Navistar Posts Loss, Continues its Restructuring

On Wednesday, Navistar International reported a third quarter $8 million net loss equal to 34 cents a share. Officials at Navistar announced that the company was hurt from lower export sales of parts and trucks and continued efforts in the restructuring of the business.

One year ago, the loss at the company was $2 million equal to 2 cents per share.

The quarter also included $13 million in charges related to a reduction in costs, including a number that was unspecified in layoffs in Brazil and the U.S.

In the same period from one year ago, the company recorded a restructuring charge of $16 million, but that was primarily linked to the closure in 2011 of a Canadian plant.

The new earnings reports comes one day after the SEC announced that the company was ordered by the court to turn over another set of documents that are related to a fraud investigation that is ongoing and are papers withheld by Navistar on grounds they contain information that is privileged.

In releasing results, the company said it is continuing to evaluate its full portfolio, with the idea of either selling or closing non-core businesses along with cutting costs through restructuring business and making manufacturing more efficient.

The company said that it was encouraged that its overall core truck business was continuing to improve, driven by the improving performance in school bus and severe service, which the company is on track to achieve its full year goals of market share.

Navistar CEO and President Troy Clarke said the company was not idling and would continue taking action to improve revenue and its costs.

Sale for the third quarter were down by 11% from the same period one year ago ending at $2.5 billion. Net sales for its trucks dropped by 8% to end the quarter at $1.8 billion.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.

Latest News

How to Trade on Forex – 8 Steps for Beginners
How to Trade on Forex – 8 Steps for Beginners
Super Nintendo World Theme Park Officially Starts Construction
Super Nintendo World Theme Park Officially Starts Construction
Amazon and Apple Join Foxconn to Secure Chip Business of Toshiba
Amazon and Apple Join Foxconn to Secure Chip Business of Toshiba
Camera Zooms In and Can Recognize Faces
Camera Zooms In and Can Recognize Faces
Netflix Could See 150 Million Worldwide Subscribers
Netflix Could See 150 Million Worldwide Subscribers
LeEco Cutting Over 70% of Staff in U.S. Amidst Pull Back
LeEco Cutting Over 70% of Staff in U.S. Amidst Pull Back


© 2006-2017 Ticker Report. Google+.