Navistar Reports $272 Million 3Q Profit
Navistar International Corp. earned $272 million for its fiscal third quarter and boosted its full-year earnings forecast, the company said late Wednesday.
Net income for the quarter ended July 31 was $3.68 a share, compared with a net loss of $4 million, or 5 cents a share, a year earlier, Navistar said.
Sales jumped 34% to $3.95 billion as Navistar posted back-to-back quarterly earnings for the first time in more than a year.
It boosted its market share in Class 8 trucks and won contracts to supply blast-resistant vehicles to the military, Bloomberg reported.
The company forecast full-year net income of $467 million to $548 million, or $6.35 to $7.45 a share, up from a previous forecast of $312 million to $418 million, or $4.26 to $5.72 a share.
The $548 million would be a company record, a company spokesman said, Bloomberg reported.
“Our strategy to grow in non-traditional, expansionary markets and reduce cost continues to pay off,” Chief Executive Officer Daniel Ustian said in a statement.
But Navistar will “continue to face a weak truck market in North America” and expects “results to moderate in the fourth quarter,” Ustian said.
