Navistar International Corp. reported adjusted net income for the first quarter ended Jan. 31, 2011, totaled $12 million, equal to $0.16 diluted earnings per share, excluding the impact of costs to integrate its truck and engine engineering operation.
Including the engineering integration costs, the net loss was $6 million, equal to $0.08 diluted loss per share.
Earnings from operations were in line with full year expectations. Bolstered by the beginning of a solid recovery in its traditional North American markets, the company reaffirmed its guidance with a bias toward the higher end.
"We have significantly raised truck production schedules by up to 40 percent on various models to reflect increasing order activity. And, overall, we remain confident that we can deliver upon our commitments while still investing in our global business," said Daniel C. Ustian, Navistar chairman, president and chief executive officer. "We see positive signs across all of our businesses. We believe industry volumes should be at the higher end of our range, military revenue will approach $2 billion, global volumes are expanding and so far we have contained challenges in commodity costs. Such that, we believe we can deliver results toward the higher side of our guidance."
Navistar earned $2 million, equal to $0.03 diluted earnings per share in the year-ago first quarter, adjusted to exclude the impact of benefits from the Ford restructuring and related activity. Including the restructuring benefit, first quarter 2010 earnings were $19 million, equal to $0.26 diluted earnings per share. Sales and revenues for the 2011 first quarter were $2.7 billion, compared with $2.8 billion in the year-ago first quarter.
As previously indicated, Navistar forecasted its net income attributable to Navistar International Corporation for fiscal year ending Oct. 31, 2011, is expected to be between $388 million and $465 million, equal to $5 to $6 diluted earnings per share, excluding transition costs associated with the integration of the truck and engine engineering operation.
The company anticipates that total truck industry retail sales volume for Class 6-8 trucks and school buses in the United States and Canada for the year ending Oct. 31, 2011, will be 260,000 units. Truck industry volume in fiscal 2010 was 191,300 units.
The company also said its military business is on target to achieve revenue of $2 billion for the year as Navistar Defense continues to win orders and fill its order backlog.
The company's global strategy is unfolding as planned and the company, through its NC2 and Mahindra joint ventures, is currently producing and selling commercial truck products in India, Brazil, South Africa and Australia. Navistar has invested $27 million in global expansion with NC2 and Mahindra in the first quarter ended Jan. 31, 2011.
Including the engineering integration costs, the net loss was $6 million, equal to $0.08 diluted loss per share.
Earnings from operations were in line with full year expectations. Bolstered by the beginning of a solid recovery in its traditional North American markets, the company reaffirmed its guidance with a bias toward the higher end.
"We have significantly raised truck production schedules by up to 40 percent on various models to reflect increasing order activity. And, overall, we remain confident that we can deliver upon our commitments while still investing in our global business," said Daniel C. Ustian, Navistar chairman, president and chief executive officer. "We see positive signs across all of our businesses. We believe industry volumes should be at the higher end of our range, military revenue will approach $2 billion, global volumes are expanding and so far we have contained challenges in commodity costs. Such that, we believe we can deliver results toward the higher side of our guidance."
Navistar earned $2 million, equal to $0.03 diluted earnings per share in the year-ago first quarter, adjusted to exclude the impact of benefits from the Ford restructuring and related activity. Including the restructuring benefit, first quarter 2010 earnings were $19 million, equal to $0.26 diluted earnings per share. Sales and revenues for the 2011 first quarter were $2.7 billion, compared with $2.8 billion in the year-ago first quarter.
As previously indicated, Navistar forecasted its net income attributable to Navistar International Corporation for fiscal year ending Oct. 31, 2011, is expected to be between $388 million and $465 million, equal to $5 to $6 diluted earnings per share, excluding transition costs associated with the integration of the truck and engine engineering operation.
The company anticipates that total truck industry retail sales volume for Class 6-8 trucks and school buses in the United States and Canada for the year ending Oct. 31, 2011, will be 260,000 units. Truck industry volume in fiscal 2010 was 191,300 units.
The company also said its military business is on target to achieve revenue of $2 billion for the year as Navistar Defense continues to win orders and fill its order backlog.
The company's global strategy is unfolding as planned and the company, through its NC2 and Mahindra joint ventures, is currently producing and selling commercial truck products in India, Brazil, South Africa and Australia. Navistar has invested $27 million in global expansion with NC2 and Mahindra in the first quarter ended Jan. 31, 2011.
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