Navistar Reports 2006 Profit Of $301 Million
Mar 10, 2008 12:31 PM
Navistar International Corp. reported its 2006 profit more than doubled as the company works to disclose more of its financial history.
Net income rose to $301 million, or $4.12 a share, for the year ended Oct. 31, from $139 million, or $1.90, in the same period in 2005. Sales increased 17 percent to $14.2 billion.
Navistar is trying to regain credibility with investors after it stopped reporting financial results following 2005's third fiscal quarter.
"(We) will be current in our annual financial statement filings by mid-year," Chief Executive Officer Daniel Ustian said. The company, which was delisted by the New York Stock Exchange in February 2007 because of delays in its reporting, fell 20 cents to $58.05 in over-the-counter trading. Navistar forecast 2009 revenue of $15 billion in a March 4 presentation to investors. That would be its highest reported annual sales since the company changed its name from International Harvester Co. in 1986.
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