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Navistar International Begins Year with ‘Strong Start’ Despite Wider Loss
Truck and engine manufacturer Navistar International Corp. on Thursday reported its net loss grew during its fiscal first quarter compared to a year ago, but one top official insisted the company is headed in a positive direction.
The net loss totaled $73 million, or 74 cents per share, for the three months ending on Jan. 31, compared a net loss of $62 million, or 76 cents per share, a year earlier. The latest results include $46 million of charges as a result of the company's debt refinancing in Nov. 2017.
Revenues in the quarter were $1.9 billion, a 15% increase compared to $1.7 billion in the first quarter last year, driven by a 24% increase in the company's core market (Class 6-8 trucks and buses in the U.S. and Canada), according to Navistar.
First quarter 2018 EBITDA (earnings before interest, taxes, depreciation and amortization) was $55 million, compared to first quarter 2017 EBITDA of $63 million. First quarter 2018 includes $49 million in net adjustments, including the debt refinancing and other items. Adjusted EBITDA was $104 million versus $55 million in first quarter 2017.
"We are off to a strong start in 2018 thanks to our ability to grow Navistar's position in a strengthening market," said Troy A. Clarke, chairman, president and CEO. "We grew our Class 8 market share and improved our margins, on the way to delivering our best first quarter on an adjusted EBITDA basis since 2011."
Navistar's first quarter core chargeouts (trucks that have been invoiced to customers, with units held in dealer inventory) were up 2,400 units year-over-year led by Class 8, which was up 56% compared to first quarter last year.
The company's Class 8 market share was up 1.2 points versus the same period one year ago.
Navistar's truck segment first quarter 2018 net sales increased to $1.3 billion, primarily ...Read the rest of this story
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