LISLE, Ill. – Navistar reported a net loss of US$73 million in the first quarter, but raised its full year 2018 guidance and grew its revenue 15% to $1.9 billion in the quarter.
The quarter included $46 million in charges related to a debt refinancing.
“We are off to a strong start in 2018 thanks to our ability to grow Navistar’s position in a strengthening market,” said Troy A. Clarke, chairman, president and CEO. “We grew our Class 8 market share and improved our margins, on the way to delivering our best first quarter on an adjusted EBITDA basis since 2011.”
Class 8 heavy charge-outs were up 56% year-over-year, and its market share improved 1.2%, the company reported.
“Our improvement this year is due largely to the market’s positive reaction to our new products, including the LT Series on highway tractor and the 13-liter A26 engine,” Clarke said. “In fact, the strong interest in our A26 engine has us nearly doubling our share of trucks with 13-liter engines in the first quarter of 2018 compared to a year ago.”
Navistar rose its 2018 full year guidance to an overall market of 360,000-390,000 Classes 6-8 trucks and buses in the U.S. and Canada, with Class 8 retail deliveries of 235,000-265,000 units.
“We expect market conditions to remain robust and we are determined to take advantage of opportunities to grow share while delivering strong margin performance,” Clarke said. “Given the progress made in Q1, and our positive outlook for the remainder of the year, we are confident that 2018 will be the breakout year for Navistar.”