Navistar Sees ‘Solid’ 2007 Despite Truck Sales Downturn
Navistar International Corp. said Tuesday that its 2007 results will be “solid,” despite a drop in truck sales.
Growth in other areas will offset a decline in sales of commercial trucks and school buses, the company said in a statement, though it did not give specific earnings guidance for the year.
Chairman and Chief Executive Officer Daniel Ustian said, “The economic environment during the first half of our fiscal year was difficult due in part to the record pre-buy [of trucks] last year, but we expect an improved market toward the end of this year. Our entry into expansion markets that are new for the company continues to show gains.”
The company held its overall industry forecast of 300,000 trucks for the United States and Canada this year, and said that while Class 6-8 truck sales will be down in North America this year compared with last year, “expansion market vehicles” will range from 35,000 to 40,000 units, a gain of 15% to 31% over last year.
Navistar, the parent company of International Truck and Engine Corp., has not filed financial reports in almost two years.
