Navistar Trims Loss for Fiscal 4Q, Full Year
Navistar International Corp. reported a smaller loss for its fiscal fourth quarter, citing improved truck sales and lower warranty costs.
The company, which makes International brand trucks and MaxxForce engines, reported a loss of $72 million, or 88 cents per share, compared with a loss of $154 million, or $1.91, in the same period last year.
Revenue for the quarter ended Oct. 31 grew to $3.01 billion, from $2.75 billion a year ago, the company said.
The company said truck chargeouts for the quarter rose 23% from a year ago, while its order backlog increased 24%.
For the full fiscal year, Navistar posted a loss of $619 million, or $7.60, compared with a loss of $898 million, or $11.17, in 2013. Full-year revenue edged up to $10.81 billion from $10.78 billion.
“Our fourth quarter results — and the results for the entire fiscal year — reflect our continued progress improving business operations across the enterprise and positive trends in the North American industry,” CEO Troy Clarke said in the Dec. 16 announcement. “In 2014, we increased our production, chargeouts and order backlog; continued to reduce warranty spend; and achieved structural cost savings that further lowered our break-even point.”
