LISLE, Ill. — Navistar posted a net loss of US$42 million in the first quarter, on revenue of $2.4 billion.
That compared to a loss of $248 million during the first quarter of 2014. Revenues were up 10% compared to a year ago. Navistar also says chargeouts for the quarter were up 17% year-over-year while its order backlog rose by 27%.
“Our first quarter results reflect our continued momentum and on-going progress in improving the fundamentals of our business,” said Troy A. Clarke, Navistar president and chief executive officer. “In the first quarter, we once again increased our production, chargeouts and order backlog. Our improved product quality is driving reduced warranty spend and we continue to lower our breakeven point.”
Navistar saw chargeouts increase 25% in Class 6/7 medium trucks; a 7% increase in Class 8 heavy trucks; and a 5% increase in Class 8 severe service trucks.
“We increased our sales across every product line in the first quarter, and we were especially pleased with our strong year-over-year gains in the medium truck and school bus markets, two key areas of strategic focus that will deliver profitable market share gains,” Clarke added. “We expect to build on this momentum throughout the year as we produce vehicles featuring leading-edge technologies that our customers want and need for their success. Our ‘best-in-class’ integration combined with our extensive dealer service and support network positions us well to realize our mission to become the uptime leader in the industry.”
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