Originally published at www.seclive.com
Filing in Focus: Navistar 10-Q, September 4, 2013
Navistar International Corporation (NYSE:NAV) announced its financial results for the third quarter of fiscal year 2013, reporting a net loss of $247M, or $3.06 per share. Last year this quarter the company earned a profit of $84M with $1.22 earnings per share. Revenue fell 12% to $2.9B, a reflection of its 15% drop in truck sales to $1.9B and a 14% drop in engine sales to $723M. Both segments sustained losses, with truck losses increasing from a $26M loss to $58M while engine sale losses grew from $47M to an $86M loss. CEO Troy Clarke commented that though the company has made progress, it falls short of volume expectations. In an attempt to offset steep losses the company has been trimming its expenses, to include workforce reductions.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.