International Truck & Engine Corp. said net income topped $56 million in its third fiscal quarter on $2.4 billion in revenues. This is a leap over the net income of $18 million on revenues of $1.9 billion posted in its third fiscal quarter last year.
Manufacturing gross margins soared to 14.3% compared to 12.9% in its second fiscal quarter this year.
Net income for the first nine months of fiscal 2004 totaled $88 million on revenues of $6.6 billion, compared to a net loss of $95 million on revenues of $5.3 billion over the same period in fiscal 2003.
Based on its current outlook, Daniel Ustian, International’s chairman & CEO, said the company’s earnings for fiscal 2004 should be $2.95 per share, compared with a loss of 27 cents per share in fiscal 2003.
“Our focus continues to be on improving our competitiveness and our cost structure and we expect to achieve a $1,600 per vehicle manufacturing cost reduction in the current fiscal year,” he added. “We believe our truck and engine parts operations will achieve another record year and our finance subsidiary continues to be well positioned for profitable growth while significantly contributing to our bottom line.”