Navistar posts Q3 loss, but feels good about 2016 buying season

by Truck News

LISLE, Ill. — Navistar International announced its Q3 results this morning, reporting a net loss of US$28 million.

This compares to a net loss of $2 million in the same quarter last year, however the company notes it incurred certain net charges of $23 million in the quarter this year compared to benefits of $9 million in Q3 2014. Excluding these items, adjusted EBITDA was $129 million in the third quarter 2015 compared to $133 million in the same period one year ago.

Year-to-date, Navistar has lost $134 million compared to $547 million over the same period in 2014.

Revenues for the quarter were $2.5 billion and the company says it grew its truck, bus and parts sales in the US and Canada.

“We are encouraged that overall, our core truck business continues to improve year-over-year, driven by steady and improving performance in medium, school bus and severe service, where we are on track to achieve our full-year market share goals,” said Troy A. Clarke, Navistar president and chief executive officer. “We’re not standing still and we continue to take actions to improve both the revenue and cost sides of the business.”

Navistar outlined a number of highlights from the quarter, including being first to market with the Eaton Procision dual clutch transmission and being the first OEM to introduce over-the-air engine reprogramming.

“We feel good about our position entering the 2016 buying season, especially with larger fleets,” Clarke said. “Jeff Sass, our new head of sales, has brought an even greater sense of urgency and focused action in the first three months he has been on board. As a result, we’re entering the buying season in conversations with all top-100 fleets – and we feel encouraged by the response we’re getting.”

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