Navistar’s 1Q Profits Up
Mar 12, 2009 2:58 PM
Backed by the performance of its military business and Class 8 truck market share growth, Navistar International Corporation (NYSE: NAV) reported strong first-quarter net income in the face of the weakest North American truck market in nearly 35 years.
The company said net income for the quarter ended January 31, 2009, including the effects of the previously reported resolution of its disputes with the Ford Motor Company, totaled $234 million, equal to $3.27 per diluted share, on $2.97 billion in net sales and revenues. In the first quarter a year ago, Navistar reported a net loss of $65 million, equal to ($0.92) per diluted share, on $2.95 billion in net sales and revenues. Contributing to the first-quarter results are the impacts of the company’s settlement with Ford and other related costs, which were $190 million of profit before tax.
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