Navistar Reports ‘Solid’ 2nd Quarter Results
Navistar International Corp., Warrenville, Ill., reported solid second-quarter results as reflected by improvements in the performance of its core business as the company continues to navigate the difficult economic climate, according to a news release.
“Our expectations are t Her Secrets – Seduction Secrets For Irresistible Women o be profitable across the business cycle,” said Daniel C. Ustian, Navistar chairman, president and CEO. “The plans we have put in place for our core businesses are on track through the second quarter. We are confident that the foundation is in place to continue to support our profitability and grow our business.”
Even though the industry is at a nearly 50-year low, net income attributable to Navistar International Corp. for the second quarter ended April 30, 2010, was $30 million, equal to $0.42 of diluted earnings per share. As previously reported, earnings for its fiscal year ending Oct. 31, 2010, are expected to be in the range of $2.75 to $3.25 per diluted share. Revenues for the second quarter totaled $2.7 billion.
“We remain confident for the remainder of the year about our ability to deliver fiscal 2010 results in the previously reported range,” said Ustian. “The orders we have received for our 2010-compliant products ensure that the business is well positioned for the rest of the year.”
Navistar is the parent company of Monaco RV LLC, Coburg, Ore., a manufacturer of towable and motorized recreation vehicles.
The company said it is prepared for a successful launch of its MaxxForce Advanced EGR (exhaust gas recirculation) engines as it continues on its path to meet the latest emissions requirements. During the quarter, key regulatory certifications were obtained for 2010 MaxxForce 13 and MaxxForce DT Advanced EGR big bore diesel and mid-range diesel engines.
Other significant milestones achieved in the quarter included improvements in Navistar’s cost structure, which were achieved through reductions in material costs and rationalization of its North American plants to create cost efficiencies in its Class 8 heavy truck and school bus production lines. The company also completed a retail funding alliance with GE Capital Corp. and GE Capital Commercial, Inc. in which GE will become the preferred source of retail customer financing for equipment offered by the company and its dealers in the United States to help it grow sales of trucks and school buses.
During the quarter, the company also began shipping a limited number of International®MaxxPro Dash Mine Resistant Ambush Protected (MRAP) vehicles that include the DXM independent suspension solution, which were part of an order Navistar received in January from the U.S. military.