Navistar’s 4Q Income Jumps
Navistar International Corp.’s fourth-quarter net income jumped to $275 million, from $56 million a year ago on higher truck, engine and military sales, the company said Tuesday.
The company earned $3.48 per share, up from 61 cents a year ago.
Revenue for the fiscal quarter ended Oct. 31 rose to $4.3 billion, from $3.4 billion a year ago.
Net income for the full fiscal year was $320 million, or $22.64 per share, from $290 million, or $3.05 per share, a year ago. Revenue rose to $13.96 billion, from $12.15 billion.
The truck segment posted a $287 million profit for the fourth quarter, up from $86 million a year ago. For the fiscal year, the segment recorded a profit of $336 million, compared with $424 million a year ago.
Its engine unit’s quarterly profit was $58 million, compared with a loss of $17 million a year ago, while for the full year the segment’s profit was $84 million, up from $51 million.
Parts profit rose to $87 million from $77 million for the quarter and $287 million from $266 million a year ago.
The company purchased 2.7 million shares of its stock in the fourth quarter and ended the year with a manufacturing cash balance of $1.2 billion. Navistar said it is on track to complete its previously announced $175 million stock repurchase program by early next year.
