Navistar Reports Fiscal 1Q Profit

Navistar International Corp. earned $234 million, or $3.27 per share, for its first fiscal quarter, compared with a loss of $65 million, or 92 cents, a year ago.

Revenue for the quarter ended Jan. 31 was $2.97 billion, up from $2.95 billion a year ago, the company said late Wednesday.

Manufacturing segment profit was $407 million, including the impacts of its settlement with Ford Motor Co. and related costs, compared with $92 million a year ago.

Total truck industry retail sales for Class 6-8 trucks and school buses in the North America for its fiscal year ending Oct. 31 will be 210,000 to 225,000 units, down from a previous forecast of 244,000 to 256,000 units, Navistar said.

Despite the reduced forecast, Navistar reaffirmed that its guidance for net income for its fiscal year would be $370 million to $410 million, or $5.10 to $5.60 per share, excluding the Ford settlement. Including results Ford settlement, per-share earnings should be $7.55 to $8.05 per share.

Navistar said its Class 8 truck market share rose in the quarter rose 9% from a year ago, to 24%.

Engine segment results were favorably impacted by the Ford resolution, although offsetting that was weaker overall demand for engine sales both in North America and worldwide, leading to a decline of 34,900 units to 50,900 units in the first quarter of fiscal 2009.