial industry volume dropped 30% from the previous year. Despite that decline, Navistar said it had a manufacturing segment profit of $426 million.
“Last year served as a building block toward the future with strategic investments in product development, increased focus on operational efficiency and expansionary growth actions that pave the way for a solid 2008 and beyond,” said Daniel Ustian, Navistar’s chairman and chief executive officer.
The company was delisted by the New York Stock Exchange in February 2007 because of delays in its financial reporting.
In December, it filed its annual report for fiscal 2005, and it included its 2006 earnings in Thursday’s filing, Bloomberg reported.
Navistar reiterated its second-quarter operational update issued Wednesday that it expects to post record revenues in 2008 of more than $15 billion, and manufacturing segment profit of nearly $1 billion.
