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Truck and engine manufacturer Navistar International Corp. on Tuesday surprised many analysts with its announcement that it narrowed its losses more than expected during its most recent fiscal quarter.
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Profit for engine maker Cummins fell sharply in the final quarter of last year due to lower global demand, leading it to scale down plans for its new light-duty engines in North America, while Daimler AG saw record profits for 2015,
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It's looking like a good Christmas for Navistar and FedEx. The truck and engine maker managed to cut back on its losses in its most recent fiscal quarter and likely no longer will have an SEC investigation hanging over its head. Meanwhile, FedEx saw better earnings due to record holiday business.
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One truck component supplier moved from a profit to a loss in the third quarter of the year while a natural gas engine provider took on more red ink.
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A major OEM announced it is cutting its workforce even though it’s still well in the black as it released third quarter earnings this week while a truck and engine maker reported continued higher numbers.
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One truck maker has reported its third quarter profit doubled and is considering the sale of its used truck business while one of the nation’s largest trucking fleets has reported new records for the period in several areas.
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Daimler AG, Dana and Rush Enterprises all saw weaker third-quarter financials compared to a year ago, thanks in part to the recession in Brazil and the downturn in the North American oil and gas industry.
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Navistar International Corp. on Wednesday reported its financial losses widened during its fiscal third to $28 million, or a loss of 34 cents per diluted share.
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Wabash's second quarter earnings showed a big leap in profitability from a year ago. Meritor results were hampered by a strong dollar and weak overseas markets but were up on an adjusted basis.
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Truck engine manufacturer Cummins increased both second quarter revenue and net income, while truck and engine maker Paccar reported record quarterly net income.
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