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Wednesday, November 29, 2023

Navistar Loses Less in Q2

Navistar posted a US$64 million net loss in the second quarter, but reports charge-outs were up 38% over the last quarter.

Q2 results compare to a $297 million net loss in the second quarter of 2014.

The company says it continues to make progress towards returning to profitability.

“Our results reflect continued progress in improving enterprise-wide business operations and positive momentum in the North American industry,” said Troy A. Clarke, Navistar president and chief executive officer. “We continue to make solid improvements in our North American truck and parts businesses and are especially encouraged by the progress in our bus business as well as increased market share in our medium-duty business, where we saw significant improvement in sales to major rental and leasing fleets and strong results in dealer-led sales.”

The company saw a 10% year-over-year increase in charge-outs in its core markets, including a 24% increase in Classes 6/7 trucks.

Navistar says it was first to offer the Bendix Wingman Fusion collision mitigation system and invested in a proving grounds in New Carlisle, Indiana. The company will save more than $13 million per year when it fully exits its foundry business by the end of the summer.

Navistar is projecting full year 2015 retail deliveries of Classes 6-8 trucks and buses in the US and Canada to total 350,000-380,000 units.

“We think 2016 will be another strong year for the North American industry and we believe we’re well positioned to take advantage of favourable market conditions for our core businesses,” said Clarke.