Navistar International Corporation (NAV) reported a 16% increase in revenues to $2.4 billion for the second quarter of 2018 compared to last year, driven by higher volumes in the Core market where charge-outs were up 17%.
The company reported a net income of $55 million or $0.55 per diluted share for the quarter compared to a net loss of $80 million or $0.86 per diluted share in the prior-year period. Navistar stock rose more than 2% premarket.
Net sales in the Truck segment increased 22% to $1.7 billion during the quarter, driven by higher volumes in the Core markets, higher export truck volumes, an increase in military sales and a shift in model mix. In the Parts segment, net sales fell 1% to $601 million, hurt by lower U.S. volumes and Blue Diamond Parts sales.
Global Operations segment sales rose 39% to $97 million, primarily driven by higher engine volumes in the South American engine operations. Financial Services segment sales rose 13% to $63 million, mainly due to higher overall finance receivable balances in the U.S. and Mexico.
The company raised its guidance for full-year 2018. Navistar expects revenues to be between $9.75 billion and $10.25 billion. Adjusted EBITDA is expected to be between $725 million and $775 million while manufacturing cash at year-end is touted to be about $1.2 billion.
Industry retail deliveries of Class 6-8 trucks and buses in the US and Canada are forecast to be 380,000 units to 410,000 units, with Class 8 retail deliveries of 250,000 to 280,000 units.
Most Popular
What to look for when CVS Health (CVS) reports Q3 earnings
Healthcare company CVS Health Corporation (NYSE: CVS) is all set to report earnings next week, with Wall Street expecting a mixed outcome. The company has been facing challenges in certain
eBay (EBAY): A few factors that helped drive growth in Q3 2024
Shares of eBay Inc. (NASDAQ: EBAY) stayed green on Friday. The stock has gained 32% year-to-date. The ecommerce leader delivered revenue and earnings growth for the third quarter of 2024,
CVX Earnings: Chevron reports lower revenue and profit for Q3 2024
Energy exploration company Chevron Corporation (NYSE: CVX) on Friday announced third-quarter 2024 financial results, reporting a decline in net profit and revenues. Net income attributable to Chevron Corporation dropped to