Navistar International Corporation (NYSE: NAV) reported a narrower loss in the second quarter of 2020 driven by lower costs and expenses despite a 36% dip in the top-line. However, the results exceeded analysts’ expectations.
Revenue was impacted by the COVID-19, resulting in lower volumes in the company’s Core (Class 6-8 trucks and buses in the United States and Canada) market, with charge-outs being down nearly 40% compared to the same period one year ago.
During the quarter, the company took several actions to position itself in response to the global pandemic. In April, the company announced a series of actions to conserve over $300 million of cash for the year, without jeopardizing its strategic plans.