Navistar International Corporation (NAV) surpassed market expectations on both revenue and earnings for the fourth quarter of 2018. The stock was up 9% in premarket trade on Tuesday.
Revenues grew 28% to $3.3 billion versus the same period a year ago, driven mainly by a 45% increase in the company’s core volumes, which represents sales of Class 6-8 trucks and buses in the US and Canada.
Net income was $188 million, or $1.89 per share, compared to $135 million, or $1.36 per share, in the prior-year period.
During the quarter, Navistar launched the International CV Series line of Class 4/5 trucks and saw a year-over-year growth of 2.5 share points in heavy retail market share, which was attributable to strong sales of the International LT Series on-highway truck and the 12.4-liter A26 engine. Navistar’s IC Bus school buses also improved retail share by 1.3 share points.
Earlier this month, Navistar announced the sale of a majority interest in its Navistar Defense business to affiliates of Cerberus Capital Management. The agreement includes a long-term supply agreement for commercial parts and chassis. The transaction is expected to close in the first quarter of 2019, following which Cerberus will become a 70% owner and Navistar will remain a 30% owner.
For the full year of 2019, revenues are expected to be between $10.75 billion and $11.25 billion. Industry retail deliveries of Class 6-8 trucks and buses in the US and Canada are forecast to be 395,000 to 425,000 units, with Class 8 retail deliveries of 265,000 to 295,000 units. After completing the partial sale of Navistar Defense, the company will update its 2019 guidance.
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