Categories AlphaGraphs, Earnings, LATEST
Earnings: Navistar reports solid growth in revenue and profits for Q3
Navistar International Corporation (NAV) beat analyst estimates on earnings for the third quarter of 2018 but missed the mark on revenues. Shares climbed over 3% premarket following the release.
The company reported revenues of $2.6 billion for the third quarter of 2018, up 18% from the same period last year, driven mainly by a 26% jump in core market volumes.
Net income rose to $170 million or $1.71 per share, compared to $37 million or $0.38 per share in the prior-year period.
Navistar raised its guidance for the full year of 2018 based on stronger industry conditions. The company now expects revenues to be $10.1 billion to $10.4 billion and adjusted EBITDA to be $775 million to $825 million.
The industry retail deliveries of Class 6-8 trucks and buses in the US and Canada are forecast to be 390,000 to 410,000 units, with Class 8 retail deliveries of 260,000 to 280,000 units in 2018. For 2019, the retail deliveries of Class 6-8 trucks and buses in the US and Canada are projected to be 385,000 to 415,000 units, with Class 8 retail deliveries between 255,000 and 285,000 units.
Navistar reported increases across all its segments with the highest in Truck at 25%, fueled by higher volumes in core markets, a growth in military sales and positive shifts in the model mix. The company also saw improvements in Parts and Global Operations mainly driven by double-digit growth in the Fleetrite brand and higher engine volumes. The Financial Services segment saw growth driven by higher average portfolio balances in the US and Mexico.
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