Navistar Loses $23M in Fiscal Year
WARRENVILLE, Ill. (AP) _ Navistar International Corp. posted a $7 million profit for the fourth quarter _ its best quarterly showing since 2000 _ but still lost $23 million for its fiscal year because of the continuing truck-industry slump.
Tuesday’s earnings report beat Wall Street’s expectations.
Net income for the quarter ended Oct. 31 was 11 cents per share, compared with a loss of $105 million, or $1.77 per share, for the same period a year earlier, when Navistar took a $190 million restructuring charge.
Excluding charges, operating earnings were 13 cents per share, beating the 9 cent estimate of a consensus of analysts surveyed by Thomson Financial/First Call.
Revenues declined 7 percent to $1.84 billion from $1.97 billion.
The maker of trucks, school buses and diesel engines was hammered by a 37 percent industrywide decline in heavy truck sales and a 24 percent drop in medium truck sales, including school buses.
Nonetheless, John Horne, the chairman, president and chief executive officer, said the company was on track for a profitable year before the Sept. 11 attacks deepened the economic downturn.
For the full year, the net loss equated to 39 cents per share, compared with net income of $159 million, or $2.58 per share, in 2000.
Revenues were $6.72 billion, down 21 percent from $8.45 billion.
Navistar shares rose $1.26, or 3.4 percent, to close at $38.07 on the New York Stock Exchange _ their highest since October 2000.
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